Stakeholders refer to various individuals that are directly or indirectly intrested in operation of particular company. These individuals are interested in knowing financial and overall position of the company. This report is based on critical evaluation of the stakeholder of the company and their role in deciding effective business goals. It will also discuss on the extent to which stakeholder of company can influence the goals of organization. To improve the understanding regarding stakeholder's various real life examples will be quoted in this report.
There are various individuals and groups that are interested in the profitability and stability of the organization. For ensuing effective working of the firm, main focus has been provided towards forming adequate goals and objective for company. Stakeholder of the company impacted the decision making process at the great extent. Responsible business goals refer to sustainable activities that organization need to initiated for satisfying stakeholders. The role of stakeholder in forming responsible business goals are as follows:
There are various type of shareholder and each focuses on different type of needs and requirement. It is important for company to evaluate demand and needs of each type of shareholder and formed polices accordingly (Kölbel et al, 2020). There is difference in the goals and objective of each stakeholder as investors and shareholders are interested towards improving profitability position of company. Communities groups are concentrated towards protecting environmental and cultural needs of the country where as government are least interested in the financial position and more focus is paid towards fulfilling guideline of authority in protecting natural resources. Company faces issue in balancing between needs and requirements of each stakeholder and organization's goals.
It has been concluded from report that stakeholders have huge impact on forming responsible business goals. It has been determined that government, investors, shareholder, employees and communities have great impact on sustainable activities of firm. It has been identified that communities and trade association are influencing companies to invest towards protecting environment, social and cultural aspect of country. investors and shareholders are interested towards investing in activities by which return on investment could be increased. This creates challenge for company in forming strategies that can helpful in fulfilling needs and requirement of all stakeholders.
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