As different people may be affected differently by the same action then it is important to take these various impacts, some good and some bad, into account.
Know who the characters in the story are. For any organization there are a number of definable groups who have an interest, or a stake, in the actions of that organization. The question is what constitutes that stake. The issue is threefold:
-What responsibilities/duties (if any) does an organization owe to its stakeholders? The fact that a stakeholder Theory group may have a legitimate interest does not, of itself, mean that the organization owes anything to it. At one extreme of the spectrum an organization may be obliged to do what the stakeholder group requires. At the other extreme end the organization might owe the stakeholder group nothing.
-How should an organization decide between its obligations to two or more stakeholders if they demand incompatible things from an organization? What criteria should the organization use when deciding which stakeholder group whishes it should prioritize? Often those who scream the loudest are prioritized.
-What legitimate interests justify a group of people being regarded as a stakeholder in an organization? Often a stakeholder is seen as any group that is affected by an organization‘s actions. But this would give a commercial company‘s competitors a voice in its activities because their performance would be affected by the organization‘s performance, which would not seem fair.