Stakeholder: Any individual/group with an interest in a company's actions and decisions.

• Market vs. Non-market Stakeholders
• Market Stakeholders: Commercial relationships (money involved).
  • 🛍️ Customers: Want good products at great prices.
  • 🚚 Suppliers: Want to maintain a stable, profitable relationship.
  • 🏦 Lenders: Want their money back with interest.
• Non-market Stakeholders: No direct monetary transactions.
  • 📺 Media: Looking for a juicy story!
  • 🏘️ Community: Interested in how the business impacts them.

• Primary vs. Secondary Stakeholders

  • Primary: Direct relationship with the business.
  • Secondary: Indirect relationship.
    • 📰 Media: Looks for attention-grabbing news.
    • 🏛️ Government: Ensures businesses operate within laws.
    • 🌱 NGOs: Advocate for specific causes.

• Internal vs. External Stakeholders

  • Internal: Work within the business.
    • 👩‍💼 CEO: Focuses on business strategy.
    • 🤵‍♀️ Managers: Aim for specific objectives.
    • 👨‍🏭 Employees: Want fair wages and good conditions.
  • External: Outside the business.
    • 🏛️ Government: Ensures legal compliance.
    • 📢 Pressure Groups: Monitor impact in their specific area.

• Employees living in the business’s community are both internal (as employees) and external (as residents).
• Consultants: External experts but, when hired, have an internal role.

• Internal
  • 📈 Shareholders: Want returns on investments.
  • 📊 Managers: Varying focuses from strategy to operations.
• External
  • 🌍 Community: Concerned about local impact.
  • 💰 Financiers: Like shareholders, want returns.
  • 🚫 Competitors: Their actions can affect the business landscape. E.g., United Airlines incident impacted the whole airline industry!