The conventional and sustainable approaches to stakeholders differ in a number of ways. Describe how the approaches
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A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees,...
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Stakeholder Analysis Conventional OB versus Sustainable OB o Conventional OB Conventional OB is more consistent with the classical view that emphasizes the organizationspecific responsibility OSR to focus on serving one particular stakeholder group and one particular form of wellbeing namely the financial interests and goals of the organizations owners Conventional OB seeks to manage customers to serve the financial interests of the organization o Sustainable OB Sustainable OB is consistent with the growing interest in the corporate social responsibility CSR of organizations to act in ways that protect and improve the welfare of multiple stakeholders and in particular of society over and above the owners financial selfinterests A sustainable approach recognizes OSR responsibilities but does not always act to maximize financial wellbeing Sustainable OB also actively seeks to consider the interests of other stakeholders including the natural environment and future generations Sustainable OB is based on the belief that with the considerable power organizations have to affect other stakeholders there also is considerable responsibility to these stakeholders Sustainable OB is characterized by its service and relationshipbuilding orientation with customers Sustainable managers seek to benefit from inviting suppliers expertise A sustainable approach is more likely to engage cocreation a collaborative process of multiple organizations working with customers to provide solutions to customers needs and in joint ventures in which two organizations share the risk and gain for developing a new technology or delivering products or services Sustainable OB is more likely to emphasize ...View the full answer
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