Foundation in strategic management by harrison free download pdf

These different aspects of stakeholder management are held together by the enterprise strategy which defines what the firm stands for. Ethics are a part of these processes, first, because unethical behaviour can have high costs and second, because codes of ethics provide the consistency and trust required for profitable cooperation.

Harrison and St John are able to combine traditional and stakeholder approaches because they use the stakeholder approach as an overarching framework within which traditional approaches can operate as strategic tools. For example, they divide the environment into the operating environment and the broader environment.

Prioritizing stakeholders is more than a complex task of assessing the strength of their stake on the basis of economic or political power. Thus, a stakeholder approach. Stakeholders must not only be understood in the present, they must also be managed over the long run. Harrison and St John distinguish between two basic postures for managing stakeholders: buffering and bridging. Buffering is the traditional approach for most external stakeholder groups and it is aimed at containing the effects of stakeholders on the firm.

It includes activities such as market research, public relations, and planning. Buffering raises the barriers between the firm and its external stakeholders. In contrast bridging involves forming strategic partnership.

This approach requires recognizing common goals and lowering the barriers around the organization. Partnering is proactive and builds on interdependence. It is about creating and enlarging common goals rather than just adapting to stakeholder initiatives. They propose a framework for determining the importance of developing partnering tactics and when it is appropriate to rely on more traditional methods. John With this framework as a guide they have been able to identify a wide range of partnering tactics that can be used by management to manage their critical stakeholders and develop critical strategies.

Once strategic management is divided into this false dichotomy, stakeholder theory can be mischaracterized as anti-capitalist, anti-profit and anti-business efficiency. However, the premise of the stakeholder approach that it is necessary for all firms would suggest that we should find many firms, rather than a radical few, using a stakeholder approach. Collins and Porras attempted to explain the sustained success of firms across many industries by contrasting them with less successful peers.

They proposed that a necessary condition of long-term financial success is a strong set of core values that permeates the organization. More importantly they found that the stakeholder approach in practice predates the formal articulation of stakeholder theory in academia. Thus, Collins and Porrit provide both empirical support for the success of a stakeholder approach and they confirm that the academic theory grew out of management practice rather than vice versa.

In The Stakeholder Strategy [Svendsen, ] Svendsen investigates firms who are building collaborative stakeholder relationship as part of their business strategy. However, companies that have a strong set of values and that can communicate their business goals clearly will maintain stakeholders support when the results are not in their favor.

Their research illustrates the history, the rationale and the practical implementation of stakeholder ideas. They develop, and illustrate the use of, positively reinforcing cycles of inclusion that help build stronger and more cooperative stakeholder relationships. They also emphasize the need to redescribe the world of business in ways beyond, but not necessarily in contradiction to, the profit maximization view.

There are two main theoretical issues that stand out from the rest. The Separation Thesis states that we cannot usefully analyze the world of business as if it is separate from the world of ethics or politics.

The separation thesis was formulated because of the widespread adoption of a stakeholder approach within business ethics and because of the continued neglect of a stakeholder approach in the area of strategic management. This distortion has resulted in stakeholder theory being seen as an ethical rather than a business theory. This categorization serves to isolate ethical issues from the mainstream business theories and to isolate a stakeholder approach from mainstream business strategy.

Second, Wicks and Freeman have recently called for a pragmatist perspective to the study of management. A stakeholder approach grew out of a practical study of management problems. A pragmatic approach to strategic management would focus academic research on the detailed study of concrete business situations.

Over time general theories might emerge, but not through abstract theory development. Those who have called for a pragmatic approach to stakeholder theory have been seeking to combine a post-modern anti-foundationalist approach to theorizing with a Rortian desire to reform and redescribe the human enterprise [Wicks and Freeman]. The post-modernist seeks to abandon the quest for Truth that began in the Enlightenment.

