Activities for Today. ETS/MFT Sign-Up [Reminder] CEP Class Slides Group Formation/Group Contract (1/30/07) Simulation Enrollment Attendance Goals for Today Chapter 2 Why Be Honest If Honesty Doesn’t Pay? Homework (next class) ETS Exam – MFT Simulation (read it as many times you can).
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Initial advantage will go to firms who understand their firm Well! So read the manual carefully.
Stakeholders are individuals or groups in the firm’s environment that affect, or affected by, the firm’s actions in pursuit of its mission are called stakeholders because they have a stake or an enforceable claim on the firm’s performance.
Primary stakeholders are those who provide valuable inputs to the firm’s business activities and without whose support the firm cannot survive.
Secondary stakeholders do not have any direct economic transaction with the firm.
Businesses need stakeholder cooperation and support for their survival and growth.
Strategic management aimed at achieving maximum stakeholder cooperation and support is a strategic imperative.
Special interest groups
Refers to all systems, structures, and processes employed to ensure that managerial activities focus on the goals of the corporation and itsowners.
(Principals)Agency Relationship: Owners and Managers