The concept of stakeholder management Essay Example | Topics and Well Written Essays - 1000 words

The concept of stakeholder management - Essay ExampleTo address the role of stakeholders in governance analysis, the concept of stakeholder management was created. The challenge of stakeholder management, then, is to see to it that the organizations primary stakeholders achieve their objectives and that other stakeholders are dealt with ethically and are also satisfied. This is the classic win-win situation. It does not unendingly occur, but it is a legitimate goal for management to pursue to protect its long-term self-interests. Managements second-best alternative is to meet the goals of its primary stakeholders, keeping in capitulum the important role of its owner investors. Without economic viability, all other stakeholders interests are lost. Thus, the important functions of stakeholder management are to describe, to understand, to analyze, and, finally, to manage.ReferenceBuchholtz, A., & Carroll, A. (1999). Business and society Ethics and stakeholder management. US South-West ern Educational