The stakeholder concept makes reference to the people who affect a business or the ones who are affected by it.

It was first used in 1963 at the Stanford Research Institute in a international memorandum, and later R. Edward Freeman developed it in the 1980s.

This group of people must be considered as an important element in strategic business plans.

Types of stakeholders

There are two types of stakeholders:

• Primary Stakeholders: This concept makes reference to the stakeholders who take part directly in the business, in its economic transactions or any other action related with the business’s economy, such as employees or suppliers.

• Secondary Stakeholders: This makes reference to the external stakeholders, the ones that don’t participate directly in the economic transactions of the business but do affect its actions. For example, activist groups or the media.

Primary stake holders are:           

•           Employees

•           Communities

•           Shareholders

•           Creditors

•           Investors

•           Government

•           Customers

•           Owners

•           Financiers

•           Managers

Secondary stakeholders are:

•           Suppliers

•           Labor unions

•           Government regulatory agencies

•           Government legislative bodies

•           Government tax-collecting agencies

•           Industry trade groups

•           Professional associations

•           NGOs and other advocacy groups

•           Prospective employees

•           Prospective customers

•           Local communities

•           National communities

•           Public at Large (Global Community)

•           Competitors

•           Schools

•           Future generations

•           Analysts and Media

•           Alumni (Ex-employees)

•           Research centers