Which stakeholders must companies satisfy? What role should stakeholders play in a firm’s internal code of conduct?
There are different types of stakeholders in a company. They may be the investors, the workers, the suppliers, the customers and other people who are affected by the decisions and operations of an organization. To the question of which of the stakeholders must be satisfied by an organization, I would say that it is in the best interest of the company to satisfy all the stakeholders. An organization cannot afford to have one or more of its stakeholders left unsatisfied by any of its operations or decisions. They all play a key role in the success of the organization.
Stakeholders are the main factors that are a source to promote the organizations. We can say that they are not even connected to the company through financial terms but also through spreading the goodwill of the company/organization. For example the customers of the company can be regarded as the key stakeholders. These customers when satisfied talk about the goodness of the organization and hence resulting in a maximized sale of products or services.