MGMT 1000 Lecture Notes - Lecture 2: Capitalism, Cash Flow, Main Source
Document Summary
Stakeholders are people who are interested in the decisions and actions of a business (employees, society, and competitors). It is important to know who has stake because if their interest is strong enough, they will do what they can to influence you. If you do not satisfy large numbers of stakeholders, they may boycott or protest. For each stakeholder determine: how they see, how they think, how they act and react, what can be learned, how it will change what we do. By looking at the perspective of others, it is a form of market research where you learn to understand your customers, competitors, suppliers, etc. You can even determine the position of non-stakeholders and see how they may be viewing your business from the outside. By having a benchmark based on best practices or superior accomplishments, people can achieve an exceptional level of performance. People are able to measure and compare themselves with others.
