Bachelor of General Studies (BGS) Degree Practice Exam

What is an example of stakeholder networks in corporate practices?

1. Solo business operations

2. Corporations working collaboratively with others

3. Only communicating through press releases

4. Engaging only with customers

The correct answer is: Corporations working collaboratively with others

The idea of stakeholder networks in corporate practices revolves around the collaboration and interaction between various entities that hold a stake in, or are affected by, a corporation's activities. This includes not only the corporation itself but also employees, customers, suppliers, communities, investors, and other relevant parties. When corporations work collaboratively with others, they often create strategic partnerships, engage in joint ventures, and participate in community initiatives, all of which foster a network of stakeholders that can lead to mutual benefits. This approach emphasizes the importance of communication, transparency, and the co-creation of value among different stakeholders, enhancing both corporate accountability and innovation. Engaging in these collaborative practices allows corporations to better understand the needs and perspectives of various stakeholders, which can improve relationships and operational effectiveness. The other options reflect practices that do not embody the collaborative essence of stakeholder networks. Solo business operations imply a lack of engagement with other stakeholders. Solely communicating through press releases limits interaction and feedback, while engaging only with customers excludes other key stakeholders who play essential roles in the corporation's ecosystem.