Role of Stakeholder's
Role of Stakeholders
The roles of stakeholders in business construct the foundation of triumph and failure of any business and are considered as one of the main groups for any successful business. Stakeholders are groups or individuals, which have interests, rights, or ownership in an organization including its activities. Stakeholders are customers, suppliers, employees, but the primary stakeholder groups are the shareholders within the business. Each group noted has their own interests in how the organization operates or collaborates with them (TQM 2009).
With any business, these stakeholder groups can benefit from the company’s success, or they can be harmed by the mistakes made. Many businesses maintain several stakeholders, which are considered the main focus groups for quality management. These groups are Supply Chain Management, Engineering, Operations, Strategic Management, Marketing, Finance, and Human Resources.
Supply chain management deals with the inbound logistics, core process, and outbound logistics and is supported by other functions such as human resources, information systems, and purchasing. The Engineering function focuses on two major areas, product design and process design. The operations management uses the system view, which underlines modern quality management thinking (Foster 2007). This system view involves the understanding that machines, labor, procedures, planning, and management all contribute product quality. Strategic management uses the planning processes to realize a group of long term objectives, and must be cohesive and coherent to achieve quality improvement. The Marketing management deals more in the areas of pleasing the client and delivering value to the client. Marketing efforts are often focused on managing quality perceptions from the customer’s point of view. The financial management activity is mainly involved in the link between the liability of investments and the unrealized rewards produced from the investments
The roles of stakeholders in business construct the foundation of triumph and failure of any business and are considered as one of the main groups for any successful business. Stakeholders are groups or individuals, which have interests, rights, or ownership in an organization including its activities. Stakeholders are customers, suppliers, employees, but the primary stakeholder groups are the shareholders within the business. Each group noted has their own interests in how the organization operates or collaborates with them (TQM 2009).
With any business, these stakeholder groups can benefit from the company’s success, or they can be harmed by the mistakes made. Many businesses maintain several stakeholders, which are considered the main focus groups for quality management. These groups are Supply Chain Management, Engineering, Operations, Strategic Management, Marketing, Finance, and Human Resources.
Supply chain management deals with the inbound logistics, core process, and outbound logistics and is supported by other functions such as human resources, information systems, and purchasing. The Engineering function focuses on two major areas, product design and process design. The operations management uses the system view, which underlines modern quality management thinking (Foster 2007). This system view involves the understanding that machines, labor, procedures, planning, and management all contribute product quality. Strategic management uses the planning processes to realize a group of long term objectives, and must be cohesive and coherent to achieve quality improvement. The Marketing management deals more in the areas of pleasing the client and delivering value to the client. Marketing efforts are often focused on managing quality perceptions from the customer’s point of view. The financial management activity is mainly involved in the link between the liability of investments and the unrealized rewards produced from the investments