•Customers: customers want value for money which involves providing the highest quality products at competitive prices.
•Employees: Their stake is that the company provides them with am livelihood. They want security of employments, good rates of reward and also promotional opportunities.
•Suppliers: They want to feel valued by the company and want frequent orders with prompt payments.
•Owners: In a company it would be the shareholders. Owners are often thought to be the most important stakeholders because they have set up the business and give a lot of time into the company to make it successful. Owners like to see their share of profit increasing, and the value of their business rising.
•Trade Unions: This is for groups of employees who seek to secure higher wages and better working conditions for their members.
•Employer associations: This is the same as trade unions but for the employers, representing the interests of employers in specific industries.
•Local and National Communities: The actions of business can have a dramatic effect on communities. E.g. The oil Giant Shell has built vast pipelines in Nigeria, which runs through the lands of various tribal peoples. The pipelines can be very dangerous and causes local pollution. Community leaders therefore represent important interest groups
•Governments: The government wants businesses to become successful, to create jobs and to pay taxes. They want to see good businesses that take a full responsibility on looking after the welfare of society.
Influence of stakeholders on organisations
A business needs to take account of the interests of all its stakeholder groupings. These interests are linked together. For example if Richard Branson decides to run his virgin trains using greener fuels, this means that the cost of journeys on Virgin trains increases.
This may be a bad thing because:
•Customers may have to pay...