Who is considered a stakeholder in an organization?

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Study for the University of Central Florida QMB3602 Business Research for Decision Making Exam 1. Prepare with detailed questions and in-depth explanations to excel in your test! Enhance your decision-making skills effectively.

A stakeholder in an organization encompasses anyone who affects or can be affected by the organization's actions. This broad definition includes a variety of groups and individuals, such as employees, customers, suppliers, investors, the surrounding community, and regulatory bodies. Stakeholders can influence decision-making processes and outcomes, and they can also be impacted by those decisions, making their perspectives and needs important for organizational success.

For instance, employees might be stakeholders because their job security and satisfaction are tied to the organization's performance. Customers are also stakeholders since their purchasing decisions can directly affect the organization’s profitability. Similarly, suppliers have a stake in maintaining a good relationship with the organization to ensure ongoing business, while the community might be affected by the organization’s environmental practices or its contributions to local economic development.

This inclusive perspective highlights the interconnectedness of different groups with an organization, emphasizing that successful business research and decision-making must consider the interests and potential impacts on all identified stakeholders.