Seminar 2 Essay example

Firstly Stakeholder is an individual or a group who has an interest in the success of a business I delivering high results and maintaining the viability of the business’s products and services.There are internal and external

Traditionally, nutrition programs were targeted to the indigent and poor populations in developing countries. Many of today's Americans are malnourished also, but they are inundated with unhealthy foods and require a multidisciplinary approach to nutrition education. What would be the three most important points to include in a public nutrition program? Provide current literature to support your answer and include two nutritional education community resources.

The first stakeholder I am going to evaluate is customers which are external stakeholders. Customers contribute to profit levels and turnover through buying products and services. People are stakeholders in a company for financial reasons, customers do not want to have to spend an excessive amount of money to purchase a product, so if the product is cheaper in one store, such as Tesco, than in another store then customers will buy the cheaper one which then attracts more customers.

Daft (2012) defines stakeholders as “any group within or outside the organization that has a stake in the organizations performance.” Stakeholders within the organization include the owners, managers and employees while external stakeholders includes the organizations customers, suppliers, community, workers unions, creditors as well as the government. Due the variety as well as different nature of the stakeholders, each stakeholder has a different expectation from the organization as concerns their stake. It is from this characteristic and expectation that each stakeholder will be affected differently by actions and decisions as well as policies and practices implemented by the business from those of another stakeholder (Carroll & Buchholtz, 2014). This also means that the different stakeholders will act or make decisions that affect the business in a way best situated for them. Carroll & Buchholtz (2014) discuss the relationship between the business and stakeholders as one that has a two-way interaction; businesses will affect stakeholders as well as stakeholders affect the business, that is an interchange of influence. The complexity of the stakeholder-business relationship calls for

Although the stakeholder interest is criticized for conflicting with other who are not stakeholders, it is still a valuable theory that should be valued by all businesses. Businesses would be able to establish a network with everyone that it communicates with. The people they build a relationship with could help the business in the long run when making difficult decisions that could put the business at risk of selling products that could harm

The worst results in Tesco’s history have been announced with the pre-tax reduction of £6.4bn for the year to the end of February of 2015, which will absolutely impact on the key stakeholders of Tesco’s Plc. Pre-tax is the total amount paid for a good or service before taxes are taken out, which can be a major factor in purchasing a product or service. (BusinessDictionary n.d.) Stakeholder are individuals or organisations that are affected by and affect the changes of a business. (Surridge and Gillespie, 2009:15) The purpose of this essay is to explain and analyse how the pre-tax loss will impact key stakeholders of Tesco’s Plc. First, it will give explanation of stakeholder theory. Secondly, it will explain plc as a legal structure and

Stakeholders are people or groups with interest in an organization that can affect or be affected by the organization itself, its objectives, or its policies (BusinessDictionary, 2015). Each stakeholder brings their own perspective to the table based on their relationship with the organization (e.g. internal or external role), their level of experience, and their area of expertise about the subject matter they are involved with. At a high level, the list of stakeholders for any organization could include people or groups such as: customers, employees, government agencies, suppliers, unions, community resources, shareholders, and business owners. For the purpose of this assignment, I will discuss and review stakeholders relative to the

The word “stakeholder” has been frequently used to refer to a person or organization which has close financial relationship with company or enterprise, since 1990s. Stakeholder could include its owners, staff, shareholders who are internal stakeholder, and external stakeholder, for example, community, the government, and competitors. In this essay, “stakeholder” will include not everyone to whom it may have a payoff (Bourne, 2007).

According to Edward Freeman, stakeholders are anyone that has a stake or claim on the firm, including suppliers, customers, employees, stockholders, the local community, and management. Every corporation has stakeholders, and they are the individuals or groups of people who are benefited or harmed as a result of the operations of a company. Stakeholders are also crucial for the survival and success of a firm. In addition, a corporations competitors can also be viewed as a stakeholder, because they may have a potential claim on the firm. A corporations competitors are only considered stakeholders in the wide definition of a stakeholder in Freeman’s theory, while all the other stakeholders are included in the narrow definition (2014, pp. 263-267).

Currently, the stakeholder theory has been grown up from its origin and seen as the concept of Value Maximization in the business firm. It is one of the important goals of the business organization (Werther & Chandler, 2005). In the present time, stakeholder theory allows the business firms to define the role and responsibility of

Stakeholders are defined as any party who has an interest in the business i.e. customers, suppliers, employees etc. (Watson & Head, 2013). With increasing global attention towards good corporate governance practices, there has been action through international codes of best practice to ensure that accountability and integrity in governance is directed towards this larger group (Chau, 2011); which is of great importance as many companies today value building robust, long term relationships with their stakeholders and often consider them as partners. Therefore it is imperative that stakeholders be treated fairly or with generosity, and to ensure that they are aware of this; whereby managers should direct their attention to the true equity preferences and exchange orientations of their stakeholders rather than assuming stakeholder homogeneity (Hayibor, 2015). However it has also been noted in research that while all of these stakeholders to an extent have an interest in the financial decisions of the company, this may create a conflict of interest for the management as each of these parties may have different objectives that they will inevitably be forced to choose between; whereby being accountable to multiple parties could create a tension among management in their decision making with regard to acting as an agent of the owners as opposed to looking out for the interests

INTRODUCTIONThe introduction of the concept of stakeholder theory can be traced back in the 1960s (Stoney and Winstanley, 2001),however the concept gained grounds with the publication of Freeman’s (1984) book, Strategic Management: A Stakeholder Approach. Till now most writers with stakeholders as a central theme have shown numerous theoretical and empirical studies about this concept (Donaldson and Preston, 1995). The concept about stakeholders in an organisation is very paramount, however, far too less work have been shown to consolidate and implement the study, that can help the realistic use of stakeholder management in our contemporary firms (Donaldson and Preston, 1995). This essay strive to critically evaluate how stakeholder management can have impact on business and management practices and decision making. In answering this question, this paper will attempt to air the view of other relevant articles or authors to solidify, yet a demonstrative approach to successfully manage stakeholder relations. HOW TO IDENTIFY A STAKEHOLDER AND IT’S IMPORTANCEThe first issue under stakeholder management is to identify your stakeholders, in short, who are the relevant stakeholders in an organisation?…..ref.. (Mitchell et al., 1997) in their previous work has identified stakeholders in different and various ways, nevertheless, Freeman (1984, p. 46): has given a well noticed definition for as “A stakeholder in an organisation is (by definition) any group or individual who can

In the last decades of the 20th century, the word "stakeholder" has become more commonly used to mean a person or organization that has a legitimate interest in a project or entity. In discussing the decision-making process for institutions—including large business corporations, government agencies, and non-profit organizations—the concept has been broadened to include everyone

The importance of major stakeholders is moreover reinforced by David Boddy (2011:96) who argues that stake holders can influence considerable dominant managers, also the businesses which choose ‘ignore’ stakeholders can be in danger of a decline in their business activity. What David Boddy is essentially trying to convey is stakeholders are an integral part of the business and managers have to take consideration of these stakeholders when carrying out business activities, if not then the business may suffer negative consequences.

There has been some debate on the legitimacy of the concept of the stakeholder, according to Friedman and Miles. “The stakeholder concept has not gone unchallenged. Many have reiterated the alternative stakeholder positions. Others have challenged implications of the stakeholder concept for certain groups” (Friedman and Miles 118). Friedman and Miles go on to argue how stakeholders can weaken an organization, and even alter its long-term characteristics.