Define the various classifications of stakeholders in a company and their role in strategic management decisions. Please explain the connection between stakeholders and competitive advantage.
Stakeholders of a company include, but are not limited to the following:
* finance community
* local community
* the press
* the media
* any other person or entity which has a meaningful role to play in the operation of the firm (that can gain or lose from involvement)
Competitive advantage revolves around the ability of the firm to take advantage of its uniques position within the market --- has it identified its target market accurately, has it segmented the market in order to be the most effective at penetrating for optimum results, what products and services will it offer, where will it offer these (geographically), what price will it charge, will it grant ...
Stakeholders and shareholders --- which group is most important in the operation of a company. And how are each of these groups impacted through company operations? This discussion relates the financial impacts of the operations of a company on these invested groups.