Comm 101 Tutorial 5 Stakeholders in Organisations

1. Narrow approach is identify as a sporting league only concerning itself with making sure of the attendances, revenue, profit, television viewers and many others are high and the game is enjoyable. Narrow view suggests that the primary and the only objective of business would be to maximize profits, the executives are employed to accomplish the goals and hence the managers must act in accordance with the owners (Wenar, 2018). Freidman was a conservative economist who trusted that by enabling the market to work with just the minimal confinements important to avoid fraud and power, society would amplify is general economic well-being. For instance: Freidman likewise expressed that the executives do have certain measure of corporate social responsibility forward of making benefits. These social duties incorporate the spending of the investors' money for general social interests in the path for taxing owners and spending such tax on community causes. Freidman recognize that frequently corporate activities are portrayed as an activity of social responsibility when, in fact, they are planned essentially to propel the organization's self-interest. For instance, it may be in the long-term self- interest of an enterprise that is a major employer in a residential area to spend money to upgrade the local community by enhancing its school, parks, roads or social services, thereby attracting good employees to the area, reducing the company’s wage bill or improving worker morale and productivity (Shaw et al.2017).

1. Stakeholder is a person, group or organization that has interest or concern in an organization (BusinessDictionary.com, 2018). Stakeholder can be classified in two groups. For the first group, it is including employees, the local community, suppliers, customers and shareholders whereas for the second group are typically government, legal bodies and the environment (Shaw et al.2017). The stakeholder approach is to identify the organizational outcomes, considers the various types of benefits that are obtained by members of stakeholders groups not only including employees and employers, but also other organisation stakeholders like customers (Anon, 2018). Company that practices good stakeholder approach in their business values is the company of Coca-Cola. They are committed to ongoing stakeholder engagement as a core component of their business and sustainability strategies, their annual reporting process, and also their activities around the world. The reason they engage with the stakeholders is to listen, and to understand the insights into the issues that matter most to their communities and their business. There are also few key stakeholders that engage with them. For example, bottling partners, customers, consumers, communities, suppliers and so forth (Company et al., 2018).

1. There are some factors that I think it is encouraging modern corporations to take into

account of the stakeholders’ interests when conducting their business in the current business environment. Stakeholders can help to understand stakeholders’ perception and point of view and to better plan an initiative regarding stakeholders’ interests. It is also to avoid implementation failures and to avoid ignoring the needs and desires of stakeholders. Apart from that, focus on the needs of stakeholders from the very beginning is also one of the factors (Sswm.info, 2018). The factor that I consider the most influential in modern business environment would be the stakeholders can aid to understand stakeholders’ perception and point of view and to better plan an initiative regarding stakeholders’ interests. This is due to the reason that dialogue with a wide-range of external stakeholders can know more about their insight and interest as well as it is critical to respecting human and workplace rights within the system. Continuous dialogue enables them to identify and address potential issues proactively and collaboratively.