{"id":82936,"date":"2021-10-14T08:37:34","date_gmt":"2021-10-14T08:37:34","guid":{"rendered":""},"modified":"2021-10-14T08:37:34","modified_gmt":"2021-10-14T08:37:34","slug":"defining-stakeholders-and-their-responsibilities-and-influence-on-organisations-business-essay","status":"publish","type":"post","link":"https:\/\/www.ukessays.com\/essays\/business\/defining-stakeholders-and-their-responsibilities-and-influence-on-organisations-business-essay.php","title":{"rendered":"Defining Stakeholders and their responsibilities"},"content":{"rendered":"

A stakeholder is a person,\u00a0group, or organisation that has direct or indirect\u00a0stake,\u00a0that supports an organisation. They are called Stakeholders because they can affect or also be affected by the organisation\u2019s\u00a0actions,\u00a0policies, and\u00a0objectives. Key stakeholders in a\u00a0business\u00a0organization include\u00a0Creditors,\u00a0Customers,\u00a0Directors,\u00a0Employees,\u00a0Government\u00a0(as well as their \u00a0agencies),\u00a0Owners\u00a0( that is Shareholdes) , Suppliers,\u00a0Unions, and the\u00a0Community\u00a0from which the business draws its\u00a0resources.<\/p>\n

Although stake-holding is usually self-legitimizing (those who\u00a0judge\u00a0themselves to be stakeholders are\u00a0de facto\u00a0so), all stakeholders are not equal and different stakeholders are\u00a0entitled\u00a0to different\u00a0considerations. For example, a\u00a0firm\u2019s\u00a0customers are entitled to fair\u00a0trading\u00a0practices\u00a0but they are not entitled to the same consideration as the firm\u2019s employees.<\/p>\n

A short definition of a stakeholder is:<\/p>\n

\n

\u201cStakeholders are groups of people who have an interest in a business organisation.\u201d<\/p>\n<\/blockquote>\n

Type of Stakeholders<\/h2>\n

Stakeholders can be devided in two different groups as shown above that is internal as well as external. It also can be called as Primary Stakeholders and Secondary Stakeholders. Not only that, but some stakeholders are those who might be both that is interal as well as external.<\/p>\n

For example company employee is by default internal stakeholder. But at the same time when he become the same companies customer he become the external stakeholder.<\/p>\n

Stakeholders of Coca Cola\u00a0Company<\/h2>\n

All most all the businesses have to keep in mind the effect of their activities on stakeholders. Coca-Cola is also not an exception. There are so many stakeholders in Coca Cola Company. They include all those stakeholders, who are most affected by or who most affect the way they do business. This includes Consumers\/Customers, Suppliers, Manager, Owner(shareholders),Employees, Government & regulators, Speial interest Groups, Non-Govermental Organizations (i.e. NGOs) as well as the local communities\/society in which Coca Cola Company operate.<\/p>\n

Each and every Stakeholder has its own interests in Coca Cola Company and places different demands on them. The Company try to engage with each constituency according to its needs, using different engagement methods as appropriate.<\/p>\n

Consumer\/Customers<\/h3>\n

Consumers are the external stakeholders. In Coca Cola Company, Consumer\u2019s are given very much importance because they have a very much influence on business strategy because, wherever possible, consumers want to buy products from those companies on which they trust. So Consumer\u2019s are very much influential. Because all business is after all depends upon a customers. If there will be no customers, there will be no business at all.<\/p>\n

Suppliers<\/h3>\n

Suppliers and business partners are vital to Coca Cola Company\u2019s success. Because they help them refresh the world, more than 1.6 billion times every day, through delivering necessary products and services for their business. Having a sound, stable and ethical supply base is important for growth of the Coca Cola Company and the footprint that the suppliers leave in local communities around the world. As a company, they have a responsibility to hold their direct suppliers to standards no less than those required by applicable law. So suppliers are also very much influential.<\/p>\n

Government agencies and civil society<\/h3>\n

Coca Cola Company made wide-ranging industry commitments. Such as the\u00a0 Action on Diet, Health and Physical Activity\u00a0. They are a member of the different\u00a0Union of European Beverages Associations\u00a0, which the EU Platform acknowledged as \u2018an example of best practice on how to develop and follow up the commitments made\u2019.<\/p>\n

Coca Cola also work with :<\/p>\n