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Within the field of marketing, it is believed that customers are one of the most important stakeholders for managing a business's long-term value, with a firm's major objective being the management of customer satisfaction. [4]
A corporate stakeholder can affect or be affected by the actions of a business as a whole. Whereas shareholders are often the party with the most direct and obvious interest at stake in business decisions, they are one of various subsets of stakeholders, as customers and employees also have stakes in the outcome.
These actors can be: customers, suppliers, unions, the government, pressure groups, and the general public can all be considered external stakeholders. [3] The demands put forth by these actors motivate the organization to accomplish their values and goals that were established when the organization was created.
All shareholders are stakeholders, but not all stakeholders are shareholders.
Jelinek explains the company's approach to business, and how it balances the interests of all its different stakeholders, with nearly 90% renewal by customers, and stock returns upwards of 15% a year.
Customers are by far the hardest stakeholder to keep happy. You've got lots of competitors, you have to have all these interactions with customers and sometimes people have a bad day and they say ...
In that way, the company has the information about stakeholders it needs to treat them well and develop important initiatives. This reinforces the firm's reputation and loyalty among customers and other stakeholders, creates stronger brand recognition and increases trust in the firm. Even if there are limits in loyalty and reputation can be ...
Corporations now, the Roundtable swore, had to consider their responsibility to all stakeholders—customers, employees, society—rather than the ones sharing their profits.