Ford Motor Company is classified among the leading multinational companies around the globe. As provided by Dada (2017), every business is set up to transact and provide revenue and make a profit. In this regard, the management of every organization is mandated to ensure that the organization makes considerable profits and long-term existence. Organizations consist of internal and external stakeholders who have a direct and indirect impact on the company respectively. As defined by Schnackenberg, and Tomlinson (2016), stakeholders refer to the parties who have interest in an organization. Ford Motor Company recognizes its stakeholders to be communities, customers, dealers, employees, investors and suppliers (Peterson, Hyska, and Patel, 2017). Stakeholders have a lot of influence on the success or failure of a company.
The external stakeholders in Ford Motor Company expect the corporation to meet their expectations whereas the internal stakeholders push for their expectations of generating income. As a result, sometimes there erupt conflicts among the stakeholders. For instance, customers always expect the company to provide quality products at a reduced price and with the availability of after sale services. However, the Company is in the market for business. In this regard, the internal stakeholders are in most cases interested in ventures that make a profit. Other stakeholders conflicting with the companys goals include the government and the surrounding community among others. According to Bartlett, and Beamish (2018), the management and the employees of a Company have a responsibility of earning profits and remaining competitive in the market. Stakeholder theory is a good strategy for managing a company. With the proper collaboration of the stakeholders and strategic approach to handling internal and external stakeholders, Ford Motor Company is in a position to strategically compete, follow ethics and remain in the market. On ethical issues, the principal responsibility for the management of an organization is to manage the company soundly, make profits and ensure future existence (Trevino, and Nelson, 2016). Therefore, the best approach for any business is to ensure a balance when dealing with matters profitability, soundness of a business and other ethical and legal matters.
Bartlett, C.A. and Beamish, P.W. (2018). Transnational management. Cambridge University Press.
Dada, O. (2017). A New Business Model with a Plan for Alternative Revenue Streams for Design Factory Global Network (DFGN).
Peterson, E.A., Hyska, J. and Patel, D. (2017). Human Rights Law, Corporate Governance and Globalization. JL Bus. & Ethics, 23, p.63.
Schnackenberg, A.K. and Tomlinson, E.C. (2016). Organizational transparency: A new perspective on managing trust in organization-stakeholder relationships. Journal of Management, 42(7), pp.1784-1810.
Trevino, L.K. and Nelson, K.A. (2016). Managing business ethics: Straight talk about how to do it right. John Wiley & Sons.
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