What is stakeholder theory in business?
An example of an AI chatbot conversation about stakeholder theory in business.
What is stakeholder theory in business?
Stakeholder theory suggests that businesses should consider the interests of all stakeholders, not just shareholders.
Can you give me examples of stakeholders?
Sure! Stakeholders include employees, customers, suppliers, investors, and the community.
How does this theory impact business decisions?
It encourages companies to make decisions that benefit a wider group, leading to sustainable practices and better relationships.
Are there any criticisms of stakeholder theory?
Yes, some argue it can dilute accountability and make it harder to prioritize conflicting interests.
What are the benefits of applying stakeholder theory?
Benefits include improved reputation, customer loyalty, and long-term profitability through sustainable practices.
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