Internal and External Stakeholders | difference between internal and external stakeholders | Types of Stakeholders | Business, and Society | Management Notes
Why are internal and external stakeholders important?
Stakeholders are organizations, individuals or groups that are concerned about the activities of a business. Stakeholders are concerned with business activities because they will be directly or indirectly affected by the performance of the business.
What are the internal and external stakeholders of a business?
|S.No.||Internal Stakeholders||External Stakeholders|
|1.||Internal Stakeholders are the individual and parties that are part of the organization or inside the organization.||External Stakeholders are the parties or groups that are not a part of the organization, but gets affected by its activities.|
|2.||They work for the organization and they actively participate in the management of the company.||They are not employed by the organization but they get affected by its activities which is the major importance of external stakeholders.|
|3.||Internal Stakeholders are the primary stakeholders.||External stakeholders are secondary stakeholders.|
|4.||Internal stakeholders generally have a large influence on how the company runs.||External stakeholders generally have a small influence on how the company runs.|
What are examples of external stakeholders?
External Stakeholders include Suppliers, Customers, Creditors, Clients, Intermediaries, Competitors, Society, Government, etc.
What are examples of internal stakeholders?
Internal Stakeholders include Employees, Owners, Board of Directors, Managers, Investors etc.