Introduction
In our work we want to explain the principle ideas of the stakeholder theory.
The fact that the stakeholder concept has achieved widespread popularity among
academics, media and managers we think that it is an important task to bring some
system into all those confusing approaches around to the stakeholder concept. At the
beginning we will comment on the basic idea of the stakeholder theory. We will also
try to give a clear definition of what the concept is all about. Freeman who has
contributed a lot to this approach will be the main guide line in our work. We will also
give a brief overview of the history of the stakeholder concept and how it developed
and why it became so popular lately. After that we will explain in a bit more detail the
importance for organization attention to stakeholders. Further on we want to show
how the stakeholder concept has been realized by companies. At the end of the
paper we want to show the application and the limits of the stakeholder theory.
In general the goal of our work is to give a better understanding of the stakeholder
concept and make readers sensitive about how the stakeholder concept could
change management practice.