Choose a company or an industry in which you have worked or would like to work. It could be a hospital or a physician practice.
A. Identify all the important stakeholders for the entity.
B. Determine the primary aims/objectives of each stakeholder.
C. Assess the power of each stakeholder to affect the company’s strategic plans, and how it may apply that power.
D. Explain how the company might respond to the possible actions of each stakeholder.
E. Recommend trade-offs that company managers could make to accommodate the stakeholders in a way that optimizes the company’s own performance.
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Solution Preview
In the hospital that I had the privilege of working for the important stakeholders for this entity included the Board of Directors of the hospital, who had a stake in the profitability of the hospital due to the fact that it was a private hospital. Another important group of stakeholders within this hospital were the management and staff of the hospital, due to the fact that hospital operations depended upon their ability to operate the hospital efficiently. The patients were another very important group of stakeholders within this hospital, due to the fact that they’re very health and well-being depend upon the efficiency and effectiveness of this hospital in providing the services that they needed. The primary objectives of the Board of Directors of the hospital was to make key business decisions concerning the hospital organization in order to ensure that it was a profitable health care entity, and did not go into debt. The primary objectives of the management and staff of the hospital was to ensure that the hospital operating in …
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