[[Implementation Science Theories and Frameworks]] For any business to be successful it has to create value to it's stakeholders. Interests of all important, cannot just focus on one group, every one should be better together in the same direction. (whole chain) # Who are the stakeholders? - Shareholders - Staff - Suppliers # Stakeholders Management ## Normative Stakeholder Theory - Balancing the interests of different stakeholders - Intrinsic Benefits ## Descriptive Stakeholder Theory - Power, Influence, Impact of different stakeholder ## Instrumental Stakeholder Theory - Examines the impact based on financial and corporate performance Board of Directors' Composition - to represent stakeholder representation on the board. **Applications and Implications** - Corporate Social Responsibility (CSR): Stakeholder theory is closely linked to CSR, as it encourages businesses to act ethically and sustainably by considering the broader impact of their actions on society and the environment. - Project Management: In project management contexts, stakeholder theory emphasizes the need to engage with all stakeholders to ensure project success. This involves identifying stakeholders' interests and managing relationships effectively throughout the project lifecycle. - Value Creation: The theory suggests that by addressing the needs and concerns of various stakeholders, organizations can foster loyalty, enhance reputation, and ultimately achieve long-term success. --- https://www.youtube.com/watch?v=epxmG3YRgok&ab_channel=ESSECBusinessSchool - How to create VALUE for stakeholders?