Question

please write about stakeholders approach in 200 words. thanks in advance. the topic is ''stakeholders approach''.

Answer 1

A stakeholder approach is the thoery which states that all the stakeholders should be taken care of by the management of any organization not just the shareholders.

A stakeholder is one who is invested in the business, project ot a particular organization. They are interested in the results of the projects and businesses of the organization and it's ultimate success. Since, they are sponsors, they have the capacilty to influence anyone in the organization ranging from the senior managers to project leaders , team leader and even the customers. Stakeholders can be within or outside the organization.

They also manager the ethics within the organization, they manage the relations with other stakeholders in the best possible manner. They help improve the efficiencies throughout a project or an organization. Increaisng the value to the stakeholders will help improve the business in all aspects. The managers needs to ensure that those stakeholders who are most active and are closest to the organization are most taken care off.

Stakeholder thoery also involves the customers, suppliers, trade unions, and even competitors as even they can imapct the company. As per the stakeholder appraoch, a company is successful only if they have delivered value for the company and this value can go beyond the financial benefits. As the stakeholders are valued, the value of the company grows , the investors become happy add more money to the organization to take advantage of the increased market share.As the company loves it;s stakeholders it grows and gets valued.

The benefits of looking after the stakeholders goes beyond the financials. It motivates employees, increases their job satisfaction and if evene one company looks after it's stakeholders it encourages helathy competition.