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Legal and ethical issues in businesses
Legal and ethical issues in businesses
External stakeholders -their interests and influence in the business
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What is a stakeholder; they are groups or individuals with a vested interest in the outcome of an organization. Anyone that has added to its success or progression and has also benefited from the organizations success. Here we have two types of stakeholders, internal and external those are within your company. The internal stakeholders are those within the company that will directly benefit monetary from their influences to the company achievement, internal stakeholders are employees, managers, and the owners. While you’re external stakeholders are those that are affected by the concerns and results from the company decisions, they are your consumers, vendor, and government, all with different responsibilities as stakeholders …show more content…
Managers are responsibility to the company is to be an effective leader, if so this will increase the prospect for the company to enhance the superiority of their product, and ultimately the value of the company. I believe that as the owners responsibility to the company is to finance money into the business, make it profitable, and to deliver a quality product or service to the consumer, while building a loyal consumer base. As the consumer your responsibility to a company is buying the product and service, which will build the reputation of the company, vendor’s responsibility to the company is to supply the material needed, in order for the company to produce the products that are in demand, therefore without the vendors a company can’t run. Governmental responsibility to a company is to charge taxes and to oversee the operational management of the business …show more content…
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Stakeholder is anyone with an interest in a business; stakeholders are individual, groups or businesses. They are affected by the activity of the business. There are two types on stakeholders who are internal and external. Internal stakeholder involves employees, managers/directors and shareholders/owners. External stakeholder involves suppliers, customers, government, trade unions, pressure groups and local and national communities.
Internal Stakeholder are entities with a business which include general group such as manager and employees. For example, the procurement function may have to market itself to senior management or management teams, or may have to communicate changes in purchasing policy and procedures to all staff.
Trevino, L. K., & Nelson, K. A. (2011). Managing business ethics: Straight talk about how to do it right. New York: John Wiley.
Trevino, L., & Nelson, K. (2011). Managing business ethics - straight talk about how to
Stakeholder analysis is important for successful implementation of projects and/or strategic activities within any organisation. It is used to analyse the stakeholders in order to understand them and classify them according to their power, influence and interest. Stakeholders are people who have an interest in a commercial entity including those within the organisation and outside. These include the boss, senior executives, customers, suppliers, government, your co-workers, the team and others. All these people are important in the implementation and success of strategy.
To supply the wants and needs of a consumer, society entrusts wealth-producing resources to the business enterprise.” (Santayana, George. Is The Tyranny Of Shareholder Value Finally Ending? So before we go into greater detail on the different perspectives related to social responsibility, one might question the meaning of social responsibility. It is generally agreed that social responsibility is defined as the business obligation to make decisions that benefit society.... ...
Sims, R. R. (1992). The challenge of ethical behavior in organizations. Journal of Business Ethics, 11(7), 505.
Seawell, Buie 2010, ‘The Content and Practice of Business Ethics’, Good Business, pp. 2-18, viewed 22 October 2013, .
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Stakeholders’ analysis is the analysis which tells that how the company is dealing with the people which are directly or indirectly related with the company’s operations. These are called stakeholder and they include the employee, society, suppliers, buyers, shareholders, got and other tax related companies.
Treviño, L. K., & Nelson, K. A. (2007). Managing business ethics: Straight talk about how to do it right Fourth ed., Retrieved on July 30, 2010 from www.ecampus.phoenix.edu
Stakeholder is any groups or individuals that are affected by the attainments of the organisation’s goals. [] In this situation Coca-Cola situation we can determine following group of stakeholders. They include local communities, employees, customers, suppliers, competitors, countries, law, and government regulatory parties.
Stakeholders are interest of an individual or groups that directly or indirectly affected by the organisation’s activities, policies and objectives (Henry Frechette, 2010). Stakeholders can be divided as internal (managers and employees) and external (shareholders, customers, and suppliers) (BPP F9). Different stakeholders may have common interests or conflict interests with company. Company board members or management must take care about stakeholders’ interest. They can’t make the decision based on their own interest or their relation with others organisation. Conflict of interest will arise when interests of organisation act in concert with managers’ personal interests or interests of another person or organisations, (Anon, no date).
Stakeholders refer to individuals or groups of people that have an interest in a business. Management argues that as long as there is wealth for shareholders, then anything is done in a responsible manner and things should be done to promote the interest of other stakeholders.