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.
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- Need for affiliation