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Business and Society 14th Edition by Anne Lawrence,James Weber
Edition 14ISBN: 978-0078029479Business and Society 14th Edition by Anne Lawrence,James Weber
Edition 14ISBN: 978-0078029479 Exercise 2
Who are the relevant market and nonmarket stakeholders in this situation?
Explanation
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In an organization there are several complex and diverse relations needs to be maintained in order to ensure the smooth operations of the business. Some of those relations are financial, social, and economic or by any other means. So, in order to ensure business many people are associated with an organization and those peoples are called stake holders. The word "stake" means some responsibilities they owned to that organization. One of the important duties of the managers these days are to find out relevant stake holders for the organizations.
Relevant stake holders mean those who will do some value additions to the company or organizations. Now these relevant stake holders are again classified into two types: i) Market stake holders ii) Non market stake holders. Besides, stake holders are again classified vertically by internal and external stake holders. Internal stake holders are those who work within the umbrella of the organization directly and external stake holders are those who didn't works under the payroll of the organization.
• Market stakeholders: Market stake holders are those persons who are directly related to the organizations. These market stake holders are more or less economically related to the organization. Amongst the market stake holder's internal stake holders are the employees of the organization and external stake holders are stock holders, suppliers, customers, creditors and business partners of the organization.
• Non market stake holders: Non market stake holders are those persons who are not directly related to the organizations economically but they are the authoritative or administrative bodies for controlling the business or law and order related to it. Examples of non market stake holders are Governments, NGO, s, competitors or any other communities. Needless to say that all these types of stake holders are external in nature.
Relevant stake holders mean those who will do some value additions to the company or organizations. Now these relevant stake holders are again classified into two types: i) Market stake holders ii) Non market stake holders. Besides, stake holders are again classified vertically by internal and external stake holders. Internal stake holders are those who work within the umbrella of the organization directly and external stake holders are those who didn't works under the payroll of the organization.
• Market stakeholders: Market stake holders are those persons who are directly related to the organizations. These market stake holders are more or less economically related to the organization. Amongst the market stake holder's internal stake holders are the employees of the organization and external stake holders are stock holders, suppliers, customers, creditors and business partners of the organization.
• Non market stake holders: Non market stake holders are those persons who are not directly related to the organizations economically but they are the authoritative or administrative bodies for controlling the business or law and order related to it. Examples of non market stake holders are Governments, NGO, s, competitors or any other communities. Needless to say that all these types of stake holders are external in nature.
Business and Society 14th Edition by Anne Lawrence,James Weber
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