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GMU BUS 100 MIDTERM EXAM 2025

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Ownership Theory - the firm is property of the owners; purpose is to maximize market value in the long term and make money for owners Stakeholder Theory - corporation serves a higher purpose- to provide value for society 3 Arguments for Stakeholder Theory - 1. Descriptive: stakeholder view is most realistic 2. Instrumental: stakeholder management is more efficient 3. Normative: stakeholder management is the right thing to do Market Stakeholders - Those who engage economically with the firm such as marketing, advertising, and sales Non-market Stakeholders - Those who DO NOT engage economically with the firm such as political and social forces that may hold influence over them Internal Stakeholders - Employed by the firm External Stakeholders - NOT employed by the firm Internal - Market Stakeholders - - Employees - Managers - Executives Internal - Non-Market Stakeholders - None External - Market Stakeholders - - Stockholders - Employees - Customers - Suppliers External - Non-Market Stakeholders - - Government - Public Communities - Media - Competition

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GMU BUS 100 MIDTERM EXAM 2025
Ownership Theory - the firm is property of the
owners; purpose is to maximize market value in
the long term and make money for owners


Stakeholder Theory - corporation serves a higher
purpose- to provide value for society


3 Arguments for Stakeholder Theory - 1. Descriptive: stakeholder view is most
realistic
2. Instrumental: stakeholder management is more efficient
3. Normative: stakeholder management is the right thing to do


Market Stakeholders - Those who engage economically with the firm such as
marketing, advertising, and sales


Non-market Stakeholders - Those who DO NOT engage economically with the
firm such as political and social forces that may hold influence over them


Internal Stakeholders - Employed by the firm


External Stakeholders - NOT employed by the firm


Internal - Market Stakeholders - - Employees
- Managers

, - Executives


Internal - Non-Market Stakeholders - None


External - Market Stakeholders - - Stockholders
- Employees
- Customers
- Suppliers


External - Non-Market Stakeholders - - Government
- Public Communities
- Media
- Competition


What does Stakeholder Power mean? - Ability to use resources to
make an event happen or see a desired outcome


5 Stakeholder Powers - 1. Voting
2. Economic
3. Political
4. Legal
5. Informational


Stakeholder Salience - Combination of Stakeholder:
Power - power to influence the firm

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