An Introduction To Stakeholder Theory

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Stakeholder theory Stakeholder management and strategic planning

Two broad stakeholder theories <ul><li>Friedman </li></ul><ul><li>Freeman </li></ul>

Theory one <ul><li>Milton Friedman – focus on the shareholders as they only stakeholders who matter. The business of busin...

Theory two <ul><li>* The quickest way to destroy shareholder value is to ignore stakeholders </li></ul>

Where did it start? <ul><li>R. Edward Freeman (1984) </li></ul><ul><li>Stakeholder theory is about identifying the groups...

Why are stakeholders important? <ul><li>Corporations and organisations operate with the consent of the community. </li></u...

Who are stakeholders? <ul><li>The directly involved: </li></ul><ul><li>- investors </li></ul><ul><li>- employees </li></u...

Other stakeholders <ul><li>Government </li></ul><ul><li>Political parties </li></ul><ul><li>Trade unions </li></ul><ul><li...

A key question for you <ul><li>Is the media a stakeholder? </li></ul>

Why pay attention to stakeholders? <ul><li>Moral or philosophical reasons – corporate social responsibility </li></ul><ul>...

Some key management questions <ul><li>Why should specific companies pay attention to stakeholders? </li></ul><ul><li>Who a...

Some key management questions <ul><li>Which stakeholders are most important? How do we set priorities? </li></ul><ul><li>D...

Managing stakeholders – a strategic context <ul><li>The quality of relationships with stakeholders are the key determinant...

Managing stakeholders – an communications approach <ul><li>Identify the stakeholders </li></ul><ul><li>Identify the relati...

Some practical examples <ul><li>Employees – face to face as frequently as possible </li></ul><ul><li>Investors – as laid d...

Managing stakeholders – a PA and issues management approach <ul><li>Craig Fleisher’s emerging PA model: </li></ul><ul><li>...

Fleisher model <ul><li>Communicating in an integrated manner </li></ul><ul><li>Continually aligning values and strategies ...

Using PA planning techniques <ul><li>Identify stakeholder management needs as an integral part of: </li></ul><ul><li>Issue...

Planning techniques <ul><li>Undertaking scenario planning: What ifs? </li></ul><ul><li>Constantly testing internal percept...

Setting priorities <ul><li>Categorise stakeholders by: </li></ul><ul><li>Stakeholders directly interested in your success ...

Management strategies <ul><li>Directly interested – recruit as advocates </li></ul><ul><li>Allies – encourage </li></ul><u...

Some conclusions <ul><li>Two theories – empirically one wrong and one right </li></ul><ul><li>Focus on identifying stakeho...

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