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Chapter 3: Defining and Prioritizing Stakeholders
13 problems · 0 figures3-1 §3.1 source ↗
Maintaining trust between stakeholders and organizations is ________.
- a.the stakeholder's responsibility
- b.an ethical minimum
- c.an ethical maximum
- d.a social contract
Answer
D. a social contract
3-2 §3.1 source ↗
Companies are required to provide amenities to their employees to fulfill the social contract between management and employees as stakeholders.
- a.True
- b.False
Answer
B. False
3-3 §3.1 source ↗
Choose your favorite brand. List at least five of its key stakeholder groups.
Answer
Regardless of the company or brand selected, responses should include some of the following: customers, clients, employees, shareholders, communities, government, media, and possibly the environment and other abstract concepts that represent resources or concerns of many people.
3-4 §3.2 source ↗
A shareholder is a stakeholder who ________.
- a.holds stock for investment
- b.has a general interest in the fate of all publicly traded companies
- c.focuses on the means by which firms get their products to market
- d.always purchases the product or service of a particular company
Answer
A. holds stock for investment
3-5 §3.2 source ↗
A stakeholder claim ________.
- a.is usually a complaint
- b.is always financial
- c.is any matter of concern for the corporation or company
- d.is the same as a lawsuit
Answer
C. is any matter of concern for the corporation or company
3-6 §3.2 source ↗
Explain how the normative approach to stakeholder theory informs the instrumental aspect and the descriptive approach.
Answer
The normative approach is the fundamental basis of stakeholder theory and argues that stakeholders are ends unto themselves rather than means to an end. Thus, they have inherent value and cannot be looked at merely as instruments or as functional parts in an economic engine intended solely to generate profit for stockowners. That said, the instrumental and descriptive approaches also have their role in helping us to understand stakeholders and are mutually supportive of the normative approach.
3-7 §3.3 source ↗
What is the most important quadrant in the influence/interest matrix, and why?
Answer
The high-power, high-interest quadrant is most important because it represents stakeholders who both are highly interested in their relationship with the firm and have a high level of power or influence in the relationship.
3-8 §3.3 source ↗
In correct order, the stakeholder management steps adapted from the approach of the MITRE consulting firm are to ________.
- a.build trust, identify stakeholders, prioritize claims, visualize changes, and perform triage
- b.build trust, identify stakeholders, gather and analyze data, present results, make changes, and prepare a communication strategy
- c.build trust, identify stakeholders, gather and analyze data, present findings to management, and communicate key messages to stakeholders conveying the company’s appreciation of them
- d.identify stakeholders, gather and analyze data, make changes, and present results
Answer
C. build trust, identify stakeholders, gather and analyze data, present findings to management, and communicate key messages to stakeholders conveying the company’s appreciation of them
3-9 §3.3 source ↗
Stakeholder management practice ultimately is about valuing stakeholder contributions to a firm, no matter how significant, inspired, or influential that contribution might not be.
- a.True
- b.False
Answer
A. True
3-10 §3.4 source ↗
Name the three components of the triple bottom line.
Answer
The three components are people, profit, and planet.
3-11 §3.4 source ↗
What does the California Transparency in Supply Chains Act require of businesses that operate in California?
Answer
The California Act requires businesses that operate in California to describe for consumers all components and activities of their supply chains.
3-12 §3.4 source ↗
Corporate social responsibility is a voluntary action for companies.
- a.True
- b.False
Answer
A. True
3-13 §3.4 source ↗
The Dow Jones Sustainability Indices provides information for ________.
- a.investors who seek quick profit
- b.investors who seek long-term returns
- c.investors who value CSR in companies
- d.marketing promotions of each of its members
Answer
C. investors who value CSR in companies
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Problems and answers are adapted from Business Ethics by Stephen M. Byars and Kurt Stanberry, OpenStax, and are used under the CC BY-NC-SA 4.0 licence. Access for free at https://openstax.org/books/business-ethics/pages/1-introduction. Illustrations: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license. This adaptation is released under the same licence, is non-commercial, and is neither affiliated with nor endorsed by OpenStax or Rice University.