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the concept of stakeholder management
Pages 4 (1004 words)
Determines the stakes of the various groups of stakeholders. Note: Even groups in the same generic category frequently have different specific interests, concerns, perceptions of rights, and expectations.
Organizations must address the legitimate needs and expectations of stakeholders if they want to be successful in the long run; thus is the purpose of this analysis.
To address the role of stakeholders in governance analysis, the concept of stakeholder management was created. The challenge of stakeholder management, then, is to see to it that the organization's primary stakeholders achieve their objectives and that other stakeholders are dealt with ethically and are also satisfied. This is the classic "win-win" situation. It does not always occur, but it is a legitimate goal for management to pursue to protect its long-term self-interests. Management's second-best alternative is to meet the goals of its primary stakeholders, keeping in mind the important role of its owner investors. Without economic viability, all other stakeholders' interests are lost. Thus, the important functions of stakeholder management are to describe, to understand, to analyze, and, finally, to manage.
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