Chap 1.5: Stakeholders

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Stakeholders

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Individuals, groups, or organizations with a vested interest in the performance and activities of a business.

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Internal Stakeholders

Back

- Owner
- Shareholders
- Manager
- Employees

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External Stakeholders

Back

- Supplier
- General community

- Customers

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Owners

Back

- DEFINITION: Individuals who establish, invest, and have a share in a business, often with the goal of earning a profit.

- OWNER'S INTEREST: Owners are interested in fostering positive relationships, receiving returns on investments, and enhancing business reputation and performance.

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Shareholders

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Individuals who have purchased shares in a company and are therefore part-owners. They have limited liability and can attend annual general meetings.

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Managers

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- DEFINITION: Individuals who oversee and coordinate a business's employees and lead its operations to achieve the business's objectives. They have diverse roles and responsibilities.

- MANAGER'S INTEREST: Managers seek recognition for achieving business objectives, career advancement, and appropriate wages and working conditions.

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Employees

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- DEFINITION: Individuals hired by a business to complete work tasks and support the achievement of its objectives.

- EMPLOYEES' INTEREST: Employees desire long-term job security, fair pay, and opportunities for personal and professional development.

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Customers

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-DEFINITION: Individuals or groups who purchasing the goods / services of the business.

- CUSTOMERS' INTEREST: Customers look for high-quality goods at affordable prices, ethical business practices, and excellent customer service.

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Suppliers

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- DEFINITION: Individuals or groups that source raw materials, component parts, and processed materials and sell them to a business for use in production.

- SUPPLIER'S INTEREST: Suppliers aim to increase revenue, earn profits from supplied materials, and maintain reliable relationships with businesses.

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General community

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- DEFINITION: The general community consists of individuals and groups impacted by a business's operations and decisions, often due to their proximity to the business.

- GENERAL COMMUNITY'S INTEREST:

The general community is interested in business activities that improve the community and environment, and boost local employment.