"Stakeholder Management" as a concept, refers to the necessity for an organization to manage the relationships with its specific stakeholder groups in an action-oriented way."

“Somewhere in the past. organizations were quite simple, and 'doing business' consisted of buying raw material from suppliers, converting into products, and selling it to customers... For the most part owner-entrepreneurs founded such simple business and worked along with members of their families. The family-dominated business still accounts for a large portion of the business start today.”

“A stakeholder in an organization is any group or individual who can affect or is affected by the achievement of the organization's objectives.”

“Historically, moves to new ways of moral decision making depend on and occur in pockets of people of good will, who can explore with each other novel ways of relating without threatening or being threatened.”

“R Edward Freeman at Google Scholar”

“A number of factors coalesced to make larger and larger firms more economical. The development of new production processes, such as assembly line, means that jobs could be specialized and more work could be accomplished. New technologies and sources of power became readily available. Demographic factors began to favor concentration of production in urban areas. These and other social and political forces require larger amounts of capital, well beyond the scope of most individual owner-manager-employee.”

“We are in need of new concepts... which reorient our way of looking at the world to encompass present and future changes. I believe the predominant framework for modern corporation... the corporation is viewed as a resource-conversion entity, taking raw material and converting tme into products, with dollars measuring the transaction. Returns are provided to owners in the form of dividends or capital appreciation in the marketplace.”