1.3 Stakeholders

Stakeholders

Individuals or groups who have a direct interest in a business because the actions of the business will affect them.

Internal stakeholders

Individuals or groups that work within the business.

External stakeholders

Individuals or groups that are outside the business.

Organizational objectives

Goals that an organization aims to achieve, which can vary among different stakeholders.

Shareholder concept

An approach that regards rewarding owners as the key business objective.

Stakeholder concept

A perspective that emphasizes the importance of working with stakeholders and treating them as partners.

Corporate social responsibility (CSR)

The idea that businesses should not only focus on profits but also consider the social and environmental impacts of their activities.

Stakeholder mapping

A tool for identifying the different stakeholders in an organization and their relative power and interest.

Right of employees

To be treated fairly and to be paid fairly for their work.

Responsibility of suppliers

To provide goods of the right quality and to be paid on time for their provisions.