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The technique of stakeholder mapping lets managers classify which stakeholders they will consider more important and will invest more rime to satisfy. Is it appropriate for management to define some stakeholders as more important than others? Should all stakeholders he considered as equally important?

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Management, Loose-Leaf Version

13th Edition
Richard L. Daft
Publisher: South-Western College Pub
ISBN: 9781305969308

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BuyFindarrow_forward

Management, Loose-Leaf Version

13th Edition
Richard L. Daft
Publisher: South-Western College Pub
ISBN: 9781305969308
Chapter 5, Problem 9DQ
Textbook Problem
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The technique of stakeholder mapping lets managers classify which stakeholders they will consider more important and will invest more rime to satisfy.

Is it appropriate for management to define some stakeholders as more important than others?

Should all stakeholders he considered as equally important?

Summary Introduction

To determine:

If it is appropriate for management to define some stake holders as more important than other and whether all stake holders should be considered as equally important.

Concept Introduction:

The individuals or groups that are likely to affect or be affected by a proposed action of the organization are called as stake holders. The systematic approach that defines the primary stake holders like employees, customers, share holders, environment, government etc and identifying such key members is referred to as stake holder mapping.

Management needs to look from different angles like their potential threat, their interest, the influencing factors etc so as to define the key stake holders.

Explanation of Solution

The important stakeholders who are impacting the business currently and in future needs to be defined and prioritized by the manager so that they will help the company to make the future business policies. Since the efforts will be focused towards priority people, this will improve the quality of the overall work which will lead to the overall development of the organization in turn.

The returns on some stakeholders investment is directly related to business profits as they may be having direct investment in the organization. Vendors who are some stakeholders are the ones who are nominally associated. By the daily action of the organization, some stakeholders like employees may get affected. Some stakeholders who are having influencing power because of their expertise, like consultants are very important for the organization...

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