The various stakeholders of a firm can be divided into inside stakeholders and outside stakeholders. The insiders are the individuals or group that the firm’s actions affect. The extremely large and often amorphous set of outsiders makes the general claim that the firm be socially responsible.
Perhaps the thorniest issues faced in defining a company mission are those that pertain to social responsibilitiy.Corporate social responsibility is the idea that a bussiness has a duty to serve society in general as well as the financial interests of its stockholders. The stakeholder approach offers the clearest perspective on such issues.
More from this Section
- Stakeholder activism
Demands placed on the global firm by the foreign environments in which it operates principally ...
- Value chain analysis
A perspective in which business is seen as a chain of activities that transforms inputs ...
- Milestone reviews
The milestone reviews that then tale place usually involve a full-scale reassessment of ...
- Formal planning department
In the traditional approach, planning is done entirely by top-level mangers who often ...
Strategies refers the plans for how an organization will do what it’s in business to ...