Strategic Management - Stakeholder Approach

Author: Freeman
Publisher:
Publish Date: 2006-09-01
Features: This book is a specialized monograph on economic theory of business management, with its core focus being the "stakeholder" concept. Stakeholders refer to any group or individual that influences the achievement of company goals or is affected by them, including employees, customers, suppliers, shareholders, banks, the government, and other groups that can help or harm the company. The stakeholder concept has introduced new thinking in strategic management—i.e., how companies determine the correct direction for their development. Managers no longer focus solely on the single goal of maximizing corporate profits. Through dedication to strategic management, they pay more attention to the issue of the company's own existence and development coexisting harmoniously with other stakeholder groups, as well as how to navigate relationships with stakeholders to achieve win-win or mutually beneficial outcomes. In the era of globalization, the external demands on companies are increasing, while their internal flexibility for response is decreasing. Company management is under immense pressure, facing constant scrutiny and criticism. The issue of how to properly handle and coordinate relationships between internal stakeholder groups within the company, as well as between the company and external stakeholder groups, has become increasingly prominent. As a result, the stakeholder concept has emerged as an important category in economic ethics.