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R. Edward Freeman
In this course, developed at the Darden School of Business at the University of Virginia and taught by top-ranked faculty, we will be discussing the emergence of a new story about business. This new story locates business within a societal framework. Almost every business creates or destroys value for customers, suppliers, employees, communities and society, in addition to shareholders and other financiers. A number of new models of business can be built on this idea such as corporate responsibility, philanthropy, shared value and sustainability. Profits and stakeholder value go together, and this course explains how. The final session explores the idea of how to become a stakeholder entrepreneur and create a business that makes money and makes the world a better place.
Register for this course and see more details by visiting:
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What's inside
Syllabus
Business in Society: The Problem
We will begin the course learning the dominant story of business and discussing the four flaws in the dominant story. We will learn about the global financial crisis and how a new story is now emerging.
Read more
Syllabus
Business in Society: The Problem
We will begin the course learning the dominant story of business and discussing the four flaws in the dominant story. We will learn about the global financial crisis and how a new story is now emerging.
Read more
Traffic lights
Traffic lights
Read about what's good
what should give you pause and
possible dealbreakers
Taught by R. Edward Freeman, who is highly recognized for their work in stakeholder theory
Specifically discusses the emergence of a new story about business and its societal framework
Explores corporate responsibility, philanthropy, shared value, and sustainability as models of business
Focuses on how profits and stakeholder value can be mutually beneficial
Provides practical examples of how to become a stakeholder entrepreneur
Requires learners to have a foundational understanding of business and economics
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Reviews summary
Business in society: a new perspective
According to learners, this course offers a valuable and timely exploration of the changing role of business in society. Students particularly praised the professor's engaging lectures and the introduction of the stakeholder framework as a powerful new model. Many found the content highly relevant to current business challenges, providing a fresh perspective that challenges traditional views focused solely on shareholders. While the course provides a solid theoretical foundation, some reviews noted a desire for more practical examples or case studies to illustrate application, and a few mentioned the readings can be extensive. Overall, it is seen as an insightful and thought-provoking look at modern business responsibility.
Readings can be extensive, but valuable.
"The readings were quite extensive, but they provided important depth to the topics."
"Workload is reasonable for an introductory course on this subject."
"Some weeks had a lot of material to cover, requiring significant reading time."
Topics are timely and important today.
"The topics covered, like CSR and sustainability, are incredibly relevant to today's business world."
"Timely and important discussion on the social role of business."
"Helped me understand the changing expectations placed on businesses today."
"The course directly addresses current challenges faced by businesses."
Introduces a valuable stakeholder approach.
"This course gave me a completely new way to think about the purpose and role of business in society."
"The stakeholder framework presented is incredibly powerful and relevant for modern business leadership."
"It challenges the traditional view of business purpose and offers a compelling alternative."
"Loved learning about creating value for all stakeholders, not just shareholders."
Professor's lectures are insightful and engaging.
"The professor was excellent and articulated the concepts clearly, providing great insights on the topic."
"Lectures are very engaging and thought-provoking. The professor's passion for the subject is evident."
"Really enjoyed the lectures; the professor was insightful and brought the topics to life."
"The professor is brilliant and explains complex ideas simply."
Strong theory, less focus on practical application.
"The course provides a solid theoretical foundation, but I wish there were more real-world case studies."
"Good overview of the theory, but perhaps less focus on practical implementation steps."
"Needed more examples on *how* to become a stakeholder entrepreneur in practice."
"Could benefit from more case studies demonstrating the models discussed."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in New Models of Business in Society with these
activities:
Review Key Concepts in Business Ethics
Show steps
Revisit fundamental concepts in business ethics to enhance your understanding of the ethical implications of stakeholder management.
Browse courses on
Business Ethics
Show steps
-
Review your notes or textbooks on business ethics.
-
Complete online quizzes or practice exercises on business ethics.
-
Discuss ethical dilemmas related to stakeholder management with peers or a mentor.
Stakeholder Analysis Tutorial
Show steps
This tutorial will introduce you to the techniques of stakeholder analysis, which are fundamental to corporate social responsibility and the effective management of organizations.
Browse courses on
Stakeholder Analysis
Show steps
-
Complete the online tutorial on stakeholder analysis.
-
Apply the techniques learned in the tutorial to a real-world scenario.
Review of Freeman's Stakeholder Theory: The State of the Art
Show steps
This book covers the latest thinking on stakeholder theory. By completing this activity, you will gain insights into the theoretical underpinnings of the course content.
