CORPORATE STAKEHOLDERS

“Responsible to whom?”

The concept that business must be socially responsible sounds appealing until we ask,

corporation’s task environment

includes a large number of groups with interest in a business organization’s activities

stakeholders

These groups are referred to as __________ because they affect or are affected by the achievement of the firm’s objectives

enterprise strategy

The corporation may need to craft an _________—an overarching strategy that explicitly articulates the firm’s ethical relationship with its stakeholders.

enterprise strategy

This requires not only that management clearly state the firm’s key ethical values, but also that it understands the firm’s societal context, and undertakes stakeholder analysis to identify the concerns and abilities of each stakeholder