Relationship of Firms to Both Market and Non-Market Stakeholders
Use definitions and examples to support your answers.
1) a) Compare and contrast the relationships a firm may have with both market and non-market stakeholders, defining and giving at least three examples of each. b) Discuss why a manager might AND might not be considered a market stakeholder. c) In what stakeholder category might government fall and why? d) Explain the meaning of ethics as it relates to business stakeholder relationships.
3) a) Is it in the economic self-interest of business to manage sustainable development and how may this be challenging? b) What are the roles of a firm’s public relations department and use a recent example of this in action? c) Discuss two arguments for and one argument against corporate social responsibility d) Please define and discuss the iron law of responsibility.
4) a) Analyze why a business may wish to get involved in community relations and what are the expectations by BOTH communities and businesses of this relationship? b) In your opinion, what are the most pressing and significant concerns facing communities today and how might a business's community relations department address these concerns? c) Consumer advocates argue that consumers are entitled to several core rights. Please name and briefly discuss three of these.
Management Question
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1 a) Compare and contrast the relationships a firm may have with both market and non-market stakeholders, defining and giving at least three examples of each. b) Discuss why a manager might AND might not be considered a market stakeholder. c) In what stakeholder category might government fall and why? d) Explain the meaning of ethics as it relates to business stakeholder relationships.
Within an organization, consumers, suppliers, lenders, employees, and shareholders are market stakeholders because they voluntarily do business with the organization. Non-market stakeholders are people or groups of people like political organizations, medial outlets or religious organizations that are directly or indirectly impacted by the performance or actions of the organization. In the first instance, the firm relates to market stakeholders through creation of profit-making environments. On the other hand, the firm relates to non-market stakeholders by upholding and practicing its values. A manager may be considered a market stakeholder because they have a direct financial and personal interest in the firm. For instance, when the firm is performing, the manger gets credit while at the same time, enjoys sustainable financial benefits. On the other hand, a manager may not be considered as a market stakeholder when they are part of a larger external group affected by the firm’s actions. The government is a non-market stakeholder because its purpose it to create an environment in which the firm will succeed. According to the Stakeholder Theory, stakeholders are ethically obligated to pursue the interests of other stakeholders while conducting business.
2 a) Is it in the economic self-interest of business to manage sustainable development and how may this be challenging? b) What are the roles of a firm’s public relations department and use a recent example of this in action? c) Discuss two arguments for and one argument against corporate social responsibility d) Please define and discuss the iron law of responsibility.
Sustainable development proposes that human societies must meet their current needs without compromising the ability of future generations to meet their needs. From an organizational point of vi...