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What is a stakehoulder?
A stakeholder is any group or individual that has in any way something to do with a firm and thus, an interest in the well being of the firm - for example the shareholders (as the owners), suppliers, employees, customers, the government, the press, the society etc
What are the duties and responsibilities of a logistic officer in any firm?
The duties and responsibilities of a logistic officer in any firm are quite diverse. The duties are to ensure that all logistics are handled which include facilitation of training for staff members and identify any areas that need improvement in efficiency.
How would you determine the market demand for your firm's IT services?
Hold focus groups to assess your services.
What are the goals of the firm?
To maximize profit.To have low costs.To have profit in the short run and business value in the long run.To get a social function (some firms only).To grow/expand as a firm.
Why the appropriate goal of the firm and why the alternative goals are considered in appropriate?
The appropriate goal of a firm is typically to maximize shareholder wealth, which aligns the interests of owners and investors with the firm's long-term performance and sustainability. Alternative goals, such as profit maximization or sales growth, can be inappropriate as they may encourage short-term thinking, neglect stakeholder interests, or lead to unsustainable practices. Additionally, these alternative goals might overlook factors like social responsibility and environmental impact, which are increasingly important in today's business landscape. By focusing on shareholder wealth, firms can ensure balanced growth that considers various stakeholders while promoting overall economic health.
What is a theory that recognizes that firms have relationships with many constituent groups which both affect and are affected by the actions of a firm?
Stakeholder theory
Who are skakeholders in a firm?
A stakeholder is defined as any party that has an interest in an enterprise or firm. Generally stakeholders include share holders, employees, customers and suppliers.
How could a strategists attitude toward social responsibility affect a firms strategy?
A strategist's attitude toward social responsibility can significantly shape a firm's strategic direction by influencing priorities and decision-making processes. If a strategist values social responsibility, the firm may adopt sustainable practices, enhance its brand reputation, and foster customer loyalty, which can lead to long-term profitability. Conversely, if social responsibility is viewed as a secondary concern, the firm might prioritize short-term gains, potentially risking reputational damage and stakeholder trust. Ultimately, a strategist's perspective on social responsibility can either align the firm with ethical practices or limit its competitive advantage in an increasingly socially conscious market.
What is a fringe stakeholder?
Fringe stakeholders are stakeholders who could not directly impact the firm; however, they can joint together and voice their concerns using the Internet or other medium. On the other hand, those stakeholders that can directly impact the firm is called "salient stakeholder" Reference: Capitalism at the Crossroad page 20. Author Dr. Stuart L. Hart
Why profit maximization is not the main goal of the firm?
Profit maximization is not the main goal of a firm because it often overlooks other important factors such as long-term sustainability, employee welfare, and customer satisfaction, which are crucial for enduring success. Additionally, focusing solely on short-term profits can lead to unethical practices and harm the company's reputation. Instead, firms increasingly prioritize stakeholder value, balancing profit with social and environmental responsibilities to create a sustainable business model. This broader approach can foster loyalty, innovation, and resilience in a competitive market.
What is a stakehoulder?
A stakeholder is any group or individual that has in any way something to do with a firm and thus, an interest in the well being of the firm - for example the shareholders (as the owners), suppliers, employees, customers, the government, the press, the society etc
Dilemma Between the stakeholder and the manager?
First the relationship is reciprocal, a manager can be a stakeholder and a stakeholder can be a manager.A stakeholder is any person with a interest in the project. It might be the CEO of the company, a manager, a client, etc... Sometimes, there are conflicting motivations between the stakeholder that wants profit and manager that wants leisure and security, these motivations are called agency problem. Solutions to Agency Problems: · Compensation as incentive. · Extending to all workers stock ,bonuses and grants of stock. · Making workers act more like owners of the firm
What does profit maximisation as the goal of the firm ignore?
Profit maximization as the goal of the firm often ignores social and environmental impacts, employee welfare, and long-term sustainability. By focusing solely on short-term financial gains, firms may overlook the importance of ethical practices, stakeholder interests, and the potential consequences of their actions on the community and environment. Additionally, this narrow focus can lead to a neglect of innovation and quality, ultimately jeopardizing the firm's future success.
What are the duties and resposibilties of a MD of a firm?
The MD of a firm or business is the "Managing Director". They are also known as Chief Executives, they delegate the responsibilities of members of the Management Team.
What are the duties and responsibilities of a logistic officer in any firm?
The duties and responsibilities of a logistic officer in any firm are quite diverse. The duties are to ensure that all logistics are handled which include facilitation of training for staff members and identify any areas that need improvement in efficiency.
What is the advantage of investing in social capital for a firm?
The biggest advantage of investing in social capital by a firm is the goodwill that the investment shows the community involved. Many companies invest social capital into the communities of which they are headquartered.
How would a strategist attitude toward social responsibility affect a firm's strategy?
A strategist's attitude toward social responsibility can significantly shape a firm's overall strategy by prioritizing ethical practices and sustainability in decision-making. If the strategist views social responsibility as integral to the company's mission, it may lead to investments in environmentally friendly technologies or community engagement initiatives. This approach can enhance brand reputation, foster customer loyalty, and attract socially conscious investors. Conversely, a lack of emphasis on social responsibility might result in short-term gains but could jeopardize long-term sustainability and stakeholder trust.
