Reference no: EM131160562

PLEASE REBUTTAL, RESPOND AND ANSWER EACH OF THE FOLLOWING QUESTIONS OR POST STATEMENTS. MUST BE 150 WORDS (PLEASE), WRITE IN 3RD PERSON. ONLY ONE REFERENCE CAN BE USED FOR EACH ANSWER.

DQ 1. Stakeholders are individuals or people that have a vested interested in an organization. They can be within the organization or outside of it, but they want what is in the best interest of the organization. Stakeholders not only have a vested interest, but also power and influence. Though the interest for some may be a financial interest, others may be interested in the ethical stance or environmental concerns associated with the company.

All of the roles stakeholders have are essential, but the most significant role stakeholders have is the ability to vote. Lawrence and Weber (2014) noted that this role gives stakeholders the ability to vote on mergers, acquisitions, and board of directors. With this power and influence, stakeholders elect people that are more aligned with their personal and professional values and beliefs. Thusly, it will shape the vision and mission of the company. Additionally, if stakeholder coalitions are formed, their power and influence increase exponentially.

Lawrence, A. T., & Weber, J. (2014). Business and society: Stakeholders, ethics, public policy (14th ed.). New York, NY: McGraw-Hill/Irwin

DQ 2. Stakeholders are persons or groups that affect or are affected by an organization. They fulfill many roles within organizations. What is the most significant role stakeholders play in an organization? Why? How do stakeholders acting in this role influence the organization's mission, vision, and strategy?

The word "stakeholder" means any person with an interest in the business. Most Ceo's look to use the skills and experiences of stakeholders in order to shape the vison of the company and move the company toward growth and progression having many long term goals. The role of both stakeholders and shareholders are imperative to the growth of any business, expansion or globalization. According to Popa&Salanta (2015) Mistakes can be avoided through the responsible involvement of all stakeholder and the encouragement of organizations to act in socially responsible ways. Consequently it is mandatory to identify and promote a set of roles and mutual responsibilities of organizations, stakeholders and of their relations. Stakeholders are vested in the company's vision therefore they help to shape the mission of the company and seek to assist the organization in new strategies and developments that will assist the company in productivity and growth.

Reference:

POPA, M., & SALANTA, I. (2015). THE SOCIAL RESPONSIBILITIES OF STAKEHOLDERS WHO CAN AND SHOULD INFLUENCE THE ORGANIZATIONS' SOCIALLY RESPONSIBLE BEHAVIOR. Managerial Challenges Of The Contemporary Society, 8(1), 15.

D3. Stakeholders have a significant role within an organization depending on the group that is affiliated with the organization. For example in the reading by Reynolds, S., Schultz, F.C., and Hekman, D.R. 2006, these authors completed an in depth research on the theory of stakeholders in correlation to managers and their decision making. The manager of an organization is a strategic focal point because they must establish a positive and mutually beneficially relationship with the group. The most significant role stakeholders play in an organization is their level of interest and their involvement in the decision making of that organization. Stakeholders have the power to influence the decisions that are being made in the organization. The manager of an organization has to be able to balance how to balance the interests of the stakeholders, whether they are employees or someone outside of the organization that also has an interest.

The stakeholders are a valuable influence in the organization's mission, vision and strategies because their role also affects their interest. Their beliefs and professional development and security are a factor. Stakeholders have an interest in the organization so their ideas are important and they need to have input into the success of the organization. The stakeholders can also vote for the board of directors and they have a valid interest in the success of the organization they are affiliated with.

Respectfully,

Barbara R.

Reference

Reynolds, S. J., Schultz, F. C., &Hekman, D. R. (2006). Stakeholder theory and managerial decision-making: Constraints and implications of balancing stakeholder interests. Journal of Business Ethics, 64(4), 285-301. doi:10 10.1007/s10551-005-5493-2
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