View
Stakeholder Theory
on Amazon
Show steps
-
Read the book thoroughly.
-
Summarize the main arguments of the book.
-
Create a concept map of the key ideas in the book.
Three other activities
Expand to see all activities and additional details
Show all six activities
Attend a Workshop on Corporate Social Responsibility
Show steps
Attend a workshop or conference focused on corporate social responsibility to gain practical insights on implementing stakeholder strategies.
Browse courses on
Corporate Social Responsibility
Show steps
-
Identify and register for a relevant workshop or conference.
-
Attend the workshop or conference.
-
Network with other attendees and speakers.
Draft and Revise Informational Paper on Value Chain Analysis
Show steps
Create a paper discussing the relationship between stakeholder value and profits.
Browse courses on
Value Chain Analysis
Show steps
-
Research and analyze the concept of value chain analysis.
-
Identify and analyze the key stakeholders involved in a business.
-
Draft a paper outlining the relationship between stakeholder value and profits.
-
Revise and edit the paper for clarity and conciseness.
-
Submit the final paper for review.
Develop a Business Plan for a Social Enterprise
Show steps
Put your understanding of stakeholder theory into practice by developing a business plan for a social enterprise that addresses a societal problem.
Browse courses on
Social Entrepreneurship
Show steps
-
Identify a societal problem that you are passionate about.
-
Research and develop a business model for a social enterprise that addresses the problem.
-
Identify and analyze the key stakeholders involved in the enterprise.
-
Create a business plan that outlines the enterprise's mission, goals, and strategies.
-
Present your business plan to a panel of experts.
Review Key Concepts in Business Ethics
Show steps
Revisit fundamental concepts in business ethics to enhance your understanding of the ethical implications of stakeholder management.
Browse courses on
Business Ethics
Show steps
Show steps
Show steps
- Review your notes or textbooks on business ethics.
- Complete online quizzes or practice exercises on business ethics.
- Discuss ethical dilemmas related to stakeholder management with peers or a mentor.
Stakeholder Analysis Tutorial
Show steps
This tutorial will introduce you to the techniques of stakeholder analysis, which are fundamental to corporate social responsibility and the effective management of organizations.
Browse courses on
Stakeholder Analysis
Show steps
Show steps
Show steps
- Complete the online tutorial on stakeholder analysis.
- Apply the techniques learned in the tutorial to a real-world scenario.
Review of Freeman's Stakeholder Theory: The State of the Art
Show steps
This book covers the latest thinking on stakeholder theory. By completing this activity, you will gain insights into the theoretical underpinnings of the course content.
View
Stakeholder Theory
on Amazon
Show steps
Show steps
Show steps
- Read the book thoroughly.
- Summarize the main arguments of the book.
- Create a concept map of the key ideas in the book.
Three other activities
Expand to see all activities and additional details
Show all six activities
Attend a Workshop on Corporate Social Responsibility
Show steps
Attend a workshop or conference focused on corporate social responsibility to gain practical insights on implementing stakeholder strategies.
Browse courses on
Corporate Social Responsibility
Show steps
Show steps
Show steps
- Identify and register for a relevant workshop or conference.
- Attend the workshop or conference.
- Network with other attendees and speakers.
Draft and Revise Informational Paper on Value Chain Analysis
Show steps
Create a paper discussing the relationship between stakeholder value and profits.
Browse courses on
Value Chain Analysis
Show steps
Show steps
Show steps
- Research and analyze the concept of value chain analysis.
- Identify and analyze the key stakeholders involved in a business.
- Draft a paper outlining the relationship between stakeholder value and profits.
- Revise and edit the paper for clarity and conciseness.
- Submit the final paper for review.
Develop a Business Plan for a Social Enterprise
Show steps
Put your understanding of stakeholder theory into practice by developing a business plan for a social enterprise that addresses a societal problem.
Browse courses on
Social Entrepreneurship
Show steps
Show steps
Show steps
- Identify a societal problem that you are passionate about.
- Research and develop a business model for a social enterprise that addresses the problem.
- Identify and analyze the key stakeholders involved in the enterprise.
- Create a business plan that outlines the enterprise's mission, goals, and strategies.
- Present your business plan to a panel of experts.
Career center
Learners who complete New Models of Business in Society will develop knowledge and skills
that may be useful to these careers:
Chief Sustainability Officer
Chief Sustainability Officer
Chief Sustainability Officers are responsible for developing and implementing their employer's environmental, social, and governance (ESG) strategies. New Models of Business in Society offers a strong foundation in these principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this emerging field.
