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Managing for Stakeholders

Managing for Stakeholders: Survival, Reputation, and Success

R. Edward Freeman
Jeffrey S. Harrison
Andrew C. Wicks
Copyright Date: 2007
Published by: Yale University Press
Pages: 200
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  • Book Info
    Managing for Stakeholders
    Book Description:

    Managing for Stakeholders: Survival, Reputation, and Success,the culmination of twenty years of research, interviews, and observations in the workplace, makes a major new contribution to management thinking and practice. Current ways of thinking about business and stakeholder management usually ask the Value Allocation Question: How should we distribute the burdens and benefits of corporate activities among stakeholders?Managing for Stakeholders,however, helps leaders develop a mindset that instead asks the Value Creation Question: How can we create as much value as possible for all of our stakeholders?

    Business is about how customers, suppliers, employees, financiers (stockholders, bondholders, banks, etc.), communities, the media, and managers interact and create value. World-renowned management scholar R. Edward Freeman and his coauthors outline ten concrete principles and seven practical techniques for managing stakeholder relationships in order to ensure a firm's survival, reputation, and success.Managing for Stakeholdersis a revolutionary book that will change not only how managers do business but also how they recognize and evaluate business opportunities that would otherwise be invisible.

    eISBN: 978-0-300-13849-8
    Subjects: Management & Organizational Behavior

Table of Contents

  1. Front Matter
    (pp. i-iv)
  2. Table of Contents
    (pp. v-vi)
  3. Preface
    (pp. vii-x)
  4. Acknowledgments
    (pp. xi-xviii)
  5. 1 Managing for Stakeholders
    (pp. 1-19)

    Bob Collingwood was president of Woodland International, a division of a large company headquartered in the United States with operations in fifty-five countries around the world. His twenty-year business career had been marked by significant changes at Woodland and in the business environment in which Woodland had grown and operated. Bob’s responsibilities included overseeing manufacturing as well as public affairs, and he had bottom-line responsibility for the fully integrated Woodland operations. He was measured on “economic value added” as well as several other variables.¹ As Bob checked his calendar for the upcoming two weeks, he could see that his schedule...

  6. 2 Business in the Twenty-first Century
    (pp. 20-46)

    As Bob Collingwood reclined his seat in the corporate jet, he thought about the upcoming two weeks. While he knew he could survive them, he was not sure how long he could avoid burnout. He had seen it happen to many of his peers. They got to a certain point and either professionally self-destructed by making a series of risky and unwise decisions, or their personal lives collapsed into a set of broken promises and commitments. Bob was determined to avoid both paths.

    He reclled his two years at a top MBA program some fifteen years before. He had learned...

  7. 3 The Basic Framework
    (pp. 47-73)

    As soon as the plane touched down and taxied to the gate, Bob Collingwood turned on his Blackberry. He had twenty-three new e-mail messages, none of them particularly urgent. His marketing and finance people were evidently having a battle over how to price a new product. The finance people wanted relatively higher prices so that there would be less pressure on earnings, while the marketing people wanted a lower price to increase sales. The government relations people were getting in on the act, since the environmental impact of the new product was not yet proven, and they were fearful that...

  8. 4 Stakeholders, Purpose, and Values
    (pp. 74-102)

    As he prepared for his two-day strategy meeting, Bob Collingwood thought back to the conversations he had had with his team and their consultants over the past few years. The consultants had helped them map out the industry, identifying the strategies of the key players and what they were doing to try to change the rules of the game. They went through a process of identifying key strengths and possible competitive advantages. They even adopted a strategic intent to “beat the number-one player.” But something was missing. As Bob began to think about why he worked so hard, about what...

  9. 5 Everyday Strategies for Creating Value for Stakeholders
    (pp. 103-132)

    Let’s suppose that Bob Collingwood, our beleaguered CEO, has followed our argument. He realizes that he and his team need a new framework that sees their relationships with a broad range of stakeholders as a matter of course, and that they see what they do in terms of managing for stakeholders. Further, he’s already begun to think through his own enterprise approach but recognizes that this takes time to emerge from conversations, repositionings, new ideas, and just plain hard work. What Bob wants to know is, what are some concrete and practical techniques that can speed things along? How can...

  10. 6 Leadership and Managing for Stakeholders
    (pp. 133-156)

    Bob Collingwood slowly opened the packet of information to discover columns of numbers and paragraphs of advice. It was his basic data for a yearly 360-feedback process that the corporate human resources group had mandated. The basic idea was for Bob and other executives to get input on their leadership styles and abilities, and the feedback was supposed to be anonymous so people could tell the truth. Bob spent the first twenty minutes analyzing the data, trying to figure out who had said what, even though he knew this was unproductive. The feedback, overall, was quite good. Bob was seen...

  11. Appendix: Frequently Asked Questions about Managing for Stakeholders (MFS)
    (pp. 157-164)
  12. Notes
    (pp. 165-170)
  13. Further Reading
    (pp. 171-172)
  14. Index
    (pp. 173-179)