Stakeholders Characteristics and Stakeholders Within PharmaCARE
Society places trust in corporations that demonstrate their mantra as being ethical and responsible in the community and worldwide. Stakeholders of a corporation have a devolved interest in the company’s success and the public’s perception of the organization’s philosophy and leadership within the community. Stakeholders are identified as either internal or external. Internal or primary stakeholders are employees, owners and shareowners. Individuals or groups representative of internal stakeholders are those who directly stand to benefit from the corporation’s economic growth by receiving income, job security or dividends. (Mayhew, 2016). While external or secondary stakeholders are also infinitely concerned by a company’s economic prosperity, they are not directly reliant on the company for their own financial stability. This sector is vested in how the corporation sustains the welfare of the local community for which it is a part of, or its worldwide prominence. The prime benefactors of external stakeholders are the customers, vendors, creditors and government. (Gomez, 2016). The organization’s distinction for how well it respects, cares and protects its employees, while strategically protecting the world and environment with sustainability programs for waste and recycling, are the concerns of external stakeholders. However, these characteristics are indicative of both internal and external stakeholders.
The PharmaCARE scenario incorporates both internal and external stakeholders. The executives, shareholders, employees and Colberian workers in the manufacturing facility, portray the inte...
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...es the assumption that people connect to one another with relationships, and that ethical decisions cannot be made outside the realm of those relationships. The pharmaceutical company has built a working relationship and partnership with several of the natives. With this partnership, there is a need for more care and concern to step up as a corporate leader to foster growth and development in the community.
From the scenario this author considers profound opportunities this corporation and others can embark upon. When placed in situations to correct unethical business practices, there are prospects to be a leader in setting the precedence that other industries can follow for upward workplace globalization. Incorporate in the business mantra the guiding principles of ethics; honesty, fairness, equality, dignity, diversity and individual rights to all workers.
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