Question

Discuss at least four different stakeholders that you are or have been. For each type of stakeholder: 1) describe its type (market or nonmarket; and internal or external), 2) describe your interests as this type of stakeholder, and 3) describe the base(s) of power that you have as this type of stakeholder. (250 words are required)

Answer 1

Four different types of stakeholders are :

a. Customers

b. Managers

c. Suppliers

d. Community

a. Customers : These are the external stakeholders who are market based, as without the customers company cannot survive therefore they are the most important type of stakeholders in the company. These stakeholders has interest in the products that company offers and value for money. These stakeholders can be easily drawn to the competitors if their needs and wants are not fulfilled by the company.

b. Managers : These are the internal stakeholder of the company, they are the one who are responsible for creating and delivering the products to the customers while providing customer service. These type of stakeholders has interest due to win win situation both the company and employees enjoy, which is financial benefits etc for employees while company can retain the top talent in the industry.

c. Suppliers : These are the external stakeholders, who can be easily replaced if does not meet the requirements of the company. It is important to have good relationship with the suppliers to run the business. Suppliers have the essential skills and material which company lacks while they work on their own agendas.

d. Community : Community at large is one of the stakeholders of the company, these are the external stakeholders. As business operates in community while directly impacts the local community in terms of resources, direct link to health etc. These stakeholders can be responsible for the success or failure of any business, if the corporate social responsibilities are not followed by the business.