These theorists argue that there is no truth about the world of business to be found. There are no irrefutable foundations for business theory or economics. The frameworks and laws that we use to describe business are simply ideas that have achieved a broad level of agreement among informed practitioners. To search for higher levels of abstraction, that would provide a foundation for these laws as Truth, is a distraction to the progress of business strategy.

New descriptions of bad or harmful business practices will inspire us to challenge existing practices, norms and attitudes. New ways of describing excellent ways of creating value will provide hope and stimulate change and innovation.

This approach would encourage researchers to challenge the language and metaphors of existing theories of business and economics. Rather, researchers should expect a multitude of theories and frameworks that describe different approaches and different aspects of business. There will still be good and bad theories of business strategy, but the value of the theory will depend on its ability to help mangers make sense of their world, rather on the basis of theoretical elegance.

What would pragmatism mean for a stakeholder approach? First, it would mean the end of separate streams of business ethics and business strategy research. Second, it would mean an end to the search for normative or foundational roots for stakeholder theory. Third, it would mean abandoning the search for absolute object definitions of such things such as stakeholder legitimacy. These issues would depend on the question at hand and on the circumstances under consideration.

A stakeholder approach might consist of a collection of interacting, reinforcing and contradicting theories of business strategy. Each theory would be based on concrete studies of real business case studies.

This is not to say that we need to abandon the idea of general principles for the sake of contingent theories. These will still be general principles of business; indeed the idea that businesses should be managed in the interests of stakeholders is one of those ideas.

However these principles will, over time, be continuously under review and will eventually be replaced by a description that are more useful. The work of Kochan and Rubenstein [] is, in many ways, at the vanguard of this approach.

As outlined above there are theoretical, epistemological and research challenges for a stakeholder approach to strategic management. The authors believe that these challenges should be met by turning our faces towards practitioners and the development of a set of narratives that illustrate the myriad ways of creating value for stakeholders.

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The Zanendaba hunters had earlier been out hunting, oblivious to any danger, for if the truth be known, no-one had, since almost their very beginnings, dared to attack their great and powerful tribe, the surrounding bushveld over which they enjoyed almost complete hegemony. But that afternoon they at first heard the sound of warlike drumbeats, and then saw the distant flames of enemy fire torches.

Although the Zanendaba hunters beat a steady retreat towards their village, unprepared for battle, the enemy tribes were hungrier and more athletic, making greater ground than their prey, and the Zanendaba hunters were forced to seek refuge in the cave. At no time did a word pass between their lips, not entirely from fear of detection by their enemies, but for their belonging to a tribe entirely and utterly cursed by its ancestors.

Where once and always the Zanendaba tribe had roamed free across the entire bushveld, its members had grown fat and arrogant, neglecting sometimes even to perform the rituals and tell the stories from which the blessings of their ancestors arose. They squandered their abundance, neglected to do their work, and preferred feasting and festivities. But most of all, they stopped caring for each other - stopped seeing one another in the right light - and nothing angers the ancestors more than a tribe that has lost its spirit of ubuntux.

The elders would have a lot to say to the hunters, with instructions and orders and expectations and dictates, but seldom listened in return, and the hunters would often heap scorn and ridicule the elders, maliciously gossiping behind their backs. One night, when all the tribe members were gathered for yet another celebration, a tremendous storm blew up, and amidst crashes of thunder and cracks of lightning, a demon burst out from the flames of fire, cackling into the suddenly still night.

In an instant the Zanendaba hunters and their wives, every man and every woman, were struck completely mute, to remain voiceless forever more. Then the demon spat upon the flames, dousing completely the fire, the embers within which he disappeared as suddenly as he had appeared. So it was that many, many moons back the Zanendaba tribe had been cursed to have elders who could not hear, and hunters who could not speak.

At first this strange affliction did not seem to overly bother the Zanendaba, who carried on with their lives as best they could.

