Thursday, January 26, 2012
Blog 3
Stakeholder theory is a great idea. However, I'm just not sure how realistic it is. Yes, in a perfect world a corporation could be socially responsible and make a profit while still serving in the best interest of all the stakeholders. However, we do not live in a perfect world. Also there are many conflicts of interest involved with different stakeholders. For instance, a customer of a certain corporation might want a new product or want the product to be cheaper. In this instance, lowering the price of the product would be in the interest of the customer, but this would bring less profit and ultimately hurt the shareholders. Serving in the best interest of your stakeholders is a great goal to strive for, but it cannot always be accomplished.
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Another thing to think about would be the power of the stakeholder. A stakeholder that is more important would be heard a lot easier than a lower stakeholder with better ideas. I agree that it is a good goal and theory to shoot for, but it is a very difficult one to achieve.
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