Mgt 420

Topics: Management, Ford Motor Company, Stakeholder Pages: 2 (571 words) Published: December 12, 2012
The Role of Stakeholder
Steven L Jones
November 29, 2012
Felix Figuereo

The Role of Stakeholder
In the business world it is important to have an effective Quality Management Process. Before this plan can be implemented it is also important to identify those that will execute this plan. Stakeholders are the people that will ultimately get this plan rolling and manage the effectiveness. Stakeholders are basically anybody or a specific entity interested in the particular business. Stakeholders are vested in the overall business activity and often provide the valuable input that either makes or breaks the business. Basically there are both internal and external stakeholders when comes to the interest of a particular business or company ( Internal stakeholders are usually the employees, the owners of the business or company, and the managers within the company that carry out the day to day functional operations. External stakeholders are usually the suppliers of that business and finally the customers. Without either one of these two main ingredients the company is more likely to fail within the first five years. Another important stakeholder for a particular business usually the makeup of the community in which it is operating. Within the community are also the customers and employees of the company. They basically play a dual role as stakeholders because of this. The internal and external stakeholders are often referred to as primary and secondary. Primary stakeholders play the most important role in the way a business runs. Their voices are heard and usually the results are the plans and operations implementation. In various huge company’s they can often vote to remove the hierarchy if they feel the company is not being run properly from the top down. Secondary stakeholders often have less influence on the overall company operation ( The Quality Management Process is very important to...
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