Stakeholders are individuals or groups that have an interest in the success and operations of a business or organization. This includes employees, customers, suppliers, investors, and the community at large. Each stakeholder group can influence or be influenced by the organization's actions, making their engagement crucial for sustainable success.
Understanding stakeholders is essential for effective decision-making. By considering the needs and expectations of various stakeholders, organizations can create strategies that foster positive relationships and enhance overall performance. This approach not only benefits the stakeholders but also contributes to the long-term viability of the organization itself.