Stakeholder Salience Essay

Globalization is the process by which the markets of different countries become integrated due to the exchange of goods, services, technology, and capital. Globalization depends on social, economic, and political factors, and continuously alters the way that the world works. All the vital components of the evolving global, political, economic and social institutions being examined seem to constantly converge and to perpetually intertwine during the day to day administration of global affairs. Diplomacy is employed to keep a measured balance between conflict and cooperation. The global guarantees of international law are placed in sharp contrast to the grim reality of human rights on daily basis and policy is dictated by the scales of political power and the urgent priorities of economic necessity. To understand how the globe functioned in the past and how it wishes to function in the future, we must study each factor separately and observe its inevitable interactivity with the other factors that occur. It is important to note that none of the dynamics can be given greater weight in comparison to the other crucial instrumentalities.

Taken from, Waddell, Jones, and George (2013) 3rd Edition.  Contemporary  Management, Sydney, McGraw Hill (pages

John Kew and John Stredwick mention that Jonhson et all 2011 defines a stakeholder as “those individuals or groups who depend on the organisation to fulfil their own goals and on who in turn the organisation depends.”

G.G. Dess, G.T. Lumpkin, M.L. Taylor, A.A. Thompson, and A.J. Strickland III, Strategic Management (Boston, McGraw Hill, 2004) pp. 141-148.

Stakeholders are individuals or groups that partake, or assert, possession, privileges, or benefits in a, organization and its accomplishments, previously currently, and in the upcoming (Barrett, 2001). These requested privileges or benefits are the result of communications with, or activities reserved by the organization, and they must be lawful or ethical, separate or combined Stakeholders with comparable benefits, entitlements, or privileges can be categorized as fitting into the similar collection: personnel, investors, and clients (Barrett, 2001). The better the impact these groups have on client’s lives and the extra community assets with which they are assigned, and it becomes vital that they are responsible (Barrett, 2001).

Pearce, J. A., II, Robinson, R. B. (2011). Strategic management: Formulation, implementation, and control (12th ed.). Boston, MA: McGraw-Hill/Irwin

The world is not a large and strange place anymore. The world is a place that is interconnected and intertwined. The world has become from a place that each country and their peoples are separate and isolated to a place that each country and their peoples are part of a global network. Thanks to globalization this is occurring. Globalization is the ‘international integration” or ‘de-bordering’ – “a number of highly disparate observations whose regular common denominator is the determination of a profound transformation of the traditional nation-state” (Von Bogdandy 2). Globalization is connecting different people from different cultures and backgrounds together. More and more corporations are entering new foreign markets to sell their

This document and all of the materials contained within are strictly for study assignment purposes to fulfill MBA course BUSN 620 Strategic Management on August 01, 2011-September 25, 2011 requirements.

A stakeholder is someone who someone who benefits or is burdened by a corporation, or someone who the corporation benefits or is burdened by. (Steiner). Stakeholders are represented by two main groups; primary and secondary

Baye, M.R., Prince, J.T. (2014). Managerial Economics and Business Strategy. New York, NY: McGraw-Hill Irwin

Hubbard, G, Rice, J and Beamish, P 2008, Strategic Management, Pearson Education Australia, 3rd, Frenchs Forest, Australia.

Hitt, M., Ireland, R., Hoskisson, R. (2013) Strategic Management: Competitiveness & Globalisation, 10th edition, Cengage Learning

Corporations have a crucial role and responsibility in today’s society. As the power of the nation state is increasingly in decline, the influence of businesses is only expanding and intensifying. Companies and their decisions have a profound impact on communities, individuals and the environment. Therefore, these organisations must assume a significant responsibility in today’s globalised society. As Bryan Horrigan (2010) explains, businesses “not only must be engaged with their stakeholders but are themselves stakeholders alongside governments and civil society. International business leaders must fully commit to sustainable development and address paramount global challenges” (p.53).

In their introduction to the chapter "Why International Organisations Matter," which was contributed to Business and the Politics of Globalisation: After the Global Financial Crisis, authors Xu Yi-chong and Patrick Weller begin the rhetorical defense of international organisations (IOs) by providing a review of recent global crises, and describing the various roles that global groups like the World Bank, the International Monetary Fund (IMF), and the International Panel on Climate Change (IPCC) played in addressing these most complex of dilemmas. The work performed by both the IMF and the World Bank in mitigating the disastrous effects of the global financial crisis is presented as a prime example of the efficacy of international organisations, as is the authoritative Report issued by the IPCC in response to mounting evidence in support of climate change as a demonstrable scientific phenomenon. As Yi-chong and Weller state unequivocally, "globalisation could not have taken place without the desire of states to pursue cooperation; neither could it have happened without IOs acting as effective facilitators of that cooperation" (2010), because communication on the international scale often requires an objective third-party for purposes of negotiation, mediation, and conflict resolution.

Hitt, Michael, Hoskinsson, Robert, Ireland, D. ( 2011) Strategic Management: Competitiveness & Globalization: Concepts ( 10 ed.) Cengage Learning.