Essay about Definition Of Stakeholders Of Business Management

1674 Words Oct 7th, 2014 7 Pages
Definition of stakeholders

A stakeholder is anyone that can affect or is affected by the organisation, strategy or business project. The person or group can be internal or external, they can also be in the senior or junior level of the organisation. Most of the definitions stats that stakeholders are those who have the power to impact the organisation or business project in some way. In one of the article they stated, ‘People or small groups with the power to respond to, negotiate with, and change the strategic future of the organization’ (Eden and Ackermann 1998: 117). However, Bryson revised this opinion and states this is a somewhat restrictive definition, because it excluded those who are affected; but the ones who do not have any power to respond to in this organisation. Then Bryson publish a more inclusive definition which expands to all stakeholders who can be affected by any changes, it expand the definition to a more compatible notion of democracy and social justice stakeholder management. (Bryson 2004: 22)

In business management, a stakeholder is usually an investor in your company whose action can have large impact on the outcome of your business decisions. Stakeholders in a business do not have to be equity shareholders, they can also be employees, who is part in the organisation’s success. Every business has a different level of stakeholders. The roles of stakeholders can differ between businesses, dependent on the rules and responsibilities evolved over the…

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