Stakeholders - Stakeholder Identification Issues and...

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Stakeholder Identification, Issues, and Relations What is a Stakeholder? Individuals and groups with a multitude of interests, expectations and demands as to what business should provide to society Managers must identify an array of stakeholders because: o Obtain resources o Maintain legitimacy Pluralistic Society A society win which there is a diffusion of power among many groups and organizations a wide decentralization and diversity of power concentration No one institution is independent of others Diffusion of Power o Strengths: Prevents concentration of power Maximizes freedom Disperses individuals allegiances Creates diversified loyalties Provides safeguards o Weaknesses Pursuit of self-interest Proliferates organizations with similar goals Forces conflicts Promotes inefficiency Shareholder vs. Stakeholder Viewpoint Shareholder Viewpoint o A business exists to make money greatest efficiency is achieved through profit
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