Indeed, nothing would wake the Zanendaba from their slumber quite like what befell them on that fateful day when, in a strategic alliance, the marauding tribes attacked, and the Zanendaba hunters, as we know, found themselves ensconced in the cave high up on the hillside.

Although distant at first, the noises quickly became louder, and the flames brighter. In desperation, the Zanendaba hunters banded together to try and chant a warning to their elders, but not a sound was heard to come out of their mouths. In a panic, they jumped around like crazy banshees, beating on their chests and stamping on their feet, raising a cloud of dust that threatened to suffocate all including the ancestors, slapped and licked wildly at one another, but all this was to no avail.

Without voices, they could not draw the attention of their elders to their impending plight. Meanwhile, in the village itself, the Chief of the Zanendaba and a few elders went to the edge of the village in expectation of providing the returning hunters with a warm welcome from their hunt. Although still low in the sky, the moon was bright and standing alone on the edge of the bushveld, the Chief and his elders could see across the horizon, above the silhouettes of the thorn bushes and the fever trees.

Then they saw the flames of the enemy fire torches, and mistaking them for those of the returning hunters, went forth into the clearing, unable to hear the battle drumbeats, and the warning rhythms of conflict and conquest. From beneath the cover of darkness the leading enemy tribe suddenly attacked, immediately ensnaring the Chief of the Zanendaba and his elders. On witnessing the mayhem happening in the village below, the Zanendaba hunters hurriedly clambered down from the cave, and sprinted to protect the remaining homesteads.

But this tactic was already far too little and far too late. By the time they reached the village, the marauding enemy tribes had already long fled.

The Zanendaba hunters made their way to the Royal Kraal, where the surviving elders were fearfully and fretfully trying to assess the extent of the death and destruction. What else, they thought, could explain the disappearance of the Chief, some elders and some of the women, and their own hunters appearing unblemished and unhurt?

Try as the hunters might to explain the circumstances of the marauding enemy tribes to the elders, the former could not speak and the latter could not hear. It was impossible to achieve understanding between the two. Elder and hunter alike churned over in their own dismay. Together but apart, the two camps brooded from within. Then one-day at the burst of spring, a wise elder and a wise hunter sat together for the first time in many months. Nothing needed to be said, nor anything to be heard, from one to the other, for at a level far deeper than language, they began to really communicate.

Intuitively and instinctively they began properly to see, a sense they had never lost. For an entire month the tribe fasted, with nothing but air passing their lips.

As it did so, something marvellous, miraculous and magical happened, a mystical alchemy unfolded. The elders found that, in the company of the hunters, the less they spoke the more they seemed to hear.

The hunters, on the other hand, discovered that the less they heard, the more they themselves were able to speak. And by the time the long ritual hunt had finished, and the Zanendaba had returned to their village, elders and hunters alike could both speak and hear, and what was said was heard.

Sitting around the fire later that evening, over the cauldron, and having sacrificed Arrogante to the ancestors, the wise elder and the wise hunter looked deeply into each other, knowing that only when the eyes see can the mouth speak and the ears hear.

Then they began to drum and they began to chant, quietly and alone at first, then louder and louder, and together with all their brothers and sisters, elder and hunter alike. The spirit of ubuntu had been resurrected in the Zanendaba, and the tribe sang out their praises.

Only Cram is Textbook Specific. Strategic management involves formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes.

Strategic management provides overall direction to the enterprise and. Includes all testable terms, concepts, persons, places, and events. Cram Just the FACTS studyguides gives all of the outlines, highlights, and quizzes for your textbook with optional online comprehensive practice tests. Research Methods Forum No. Hitt, M. Bergh Eds. Learning how to dance with the Tasmanian Devil: Understanding acquisition success and failure.

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Introduce the most important theories and views in strategic management today with this concise, yet fully complete, text. The book thoroughly addresses the traditional economic process model and the resource-based model, as well as the stakeholder theory. This edition continues to highlight strategizing in the global arena as well as more focused coverage of stakeholder management.