Business stakeholders
What distinguishes internal stakeholders from external stakeholders?
Internal stakeholders are individuals or groups within the business, such as employees, managers, and shareholders, who have a direct connection to and influence over the organization. External stakeholders are individuals or groups outside the business, such as customers, suppliers, local communities, government agencies, and the general public, who have an indirect but significant interest in or impact on the business.
How do stakeholders' expectations vary in different business contexts?
Stakeholders' expectations can vary in different business contexts due to factors such as industry norms, cultural differences, geographical location, the nature of the business (e.g., profit-driven vs. nonprofit), and the specific relationships and power dynamics between stakeholders and the organization. For example, stakeholders in a manufacturing industry may prioritize environmental sustainability, while stakeholders in a healthcare sector may emphasize patient care and safety.