Choose a local business in your area and make a list of its stakeholders. Are some...

Choose a local business in your area and make a list of its stakeholders. Are some more important than others? If so, list them in order of priority.

Expert Solution

There are two types of Stakeholders :-

1. Internal stakeholders:- Internal stakeholders are entities within a business.

2. External Stakeholders:- External stakeholders are entities not within a business itself but who care about or are affectedby its performance.

Lists are as follows :-

Internal Stakeholders
Employees	Employees have significant financial and time investments in the organization, and play a defining role in the strategy, tactics, and operations the organization carries out. Well run organizations take into account employee opinions, concerns, and values in shaping the strategy, vision, and mission of the firm.
Managers	Managers play a substantial role in determining the strategy of the organization, and a significant voice in operational decisions. Managers are also accountable for the decisions made, and act as a point of contact between shareholders, the board of directors, and the organization itself.
Owners	Owners (who in publicly traded organizations can include shareholders) are the individuals who hold significant shares of the firm. Owners are liable for the impacts the organization has, and have a significant role in strategy. Owners often make substantial decisions regarding both internal and external stakeholders.

External Stakeholders
Customers	Customers of Very Important Stakeholders for any business as no business can even survive without customers.
Suppliers	Suppliers and other strategic alliances are interdependent, where the success of one will impact the success of another. As a result, suppliers are closely related to organizations as key external stakeholders.
Government	Governments tax businesses, and therefore have a firm stake in their success. Governments can in fact be considered primary stakeholders, considering the profit motive involved. Governments also provide regulatory oversight, ensuring that accounting procedures, ethical practices, and legal concerns are being handled responsibly by business representatives.
Local community	A business can be a great benefit to a community, providing tax money, local access to unique goods and services, jobs, and community development programs.

ekkarill92 answered 1 year ago

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