Unit 1.4 (Part 2) - Conflict Between Stakeholders

These flashcards cover key concepts related to stakeholder conflict, interests, and management strategies discussed in the lecture.

What does stakeholder conflict refer to?

The inability of an organization to meet all of its stakeholder objectives simultaneously.

What are the conflicting interests of managers and customers?

Managers want to raise selling prices to maximize profits, while customers do not want to pay more for goods.

Why do owners want to re-invest profits into their business?

To enhance future growth and sustainability of the business.

What is a likely position of shareholders regarding profits?

Shareholders will want profits shared out to them.

How do trade unions typically respond to wage reductions proposed by owners?

Trade unions, which represent employees, will likely oppose wage reductions.

What key issues should be considered when resolving stakeholder conflict?

The type of organization, organization aims and objectives, and the influence of each stakeholder group.

What is the purpose of stakeholder mapping?

To help managers prioritize actions for resolving conflicts by assessing stakeholders' relative interest and power.

What are the four strategies for managing change based on stakeholder power and interest?

Maximum effort for key stakeholders, keep informed for potentially disgruntled stakeholders, keep satisfied via consultation, and minimum effort for low-priority stakeholders.

What are the driving forces in a force field analysis for change?

Changing market trends, demand, new leadership.

What are some resisting forces in a force field analysis?

Bureaucracy, fear of change, new competition.