Individuals or groups who work for or own the business are referred to as ______ stakeholders.
 Show There are many different opinions on the definition of a Stakeholder and deciding on which definition to use is important. The decision about how to define stakeholders [ ] is consequential, as it affects who and what counts. Mitchell et al. 1997. Toward a Theory of Stakeholder Identification and Salience For example Eden and Ackermann define stakeholders as '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
R. Edward Freeman, in the now classic text Strategic Management: A Stakeholder Approach (1984), defines a stakeholder as 'any group or individual who can affect or is affected by the achievement of the organization's objectives'. Freeman 1984: 46, Strategic Management: A Stakeholder Approach Choosing Eden and Ackermann's definition would focus an organizations' attention only on people who have the power to respond to or negotiate, whereas using Freeman's definition would result in a longer list of stakeholders including those without any obvious power to impact the organization. So first step in managing your stakeholders is to decide how you will define a 'Stakeholder'. This Mindmap shows some of the answers to the question What is a Stakeholder? In this video Freeman explains the reasoning behind his answer to the question what is a stakeholder? Text version of the mindmap. What is a Stakeholder? Mind Map of definitionsTo see and edit the full mindmap view this page on your desktop. To see and edit the full mindmap view this page on your desktop. View image What is a Stakeholder? list of definitions
KEY What is a stakeholder? - ReferencesFreeman, R. E. (1984) Strategic Management: A Stakeholder Approach, p46, Boston, MA: Pitman. Latest edition. Bryson, J. (1995) Strategic Planning for Public and Nonprofit Organization (rev. edn), p27, San Franciso, CA: Jossey-Bass. Latest edition. Johnson, G and Scholes, K. (2002) Exploring Corporate Strategy (6th edn), p206, Harlow, England: Pearson Education. Latest edition. Abstracted from Association of Project Management (UK) APMP Syllabus 2nd Edition, January 2000, Abridged Glossary of Project Management Terms (Rev.4) Lewis, J. P. (1995) Project Planning, Scheduling & Control, p.39, Chicago: Irwin Professional Publishing. Latest edition. ITIL glossary and abbreviations ITIL stakeholder list Cambridge Dictionaries Online https://dictionary.cambridge.org/dictionary/british/stakeholder_1?q=stakeholder Mitchell, R., Agle, B. and Wood, D. 1997. Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts. The Academy of Management Review, 22 (4), pp. 853-886. Available at: https://www.jstor.org/stable/259247 [Accessed: 15 June 2013]. Who are considered as stakeholders of a business?A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers.
What are the 3 stakeholder groups?As a general rule, stakeholder priority can be divided into three levels. The first and most important comprises employees, customers, and investors, without whom the business will not be able to operate. Secondary to them are suppliers, community groups and media influencers.
Are stakeholders individuals or groups?The international standard providing guidance on social responsibility, called ISO 26000, defines a stakeholder as an "individual or group that has an interest in any decision or activity of an organization."
What's an internal stakeholder?Internal stakeholders include employees, owners, shareholders, and managers. They are simply anyone within the organization. By contrast, external stakeholders include suppliers, governments, customers, trade unions, and creditors. These are people and organizations that are outside of the business.
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