Stakeholder Management...

Stakeholder Management  Stakeholders refer to those people and groups who have a stake in some aspect of the organizational products, operations, markets, industry, or outcomes. Stake is an interest or a share in an undertaking and can be categorized as legal or moral. The stakeholders of an organization are the individuals, groups, or other organizations that are affected by and also affect the decisions and actions of the organization. Depending on the specific organization, stakeholders may include governmental agencies, statutory bodies, social activist groups, self regulatory organizations, employees, shareholders, customers, suppliers, distributors, media and even the community in which the organization is located among many others. An organization exists because of its ability to create valued goods and services and which yield acceptable outcomes for various groups of stakeholders, people who have an interest, claim, or stake in the organization, in what it does, and in how well it performs. In general, stakeholders are motivated to participate in an organization if they receive inducements that exceed the value of the contributions they are required to make. Inducements are rewards such as money, power, the support of beliefs or values, and organizational status. Contributions are the skills, knowledge, and expertise that the organization requires from the stakeholders during its task performance. Stakeholders can be categorized into two groups namely (i) primary stakeholders, and (ii) secondary stakeholders. Primary stakeholders have direct stake in the organization and its success. They are fundamental to its operations and survival.  These stakeholders include shareholders and investors, employees, customers, suppliers, and public stakeholders, such as government and the community. Secondary stakeholders influence and/or are affected by the organization but are neither engaged in transactions with the organization nor essential for its survival. These stakeholders are those that have a public or special...