Corporate Social Responsibility and Stakeholder Theory The concept of corporate social responsibility as discussed earlier means that organizations not only have responsibilities to earn a fair return for investors and comply with the law, but also have moral, ethical and humanitarian responsibilities. Traditionally, a corporation is viewed bearing its primary, if not sole, responsibility is to its owners, or stockholders. However, CSR requires organizations to adopt a broader view of its responsibilities
2.4.1 Identification of stakeholders “Any Group or individual who can affect or is affected by the achievement of the organization objectives” (Freeman, 1984, p.46) is a stakeholder. Stakeholders include any person, group, or institution that is affected good or badly by a specific issue or its outcome. In this research paper the word stakeholder will be used in reference to institution, people or communities who effect or are affected by tourism product or services directly or indirectly. While
from the theory of agency as propagated by Friedman and gravitated towards a new model developed by Peston and Caroll, which was embodied in a structure they called the ‘corporate social performance’ (CSP) framework, which combines the principles and philosophy of societal needs with the economic responsibilities of a
The case study of Uber Technologies Inc (Uber), a successful brand, was known as Uber App in the America, expanding its market to many other countries. Entering the San Francisco taxi industry in 2009 with a new model business found by Travis Kalanick, which gained profit by connecting passengers with taxi drivers through using a smartphone. Being understood target market with powerful consumers, Uber established strategy on branding and consumer trusts. Uber replaced a cheaper UberX service from
Stakeholders The term stakeholder has been used since the 1930’s, when a Harvard Law Professor, E. Merrick Dodd, publicly supported the identification of four major groups of business stakeholders: shareowners, employees, customers and the general public. A 1963 internal memo at the Stanford Research Institute used the term to refer to ‘those groups without whose support the organisation would cease to exist.’ By definition, stakeholders have a stake in the company, and have the possibility of
In the article " Marketing's Consequences: Stakeholder Marketing and Supply Chain Corporate Social Responsibility Issues" the authors stated that the greater suitable consideration for the dangerous ambitions outcomes of the consumption decisions and downstream marketing needs more consideration to marketer efforts and stakeholder marketing to support the creation of responsible users. So this concludes that by analyzing indications for more investigations in this paramount emergent field area of
Stakeholder theory instead argues that there are other parties involved, including employees, customers, suppliers, financiers, communities, governmental bodies, political groups, trade associations, and trade unions. Even competitors are sometimes counted as stakeholders – their status being derived from their capacity to affect the firm and its stakeholders. The nature of what is a stakeholder is highly contested (Miles, 2012) , with hundreds of
Abstract: Stakeholder management is popular is management literature. Adjusted to the new scopes, the original concept of Freeman is continuously developed. Stakeholders can be interpreted at different levels and in different roles at organizations. A comprehensive approach to managing stakeholders is a reasonable expectation but synergistic benefits can only be achieved under certain conditions. This paper aims to introduce the classification possibilities of stakeholders, the main challenges of
The shortage issue got the attention of the government as a stakeholder concern about the country’s economic welfare and growth of its people. Being the regulator of economic and trade policies of the country, the government responded rationally through the attorney general, minister for economy by making a decision
Vancity’s key stakeholders are known to be its employees, and their communities within which it operates. In order to keep these stakeholders satisfied with their services, Vancity makes use of a triple bottom line business model; which is put into action in order to gain financial success but at the same time to keep focused on the social sustainability and as well as the environment. Vancity is a Vancouver – based co – operative which was founded in 1946. It started with only $22 of total assets