Stakeholder theory and Strategy Essay Example | Topics and Well Written Essays - 6000 words - 1

Stakeholder theory and Strategy - Essay ExampleSubsequently, the study elucidates how significant stakeholder relationships are in a firms enduring existence and survival. Likewise, the paper attempts to concisely illustrate the importance of firms employing stakeholder management in their day-to-day operations at the same cadence succinctly presents how the use of stakeholder analysis can advance potbelly stove efficiency and facilitate a corporations effectual policy/decision-making. For the investigations methodology, it makes use of the qualitative research employing the interpretivist/inductive stance mode of inquiry.It then concludes with the premise that stakeholders can provide the firm with access to the resources and capabilities that they own, create, and control only if the corporation promotes the stakeholders interests or stakes and thus offers the stakeholders opportunities for achieving their objectives. This premise directly follows from the dynamics that create or ganizations stating that an organization is an amalgamation of people who interact with each other in cross and often repeated ways over approximately period of time. To attract people to its activities and thereby to assure its continued existence, an organisation must bring some form of benefitwhether psycho synthetic, social, cultural, professional, or economic to the people who participate in its activities.The word stakeholder is compellingly authoritative (Phillips, Freeman, & Wicks, 2003) due to its all-inclusive and at the same time logical depiction of how organizations conduct their business and day-to-day existence. In his pioneering work, Freeman (1984) recommended a stakeholder method to strategic management, inferring that it is imperative for organisations to pay attention to those who affect and are touch by the corporate actions. From that time on, stakeholder theory has become a middle-of-the-road