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Stakeholder relationships are a fact of life for every manager and every organization. Managers need to take account of their stakeholders and deal with their differing, and sometimes competing, interests. The goal is to have relationships that support and sustain performance. Understanding stakeholders is one of the keys to developing effective relationships. The objectives for this topic are to:

• Introduce the stakeholder concept and the factors that influence the way managers think about stakeholders.
• Become aware of the role that stakeholders play in managing organizations.
• Deepen your understanding of how you and your colleagues perceive different stakeholders.