Stakeholders International Business
The business world has seen many evolutions over the centuries. One constant, however, remains that the central premise of business has always been to provide in a perceived need; whether this need has been somewhat created and artificially perceived, or manifests itself as an actual need. Businesses have also always had stakeholders. The way in which businesses have managed their relationships with stakeholders have, however, also significantly evolved. During the industrial age, particularly, businesses were so focused on profit and speed of service that they tended to neglect their internal stakeholders in favor of the external ones. Externally, they tended to also favor those who could directly benefit the business over those who were directly affected by their practices. Today, business ethics are at the heart of many stakeholder relationships. One of the most significant evolutions the world of business has seen since the industrial age is globalization. This phenomenon brought with it a range of new ethical issues and types of stakeholders to consider. To survive in the competitive global business world of today, it has become vital for businesses today to define and take into account the needs of their internal and external stakeholders in terms of influence and business ethics.
In a general definition of the concept of stakeholders, Mullins (2010, p. 714) notes that this is any person or group of individuals with an interest in a business or are affected in some way by its goals, operations, or activities, or by the behavior of its members. It is therefore important for a business to clearly define the types of stakeholders that might be influenced by its existence and to determine ways in which to manage these relationships in both an influencial and ethical way. In the global arena, this has become particularly important, since there are now more stakeholders than ever before as a result of the sheer number of individuals and groups being affected by the practices and behaviors of businesses both on their home turf and internationally.
In defining the importance of these stakeholders, Johnson and Scholes (1993, p. 175) identified three aspects according to which the strategic manager would need to make judgments regarding stakeholder relations. The first of these is the likelihood of and level to...
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