44. The degree to which a stakeholder’s claim requires immediate response is its
a.
power.
b.
legitimacy.
c.
urgency.
d.
coercion.
45. The view of stakeholders that sees them as more than just people or groups who can wield economic or legal power is
the
a.
strategic approach.
b.
multifiduciary approach.
c.
symbiotic approach.
d.
stakeholder synthesis approach.
46. Stakeholders that are perceived to have high levels of power, legitimacy, and urgency are referred to as
a.
b.
c.
d.
47. The view of stakeholders that recognizes the firm’s moral responsibilities to all stakeholders, but that they should not
be seen as fiduciary obligations is called the
a.
strategic approach.
b.
multifiduciary approach.
c.
symbiotic approach.
d.
stakeholder synthesis approach.
48. Which of the following is not seen as a value of the stakeholder model of the firm?
a.
It is descriptive.
b.
It is instrumental.
c.
It is judgmental.
d.
It is normative.
49. The challenges of stakeholder management include all of the following except
a.
assuring that the firm’s primary stakeholders achieve their objectives.
b.
seeing to it that the firm’s secondary stakeholders are treated ethically and are relatively satisfied.
c.
making the firm profitable.
d.
maintaining strong relations with governmental stakeholders.
50. Which of the following is not considered an important function of stakeholder management?
a.
to lead
b.
to understand
c.
to analyze
d.
to manage
51. Responsibilities for stakeholder management include all of the following except
a.
social.
b.
ethical.
c.
philanthropic.
d.
economic.
52. Which of the following is not listed as a question to ask in order to gain the essential information needed for
stakeholder management?
a.
Who are our stakeholders?
b.
What do our stakeholders want?
c.
What are our stakeholders’ stakes?
d.
What opportunities and challenges do our stakeholders present to the firm?
53. Which of the firm’s social responsibilities is not relevant in analyzing management’s duties to stakeholders?
a.
economic
b.
legal
c.
ethical
d.
philanthropic
54. Stakeholders who have a high potential for cooperation and a low potential for threat to the firm are known as ____
stakeholders.
a.
mixed blessing
b.
supportive
c.
nonsupportive
d.
marginal
55. The recommended strategy for nonsupportive stakeholders is to
a.
monitor them.
b.
defend against them.
c.
involve them.
d.
collaborate with them.
56. Which of the following is not a valid criticism of stakeholder management?
a.
It is very time consuming.
b.
Ranking of stakeholder claims is very difficult.
c.
Managers are not trained in this type of management.
d.
It increases the complexity of decision-making.
57. Stakeholder management capability is thought of in three levels. Which is considered the highest level?
a.
the rational level
b.
the process level
c.
the intangible level
d.
the transactional level
58. Recognition that all stakeholders depend on each other for their success and financial well-being is a concept known
as
a.
stakeholder synthesis.
b.
interdependency.
c.
mutual benefit analysis.
d.
stakeholder symbiosis.
59. Which of the following is not a strategy or action alternative in best addressing stakeholders?
a.
Deal directly or indirectly
b.
Take offense or defense
c.
Collaborate or participate
d.
Manipulate or resist
60. Which of the following is not a strategic step toward successful stakeholder management?
a.
integrating stakeholder management into the firm’s governing philosophy
b.
setting goals for stakeholder inclusion
c.
creating a stakeholder-inclusive values statement
d.
implementing a stakeholder performance measurement system
Provide a short answer to each of these questions. Be sure to fully explain your answer.
61. Describe the origin of stake and stakeholder.
62. Who are the stakeholders of the college or university where you are taking this class? Provide a list and discuss their
relative importance to the school.
63. Considering the textbook example of Switzerland scientists, and looking at the examples of primary and secondary
social and nonsocial stakeholder, distinguish between social and nonsocial stakeholders. Does your definition of the
difference seem useful to you? Why or why not?
64. A major factor in support of stakeholder management is stakeholder culture. Explain how various cultures impact
stakeholder management.
65. Stakeholders present both opportunities and challenges to the firm. Why does the textbook choose to focus only on the
challenges?
66. Compare and contrast the strategic, multifiduciary, and synthesis approaches of stakeholder management.
67. The diagnostic typology of organizational stakeholders categorizes stakeholders by their perceived level of
cooperation and/or threat. Explain how this typology works and evaluate its usefulness.
68. Explain what the concept of tapping the expertise of stakeholders means.
69. Describe the levels of stakeholder management capability.
70. Summarize the principles of stakeholder management.
71. Discuss how PETA is making itself a stakeholder in the wool industry.
Utilize the knowledge you have gained to respond to the following essay questions. Your answers should state your
position and use logical arguments and content from this and other chapters in the textbook to support it.
72. Are the natural environment and nonhuman species properly considered stakeholders of the firm? Defend your
answer.
73. The textbook provides an example of stakeholder attributes when it discusses the case of Home Depot, old growth
wood, and environmental activists. Discuss this case in terms of the environmental group’s legitimacy, power, and
urgency.
74. Stakeholder management does not specify how managers should view the function of stakeholders. Some view
stakeholders as just additional groups to be managed for the benefit of the firm and its owners. Others view stakeholders
as groups to whom the firm has certain responsibilities that are equally important to duties owed to owners. Discuss this
issue and defend your stance.
75. Stakeholder management, with its normative content, holds out the promise of positive outcomes to the firms that use
it. Discuss some of these expected outcomes and evaluate their likelihood of occurrence and their importance to the firm.
76. This chapter of the textbook has made a strong case for the use of stakeholder management. Discuss reasons why
firms may choose not to utilize this model.