Organizational Theory 1
1 -Discussion-300 words with 2 APA references
Topic-Discuss in detail the stakeholder approach.
Reply to mates 150 words minimum
Reply 1- Sneha
In an organization or a company, a stakeholder is related to the member i.e. the groups which exist the person as a cease to exist. This approach first implemented in the year 1963 in the institute named Stanford Research Institute. It is discussed in depth by other professionals in the year 1980s. Generally, a stakeholder role in the business implementation is investing the credits in their company where the actions will be said to be in the outcome of the decisions made through the business. It implements the stakeholders as the equity investors and it mostly the company’s role is investing the money and getting a success (Budd, 1997).
Coming to the stakeholder approach at the business level, it suggests the managers in the team by implementing all the approaches for the employees by formulating plans which satisfy the stakeholders through the internal side and external side. It applies the long-term success in the firms applied through it. While many imperfections can fatigue in the place of the business role and due to all those many opportunities can create and those being very valuable to the shared resources. It mostly captures the active environment in the company’s employment. This approach plays an important role and mostly can create a competitive environment and provides all the advantages through all the users in the company furtherly it links both the stakeholders and firms. The company economically stable and it collects all the information about the stakeholders for treating the employees well and it initiates the development opportunities. Through all these the value of the products gets increases and the brand value among the market also the firm loyalty and the reputation will be opposite to be forced i.e. reinforced among all the users and the customers and the stakeholders get involved alike.
Reply 2- Nagarjuna
Sectors which were established with the motive of profits and gains from the business generally work under the theory of profit maximization. In the course of the business environment, profit maximization is valid not only for the shareholders but also for the stakeholders (Enya, Pillay & Dempsey, 2018). Profit maximization is not only for the owners of the company but also for the shareholders and stakeholders. For assuring the significant stakeholders during the path of dealing, the approaches towards stakeholders by any company are actually very important.
However, according to Freeman 2010, this edge towards the stakeholders can be divided into 6 different parts and has been explained with the help of a chemical company:
· Recognition of the stakeholders– In this case, the firm should actually identify the stakeholders after giving serious thoughts.
· Unfolding the needs- This includes explaining and understanding the various stakes of the stakeholders and the problems that are required to be recognized.
· Checking the implementation of every stake– Basically, this means verifying or checking the implication of each and every stake.
· Creating opportunities– When a private company, for example- chemical company is generating job opportunities for the citizens of the economy, then the government is really supportive and cooperative with the stakeholders of the company as the chemical organization is creating opportunities for the people (Larson & Foropon, 2018).
· Understanding the Company’s responsibilities towards its stakeholders– Every company should have some responsibilities towards its stakeholders not only in terms of financial condition but also moral, ethical conditions. For e.g. though the chemical company has some duties towards the government in terms of taxes, but still it also has some commitments towards its community.
· Expanding the possibility for assisting the stakeholders– This mainly takes into account the scopes and ways through which cooperation can be generated with the stakeholders. For example- In the case of chemical company, the stakeholders (climate activists) who play a little role over controlling policy, have been given the visibility into the panel as an outsider in order to generate cooperative relation.
2-Journal Article summary -400 words
DEFINITION: a brief definition of the key term followed by the APA reference for the term and
SUMMARY: Summarize the article in your own words.
Conclusion:In your own words.
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