Define
Stakeholders
people or groups of people who can be affected by- and therefore have an interest in- any action by an organisation.
Customers
-Satisfy customer demands
-Not to break the law concerning consumer protection and accurate advertising
-Avoid taking advantage of vulnerable customers
Supplier
-Supplier loyalty
-Prepared to meet deadlines and requests for special orders
-Reasonable credit terms offered
Shareholder
A person or institution owning shares in a limited company.
Suppliers
-Pay promptly
-Place regular orders
-Offer long-term contracts
Customers
-Consumer loyalty;repeat purchases
-Good publicity
-Good customer feedback
Stakeholder Concept
The view that businesses and their managers have responsibilities to a wide range of groups, not just stakeholders.
Employees
-Abide by laws for workers
-Training opportunities, job security, paying above minimum wage when they are very low, good working conditions
Employees
-Employee loyalty and low labor turnover
-Easier to recruit good staff
-Employee suggestions for improving efficiency and customer service
-Improved motivation and effective communication
Shareholder
The shareholder concept approach argues that it is the primary responsibility of businesses to act in the interest of its owners - the shareholders.
Local Community
-Offer secure employment
-Spend as much as possible on local supplies
-Reduce the transport impact of business activity
-Keep environmental effects to a minimum
Government
-Success of expansion projects
-Valuable government contracts
-Requests for subsidies to expand business
-Licences to set up new operations
Corporate Social Responsibility
the concept that accepts that businesses should consider the interests of society in their activities an decisions, beyond the legal obligations that they have.
Government
-Meeting legal responsibilities
-Pay taxes on time
-Complete governmental statistical and other forms accurately
Local Community
-Give planning permission to expand
-Likely to accept some negative effects caused by business if they provide financial support for community groups.
-Contracts to businesses