Overview
Discuss in detail the stakeholder approach.
DISCUSSION FORUM
WEEKLY DISCUSSION POST: Your initial discussion is 200 word minimum. Please respond to 2 classmates (50 words each minimum).
REFERENCES: All references must be listed at the bottom of the submission--in APA format. (continued) Be sure to use the headers in your submission to ensure that all aspects of the assignment are completed as required.
Any form of plagiarism, including cutting and pasting, will result in zero points for the entire assignment.
Here you have the work of my 2 classmates so that you can reply to them as required by the instructions (you can also use their work as a sample/inspiration to complete your own work):
FIRST CLASSMATE'S NAME: MARIA
In previous years, there have been problems with the structure and strategy of an organization to which Freeman responded with the stakeholder approach that includes any individual or a group that can be impacted or that can impact a company’s achievements and objectives. It talks about managing the relationship of an organization with its consumers, shareholders, investors and someone who has a stake inn the organization as well to ensure the long term success of an organization. Management has the responsibility to manage the firm in the interests of the stockholders and also consider the interest of other stakeholders into account.
The number of citations using the word stakeholder has increased enormously as suggested by Donaldson and Preston (1995). The stakeholder approach provides a manager with a one time single approach on how to deal with the shifts in the environment on a daily basis and not think about a new strategy each day to deal with it.
REFERENCE:
Freeman, R. E., & Mcvea, J. F. (2001b, January). (PDF) a stakeholder approach to strategic management. https://www.researchgate.net/publication/228320877_A_Stakeholder_Approach_to_Strategic_Management
SECOND CLASSMATE'S NAME: MICHAEL
A stakeholder is a term that was coined to describe a person, individual, or body/group that is associated with/part of an organization or can be impacted by the decisions and the course of action pursued by an organization. A stakeholder can be broadly grouped into two categories such as internal or external stakeholder. An internal stakeholder corresponds to employees, managers in the case of an organization, and teachers, and academic staff considering an educational setting. The external stakeholder could be interpreted as a unit/establishment/entity that is potentially impacted or affected by the actions of the organization such as vendors, and customers in general. Funding bodies and the community that receives the service can be cited as an example in an academic setting such as a school or a university.
As an internal stakeholder, it is imperative to consider the needs of external stakeholders to ensure their requirements are fulfilled. It is of utmost importance to ensure the internal stakeholders are in line with the mission and vision of the organization to ensure the fulfillment of organizational objectives. Internal stakeholders actively engage in the transitional process of the organization from its current to future state. Services provided by the organization result from the stakeholder approach and actively impact the external stakeholder. The stakeholder approach has a direct influence on the policies and decisions made which in turn builds the brand image of the organization. The needs of the internal stakeholders are to be factored in while designing the stakeholder approach. The needs of the external stakeholders cannot be satisfied until the needs of the internal stakeholders are met (Khan and Matlay (2009)).