Stakeholders are the people inside or outside the organization like managers, employees, customers, government, suppliers etc. There are different reasons because of which stakeholders are associated with the company. There are basic requirements or needs of the stakeholders towards the organization and in order to satisfy the stakeholders, the organization has to fulfill their needs. For examples, customers are the stakeholders of the company and they have needs like good quality of products or services at reasonable rates. The company has to fulfill their needs to survive in the market and to attain its various goals. Similarly, for fulfilling the needs of the suppliers the company has to make good relationships and long term business contracts with the suppliers.
