MGMT 320 Midterm ACTUAL UPDATED QUESTIONS AND CORRECT ANSWERS
business an organization that is engaged in making a product or providing a service for a
profit
society refers to human beings and to the social structures they collectively create;
specifically refers to segments of humankind, such as members of a particular
community, nation, or interest group
, general systems theory a theory that holds that all organisms are open to, and interact with, their external
environments
interactive social system the closely intertwined relationships between business and society
shareholder theory of the firm a theory that holds that the purpose of the firm is to maximize its long-term
market value
stakeholder theory of the firm a theory that holds that the purpose of the firm is to create value for society
stakeholder a person or group that affects, or is affected by, a corporations decisions, policies,
and operations
market stakeholders a stakeholder that engages in economic transactions with a company
nonmarket stakeholders a stakeholder that does not engage in direct economic exchange with a company,
but is affected by or can affect its actions
internal stakeholder individuals who are employed by the firm, such as employees and managers
external stakeholders individuals or groups that may important transactions with a firm but are not
directly employed by the firm, such as customers or suppliers
stakeholder analysis an analytic process used by managers that identifies the relevant stakeholders in a
particular situation and seeks to understand their interests, power, and likely
coalitions
focal organization the organization from whose perspective a stakeholder analysis is conducted
stakeholder interests the nature of each stakeholder group, its concerns, and what it wants from its
relationships with the firm
stakeholder power the ability of one or more stakeholders to make an event happen or to secure a
desired outcome in their interactions with a company. Voting power, economic
power, political power, legal power, informational power
stakeholder coalitions alliances among companies stakeholders to pursue a common interest; generally
are not static relationships
stakeholder salience a stakeholders ability to stand out from the background, to be seen as important,
or to draw attention to itself or its issue
stakeholder map a visual representation of the relationship among stakeholder interests, power,
and coalitions with respect to a particular issue
boundary spanning departments departments or offices within an organization that reach across the dividing line
that separates a company from groups and people in society
business an organization that is engaged in making a product or providing a service for a
profit
society refers to human beings and to the social structures they collectively create;
specifically refers to segments of humankind, such as members of a particular
community, nation, or interest group
, general systems theory a theory that holds that all organisms are open to, and interact with, their external
environments
interactive social system the closely intertwined relationships between business and society
shareholder theory of the firm a theory that holds that the purpose of the firm is to maximize its long-term
market value
stakeholder theory of the firm a theory that holds that the purpose of the firm is to create value for society
stakeholder a person or group that affects, or is affected by, a corporations decisions, policies,
and operations
market stakeholders a stakeholder that engages in economic transactions with a company
nonmarket stakeholders a stakeholder that does not engage in direct economic exchange with a company,
but is affected by or can affect its actions
internal stakeholder individuals who are employed by the firm, such as employees and managers
external stakeholders individuals or groups that may important transactions with a firm but are not
directly employed by the firm, such as customers or suppliers
stakeholder analysis an analytic process used by managers that identifies the relevant stakeholders in a
particular situation and seeks to understand their interests, power, and likely
coalitions
focal organization the organization from whose perspective a stakeholder analysis is conducted
stakeholder interests the nature of each stakeholder group, its concerns, and what it wants from its
relationships with the firm
stakeholder power the ability of one or more stakeholders to make an event happen or to secure a
desired outcome in their interactions with a company. Voting power, economic
power, political power, legal power, informational power
stakeholder coalitions alliances among companies stakeholders to pursue a common interest; generally
are not static relationships
stakeholder salience a stakeholders ability to stand out from the background, to be seen as important,
or to draw attention to itself or its issue
stakeholder map a visual representation of the relationship among stakeholder interests, power,
and coalitions with respect to a particular issue
boundary spanning departments departments or offices within an organization that reach across the dividing line
that separates a company from groups and people in society
