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How can stakeholders help a business to have a competitive advantage? Stakeholders are all those individuals and groups which have a 'stake' in the company. Included in this category are groups such as; employees, creditors, customers, shareholders and local communities. These are all affected by the actions of the business in some way. Competitive advantage is a distinctive feature that makes a business successful. It may result from innovation, reputation or the relationship with customers and suppliers. There has been a growing trend for businesses to be more closely involved with their stakeholders. The growing awareness that reputation is an important contributor to competitiveness has enhanced this trend. By developing innovative products, and maintaining their high standards, companies will gain a reputation. Having a good reputation means that the stakeholders have confidence in the company, with more capital being invested. Some companies gain competitive advantage by listening to demands from the public...

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