3. Involving stakeholders

In the past, management was very much oriented towards its customers - an obvious source of remuneration - to whom it owed satisfaction, attentiveness and a proactive attitude towards their needs and expectations. While this is still the case today, there are other equally important entities to consider as part of management's responsibilities. These may include staff, shareholders, government bodies, the environment, and surely others. This list depends on each company's business, purpose and operating environment. What is management's task? It is to identify these stakeholders, describe their needs and expectations, and ensure that these are properly deployed and managed within the company.