After reading Stakeholder Theory of the Modern Corporation, I believe that the customers are the most important stakeholder in a modern corporation. The article states that the customer is the “lifeblood” of any corporation. If a corporation doesn’t place emphasis on the customers then their firm will fail. The corporation has to fulfill the wants and needs of their customer to be successful. If the customers are not happy then they will not buy the product or service that the corporation offers. Employees and management will be fired, suppliers won’t be able to get paid and the local community will not have a good perception of the company if the customers aren’t happy.
I agree with Peters and Walterman’s study that “excellent companies” have great reputations in the community. Companies like Walmart have good relationships with their customers because they satisfy their needs. People that shop at Walmart are loyal customers because the employees at Walmart are friendly and the customer’s needs are fulfilled. If Walmart didn’t meet the needs of the customer then the other stakeholder’s interests would not matter.