IMPACT OF STAKEHOLDERS

Examining the connections between stakeholder claims and the product market

Examining the connections between stakeholder claims and the product market

Introduction

In this paper, we are going to explore the concept of stakeholder management in detail and hold a comparative analysis between the construction industry and the automobile industry in terms of the highest degree of practices including the identification of the stakeholders, constructing healthy relationship with the stakeholders by effective communication and smooth management (Andersen, 2008, 44).

Stakeholder is defined as those individuals whose actions could affect the overall functioning and reputation of the company itself. This stratum could include the employees of the company, vendors, and suppliers and so on. Stakeholder knowledge has increased with new technology and the demands that are being placed with reference to transparency and ethical behaviour. In recent years, the concept of stakeholders (stakeholders) is, indisputably one of the most crucial shares to the field of business ethics. This concept expresses a moral imperative by which managers will need to consider the interests of all stakeholders.

It is most generally accepted phenomenon that considers stakeholders employees, customers, providers and the community, other investors and the shareholders to be the most significant aspects of any given business. This implies that the stakeholders have significant investments in the ongoing goals and processes of the firm just like the stakeholders and the owners of the organization. Thus, stakeholders ought to be considered as an inherent part of the establishment and not be taken as mere external public or constituencies which are not a part of the establishment (Ball, 2001, 55).

Stakeholders can have a direct impact or power over the enterprise or they may have an interest in the successful or failed conclusion. Since the introduction of the concept of stakeholder management, concerns about the interests of the different types of stakeholders have been the object of study and is considered extremely important, if not the most important, the ethics of governance. Although the concept of stakeholders has been developed in several ways, it was most often expressed in terms of moral imperative, in which managers in decision-making must take into account the interests of all stakeholders. Thus, the duty of officials to serve the interests of all stakeholders often referred to as "stakeholder management” (Ball, 2001, 55).

Stakeholders Systems

Also known as interested or involved in a particular problem they need an optimal solution. From the viewpoint of system development, a stakeholder is any person or entity that is interested in conducting a project or task, sponsoring the same either by decision-makers or funding. The term stakeholder has multiple definitions, some are very large. Stakeholder is any actor who has a relationship with or interests or the organization, and others, very restricted as that of the stakeholder are an actor possessing interests and expectations of the organization, without which the organization would not be possible. All definitions given to stakeholder have one thing in common, all contemplate the following questions:

In whose interests are organizations managed?

Who are interested organizations?

Why organizations really ...