A Stakeholder Approach to Strategic Management

A stakeholder approach to strategic management focuses on understanding and balancing the interests of all parties affected by a business, including employees, customers, suppliers, investors, and the community. Instead of prioritizing only shareholder profit, this approach emphasizes creating value for everyone involved. By considering diverse perspectives, organizations can make more informed decisions that enhance long-term sustainability and reputation. Ultimately, it leads to better relationships, improved performance, and a positive impact on society, aligning business success with the well-being of all stakeholders.