Answer to Question #240788 in Management for Khwisti

Question

Why are stakeholder relationships important, and what challenges and opportunities are presented by stakeholders? (25)

Answer 1

Importance of Stakeholders Relationships

The stakeholder's relationships build links that cultivate dependable, united expressions about issues, products, and services essential to the organization.

Challenges Faced by Stakeholders

The challenges faced by the stakeholders are; competition in priorities, differences in the decision-making process, and the despair in data and opinions.

Opportunities presented by Stakeholders

The stakeholders fund the business operation. In this case, stakeholders are the company's large investors, and they can anytime bring in or take out money from the company. On the other hand, the stakeholders help in decision-making processes. Furthermore, stakeholders are part of the board of directors. Therefore they also take decisions along with other board members.