Describe your company and analyze the various primary and secondary stakeholder groups, their roles, and relationships.
The company I decided to research is SunTrust Banks, Inc. SunTrust Bank, Inc operates more than 1,650 branches in about a dozen southeastern and Mid-Atlantic States. The bank offers retail and commercial services such as credit, deposit, and investment services. SunTrust also operates with subsidiaries that offer mortgage, wealth and investment management, insurance, investment banking, equipment leasing and brokerage services. The mission and goal for SunTrust bank is to help people and institutions prosper, provide financial service that meets the needs, exceed the expectations, and enhance the lives of our colleagues, clients, communities, and ultimately our shareholders. There are many different stakeholders with SunTrust Bank. The primary stakeholders also known as market stakeholders are the stockholders, creditors, employee, and customers. All these stakeholders provide different transactions to the business. The relationships and roles vary between each primary stakeholder. The relationship and role of the stockholder is to invest in the business. The stockholders receive a satisfactory return on their investment into the business. Stockholders exercise voting rights based on the share ownership. Stockholders also have the right to inspect company books and records. The relationship and role of the creditor is to lend money to the company for working capital and to collect payments that have not been made. Creditors help the bank to achieve its financial goals. Creditors can also repossess and seize any property that has a negative balance due to lack of payment such as cars, homes and other property. The relationship and role of the employees is to serve the customer by providing excellent customer service. It is the employee goals to make sure that all the customer needs are met
References: Lawrence, A. T., & Weber, J. (2011). Business & Society: Stakeholders, Ethics, Public Policy (13th Ed.). New York, NY: McGraw-Hill Irwin. SunTrust Banking Institute. ( 2012). Retrieved November 10, 2012, from http://www.suntrust.com/CommercialCorporateInstitutional[pic][pic]