Stakeholder Approach

The stakeholder approach is a way of managing a business by considering the needs and interests of all groups affected by it, not just the shareholders or owners. These groups include employees, customers, suppliers, community members, and even the environment. The goal is to balance different interests to ensure the company's long-term success and sustainability. This approach promotes ethical decision-making and encourages companies to be responsible and responsive to their wider social and economic impacts. It recognizes that a company's success depends on maintaining positive relationships with all those involved or impacted by its activities.