MGT 4090 - Week 2 Session 1: Stakeholders

These flashcards cover essential concepts related to stakeholders and their management in the context of MGT 4090 Management Policy & Strategy.

Stakeholders

Organizations, groups, and individuals that can affect or can be affected by a firm’s actions.

Stakeholder Strategy

An integrative approach to managing a diverse set of stakeholders to gain and sustain competitive advantage.

PLU framework

A tool used to evaluate the claims of stakeholders based on their power, legitimacy, and urgency.

Corporate Social Responsibility (CSR)

Responsibilities that firms have towards their stakeholders in economic, legal, ethical, and philanthropic aspects.

Stakeholder Impact Analysis

A process to recognize, prioritize, and address stakeholder needs.

Competitive Advantage

The conditions that allow a company to produce goods or services better or more cheaply than its rivals.

Vested Interest

A personal stake or involvement in an outcome.

Adaptability and Flexibility

The ability of a firm to adjust its strategies and operations in response to changing conditions.

Hostile takeover

An acquisition of a company against the wishes of its management.

Consumer boycott (boycotting)

A collective decision by consumers to avoid purchasing goods or services from a company as a form of protest.