Business Management Essay example
The secondary stakeholders of the company would be the community (which includes special interest groups). Most companies like Nike exit under only a charter and licenses and operate within the limits of safety laws, environmental protection and other laws and regulations. The socially responsible organizations like Nike consider the effect of their actions upon all stakeholders. What all of these want from the company is that company is ethically and socially responsible and when this secondary stakeholder group becomes dissatisfied, the reputation of the company gets tarnished (for example, the debate of sweatshops tarnished the reputation of Nike).
What the stakeholders want from the company is that they want their needs to be maximizing their value in the company. For example, if both the customers and the employees along with the stockholder interests are addressed then both of the groups will benefit from the sales of the company.
Legal responsibility defines what the society thinks is important with the respect appropriate behavior. The companies are expected to fulfill their economic goals within the legal framework. Legal…