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Relationships and Business Building effective relationships is one of the most important areas of business today Business ethics is a team sport and few decisions are made by only one individual Stakeholder framework Helps identify internal and external stakeholders Helps monitor and respond to needs, values, and expectations of stakeholder groups Corporate governance The formal system of accountability and control of ethical and socially responsible behavior © 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 2 Stakeholders Define Ethical Issues in Business Stakeholders: Those who have a stake or claim in some aspect of a company’s products, operations, markets, industry, and outcomes Customers Investors Employees Suppliers Government agencies Communities The relationship between companies and their stakeholders is a two-way street © 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 3 Stakeholder Theory Three approaches to stakeholder theory Normative Principles and values help identify ethical guidelines that dictate how to treat stakeholders Descriptive Focuses on actual behavior, addressing decisions and strategies in stakeholder relationships Instrumental Examines stakeholder relationships and describes outcomes for particular behaviors © 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 4 Identifying Stakeholders Primary stakeholders: those whose continued association is absolutely necessary for a firm’s survival Employees, customers, investors, governments, and communities Secondary stakeholders: do not typically engage in transactions with the firm and are not essential to a firm’s survival Media, trade associations, and special interest groups © 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 5 The Stakeholder Interaction Model Source: Adapted from Isabelle Maignan, O. C. Ferrell, and Linda Ferrell, “A Stakeholder Model for Implementing Social Responsibility in Marketing.” European Journal of Marketing 39 (2005): 956–977. Used with permission. © 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 6
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