Ethical Decision Making for Business module 3

Stakeholder management is the process managing the expectations and requirements of stakeholders, while planning to engage and communicate with them. I would agree that a business should revolve its services and practices around the best interests of their stakeholders. Stakeholders are often individuals or some sort of entity that are affected by the decisions a business makes, as they themselves have some sort of stake in the company and its performance. The stakeholders can range from employees to the board of directors, customers, and the government. Therefore, a business should focus on the ability to focus on the wants and needs of these stakeholders should be the best practice and is therefore an ethical one. A business that focuses on the best interests of their stakeholders, will cause a business to act ethically towards ensuring all the stakeholders both external and internal are treated best. A business using the stakeholder management theory will often have to act morally and ethically so that their decision benefit society, as stakeholders will be society members as well. This is due to the needed respect for individuals and the community that the business serves. Using stakeholder management causes a business to focus on business ethics and is the best approach to business ethics. A business that tends to focus on the needs of others, and not just its own entity, will often act in a higher ethical manner. References Athuraliya, A. (2019, February). What is Stakeholder Management? | A Step-by-Step Guide | Creately. Creately Blog. https://creately.com/blog/diagrams/stakeholder-management-guide/