Explain the concept of “stakeholder management.” Why shouldn’t managers be solely interested in stockholder management, that is, maximizing the returns for owners of the firm—its shareholders.
Answer to relevant QuestionsWhat is “corporate governance”? What are its three key elements and how can it be improved? Look up the vision statements and/or mission statements for a few companies. Do you feel that they are constructive and useful as a means of motivating employees and providing a strong strategic direction? Why? Why not? Discuss and describe the six elements of the external environment. Analyze movements across the strategic groups in the U.S. retail industry. How do these movements within this industry change the nature of competition? Under what conditions are employees and managers able to appropriate some of the value created by their firm?
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