The document discusses stakeholders and their objectives for various groups including shareholders, managers, employees, customers, suppliers, government, and local community. It explains that traditionally companies took a shareholder approach to maximize profits but now recognize benefits to meeting needs of other stakeholders. Specifically, happy employees work harder, loyal customers are more flexible to customer needs, and supportive local communities are less likely to object to company expansion. The task is to explain why companies should consider needs of both internal and external stakeholders in a 6-mark answer.
2. Stakeholder objectives revised Identify the main objectives of the following stakeholders aim for at least 3 objectives per group Shareholders Managers Employees Customers Suppliers Government Local community
3. The stakeholder approach Traditionally large businesses took a Shareholder Approach – they were run to further the interests of shareholders and to maximise profit This “Shareholder Concept” often means that the needs of other stakeholders are ignored Businesses have realised that there are benefits in meeting the needs of these stakeholders too
