Organizations have a lot of stakeholders; there are internal and external stakeholders. The external stakeholders cover a wider range of groups: customers, suppliers, competitors, suppliers, distributors, allies, unions, communities, financial institutions, government, special interest groups and media (Kinicki & Williams 2016).

Organizations are able to balance the various needs of the stakeholders, both internal and external and still maintain profitability through compliance to rules and procedures and market evaluation with strict adherence to the mission and vision of the organization(Kinicki, & Williams, 2016). A firm will be profitable if it adheres to the compliance requirements to make sure that all regulators are satisfied with the organizational operations thus avoiding penalties and or fines. Secondly, the firm must be able to adhere to its core objective for which the business venture was established. Per se, it must establish mechanism which will foster enhanced delivery of her core objectives. This can be achieved by constant internal and external audit of systems and operations, elaborate organizational culture and ensure there is quality of goods product at least cost possible. Monitoring of market trends will be critical to help contain further external stakeholders like competitors.

References

Kinicki, A., & Williams, B. (2016). Management: A Practical Introduction (7th ed.). Retrieved from: The University of Phoenix eBook Collection database