Business objectives and stakeholder objectives

Need to know

What you need to know

• Stakeholders are any party with a direct interest in a business's success.
• Internal stakeholders are part of the organisation, e.g., employees, managers, owners.
• External stakeholders are outside the organisation but are impacted by it, e.g., customers, suppliers, government.
• The relationship (internal or external) determines the nature of the stakeholder's objectives and influence.

Explanation

Business objectives and stakeholder objectives

1. Stakeholders are any party with a direct interest in a business's success.
2. Internal stakeholders are part of the organisation, e.g., employees, managers, owners.
3. External stakeholders are outside the organisation but are impacted by it, e.g., customers, suppliers, government.
4. The relationship (internal or external) determines the nature of the stakeholder's objectives and influence.