Perspectives of Business Ch 1
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14 terms
Terms | Definitions |
|---|---|
 Business | Any organization that is engaged in making a product or providing service for a profit |
| Society | Human beings and the social sctructures they collectively create |
| highly interdependent | Business and society are ________ |
| Stakeholder theory of the firm | corporation serves a broader purpose, to create value for society |
| stakeholder | persons or groups that affect or are affected by, an organizations, decisions, policies and operations |
| stake | is an interest in, or a claim on a business enterprise |
| Stockholder | ________are one of severeal kinds of stake holders |
| Market stakeholders | those that engage in economic transactions with the company as it carries out its primary purpose of providing society with good and services |
| Maket stakeholders | employees, stockholders, creditors, suppliers, customers, distributors |
| Nonmarket stakeholders | people or groups who although they do not engage in direct economic exchange with the firm, are affected by or can affect its actions, secondary stakeholders |
| Nonmarket stakeholders | communities, governments, non governmental organizations, media, business support groups, general public, media |
| Stakeholder analysis | every managers job, identify relevant stakeholder and analyze their interest and power |
| stakeholder power | voting, economic, political, legal |
| General systems theory | business and society cannot be understodd in isolation, even though they have clear boundaries |
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