Business Environments – Stakeholders
Which stakeholders must companies satisfy?
Companies have both external and internal stakeholders. The internal stakeholders include employees and shareholders. The external stakeholders include consumers and the nearby community. The actions that a company chooses to undertake affect the stakeholders differently. Internal stakeholders are more likely to raise their voices against actions that may negatively affect their welfare. However, external stakeholders, such as clients, rarely protest against a company’s decisions. Instead, they seek out alternative options from the market to fulfil their needs. Consumers do not contest negative decisions since such actions consume more effort and bear little fruit (Daniels, Radebaugh, & Sullivan, 2019). Thus, the company must consider its consumers or clients in every decision they make. Failure to satisfy consumers leads to a loss of market share to competitors and a reduction in sales and revenue. Such negative actions could lead to a company’s exit from the market.
What role should stakeholders play in a firm’s internal code of conduct?
A company’s internal code of conduct defines the company’s ethics and values. It shows what the company stands for and guides the actions and decisions of the entity. Therefore, internal stakeholders have the responsibility to ensure that the firm upholds its internal conduct. Most importantly, the top management employees should make decisions and policies that embody the values of a company. In addition, subordinate employees should follow procedures in a dictated manner. The delivery of services and products to clients should ensure that they follow the set work procedures. Thus, employees are solely responsible for living up to the company’s code of conduct through their actions. Failure to uphold the code of conduct may annoy external stakeholders, especially clients.
References
Daniels, J. D., Radebaugh, L. H., & Sullivan, D. P. (2019). International Business: Environments and Operations. New York: Pearson.
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Question 
Stakeholders
Which stakeholders must companies satisfy? What role should stakeholders play in a firm’s internal code of conduct?
International Business- Environments & Operations
John D. Daniels, Lee H. Radebaugh & Daniel P. Sullivan, 2018
Pearson
ISBN.13: 978-0-134-20005-7
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