Stakeholder Management Essay Example | Topics and Well Written Essays - 1500 words

Stakeholder Management - Essay Example Stakeholder management is a hypothesis of organizational administration as well as business ethics, which makes efforts to address the values and principles in organizational management. Freeman in this article acknowledges and formulates the various stakeholder groups. He also recommends the techniques by which the managers can provide in due consideration of the interests of those in the group (Freeman, 2008; p.123). Blattberg (2004; p. 175), a political ideologist criticises the work of Freeman in regard to stakeholder theory for making assumptions that the welfare of the different stakeholders might be at best balanced or cooperated over each other. He argues that this is an output of its prominence on deliberation as the main mode of discussion for addressing the conflicts that arise due to the varying interests of the stakeholders. Blattberg (2004; p.174) asserts that dialogue is the best method which makes him emphasize what he terms as a â€Å"patriotic† notion of the company as an option to that related with the theory of stakeholders. Moreover, Miles (2012; p. 287) seems to be indifferent to Freeman’s ideas. According to Miles (2012, p. 288), the competitors can at times be considered as stakeholders due to their ability to influence the decisions of the organization. According to Mitchell et al. (1997; p. 861) the derivation or understanding of the meaning of stakeholder is based on the level of influence the decision making of an organization. The power of a stakeholder is often guided by legitimacy, which are the generally accepted and anticipated systems of conduct. Lastly, it is determined by the urgency where sensitivity of time or the seriousness of the claims by the stakeholders is concerned. Therefore, the authors suggest that by assessing the merging of these features in a twofold method, there are about eight types of stakeholders that can be