In a management context, what does the term "stakeholder" refer to?

The term "stakeholder" in a management context encompasses anyone impacted by the organization’s activities. This includes not only employees but also customers, suppliers, investors, community members, and regulatory agencies. Stakeholders can be affected by the decisions and operations of the organization, either positively or negatively. A stakeholder’s interests may vary depending on how the organization’s actions influence their well-being or objectives.

Understanding stakeholders is crucial for effective management because it helps to identify who may be affected by decisions, who may have influence over those decisions, and who may be vital to the organization's success. Engaging with stakeholders is also important for building relationships, addressing concerns, and ensuring that the organization's goals align with the needs and expectations of those involved.