Roles of Stakeholders

A stake holder is defined as a person or group that has an investment, share, or interest in something, as a business or industry (Dictionary.com, 2012.). Stakeholders are precious benefits in cultivating prosperity within an organization or company. One must understand the power and control that stakeholders may apply is crucial when perceiving the quality management process. The executing of a quality management process involves building a quality-based background that stresses stakeholder involvement and joint effort. The customary inner process orientation was unsuccessful in identifying stake holder's desires and expectations. Understanding these relationships helps management to define the appropriate quality principles and actions to accomplish its purpose (Foster, 2007).

Stakeholders have relevance, rights, or possession in a company or organization and its actions. Supervising stakeholders and focusing on their needs is crucial to effectively executing a quality management process. The responsibility of stakeholders in executing a quality management process differs and is reliant on the level of ownership that is within their control. Huge companies such as Wal-mart and Target have stakeholders that are considered in ideas and changes within the companies. Consumers or stakeholders are part of decisions made when it comes to products, prices, and locations.

Task management and superior leadership of companies or organizations should realize that stakeholders need incorporation into their company model to add worth as a self-controlling device. Task management executing a quality management process, need to also realize that stakeholders are liable for steering, supervising, and making sure that organizational endeavors stick to regulatory and legal obligations, ethics, and company responsibility (Nameer, 2009).

Including stakeholders in mutual team-building is necessary in executing a quality management process. To increase a cutthroat advantage, managers need to identify the connection between stakeholders of inner and outer groups. Recognizing and working to meet the desires of stakeholder allows an accommodating effort in achieving a win for everyone that is involved in the whole process.