Introduction to Stakeholder Theory

Abstract

Of the many management-oriented theories, concepts and models available, stakeholder theory (ST) is one of the few that has found a firm place in event management and event tourism, both in the research literature and in practice. Why? Because of the vital importance of knowing and managing stakeholders in all contexts, whether it is a single event, a city or destination, or a business dealing with events. The influence of stakeholders cannot be ignored, as they are an inherent part of planning, marketing and management. Once you understand the basics as described in this book you should be able to identify and classify your organization or event’s stakeholders and develop appropriate management tools reflecting your needs. Although the origins of the theory concern a company’s external relationships, it is especially important for events and destinations to consider both internal and external stakeholders. The chapter starts with basic definitions, then goes on to fully explore stakeholder theory.