Open AccessIncorporating the Natural Environment in Corporate Strategy: A Stakeholder Approach
Author(s) -
Michael Jay Polonsky
Publication year - 1970
Publication title -
journal of business strategies
Language(s) - English
Resource type - Journals
eISSN - 2162-6901
pISSN - 0887-2058
DOI - 10.54155/jbs.12.2.151-168
Subject(s) - stakeholder , business , process (computing) , stakeholder analysis , process management , vulnerability (computing) , stakeholder engagement , environmental resource management , computer science , public relations , economics , management , computer security , political science , operating system
Developing corporate strategies dealing with the natural environment requires that the organization take into consideration a number of internal and external stakeholders. Whilst most firms understand this need, most do not have a process for examining the relevant stakeholders and including them in the environmental strategy development process. This paper discusses how firms can use the stakeholder management process to identify important environmental stakeholders. It also discusses how firms can use an expanded version of the stakeholder strategy matrix to incorporate stakeholders into the environmental strategy development process. Utilizing these tools would allow firms to develop more effective strategies to deal with the natural environment, thus reducing their vulnerability to external shocks caused by "unsatisfied" stakeholders.