Corporate Social Responsibility Manager
Corporate Social Responsibility Manager
Corporate Social Responsibility Managers are responsible for developing and implementing their employer's corporate social responsibility (CSR) strategies. New Models of Business in Society provides a comprehensive overview of CSR, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Sustainability Consultant
Sustainability Consultant
Sustainability Consultants help businesses develop and implement sustainability strategies. New Models of Business in Society provides a strong foundation in sustainability principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this growing field.
Environmental Manager
Environmental Manager
Environmental Managers are responsible for developing and implementing their employer's environmental management strategies. New Models of Business in Society provides a strong foundation in environmental management principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Social Entrepreneur
Social Entrepreneur
Social Entrepreneurs develop and implement business models that address social problems. New Models of Business in Society provides a strong foundation in social entrepreneurship principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this rewarding field.
Nonprofit Manager
Nonprofit Manager
Nonprofit Managers are responsible for leading and managing nonprofit organizations. New Models of Business in Society provides a strong foundation in nonprofit management principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Philanthropy Manager
Philanthropy Manager
Philanthropy Managers are responsible for developing and implementing their employer's philanthropy strategies. New Models of Business in Society provides a comprehensive overview of philanthropy, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Corporate Affairs Manager
Corporate Affairs Manager
Corporate Affairs Managers are responsible for developing and implementing their employer's corporate affairs strategies. New Models of Business in Society provides a strong foundation in corporate affairs principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Government Relations Manager
Government Relations Manager
Government Relations Managers are responsible for developing and implementing their employer's government relations strategies. New Models of Business in Society provides a strong foundation in government relations principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Public relations manager
Public relations manager
Public Relations Managers are responsible for developing and implementing their employer's public relations strategies. New Models of Business in Society provides a strong foundation in public relations principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Marketing Manager
Marketing Manager
Marketing Managers are responsible for developing and implementing their employer's marketing strategies. New Models of Business in Society provides a strong foundation in marketing principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Sales Manager
Sales Manager
Sales Managers are responsible for developing and implementing their employer's sales strategies. New Models of Business in Society provides a strong foundation in sales principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Operations Manager
Operations Manager
Operations Managers are responsible for developing and implementing their employer's operations strategies. New Models of Business in Society provides a strong foundation in operations management principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Human Resources Manager
Human Resources Manager
Human Resources Managers are responsible for developing and implementing their employer's human resources strategies. New Models of Business in Society provides a strong foundation in human resources management principles, as well as the skills needed to create value for stakeholders beyond just shareholders. This course can help you develop the knowledge and skills needed to succeed in this important role.
Information Technology Manager
Information Technology Manager
Information Technology Managers are responsible for developing and implementing their employer's information technology strategies. New Models of Business in Society may not be a perfect fit for this role, but a strong understanding of how business and society interact can be helpful for any manager.
For more career information including salaries, visit:
OpenCourser.com/course/p6zf60/new
Reading list
We've selected 11 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
New Models of Business in Society.
Explores the concept of shared value and how it can be used to create value for both businesses and society.
Argues that the purpose of the corporation is to create value for all stakeholders, not just shareholders.
Save
Provides a comprehensive guide to corporate sustainability and responsibility.
Provides a practical guide to implementing sustainability initiatives in businesses.
Save
Provides a comprehensive overview of the history and evolution of corporate social responsibility.
Save
Provides a critical examination of the modern corporation and its impact on society.
Save
Introduces the concept of the triple bottom line and how it can be used to measure the performance of businesses.
Provides an overview of the green economy and its potential to create jobs and economic growth.
Save
Provides a guide to sustainability for businesses of all sizes.
Save
Provides a guide to corporate social responsibility for businesses of all sizes.
Save
Provides a guide to ethical decision-making for businesses of all sizes.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/p6zf60/new
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Effort
4 weeks of study, 1-2 hours/week
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Institution
University of Virginia
Instructor
R. Edward Freeman
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English
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آذربایجان دیلی
This course belongs to a
collection
called
Entrepreneurship: Growing Your Business. It's comprised of four courses:
- Financial Accounting Fundamentals
- New Models of Business in Society (viewing)
- Ethical Leadership Through Giving Voice to Values
- Innovating with the Business Model Canvas
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