What does the term 'stakeholder' refer to in quality management?

The term 'stakeholder' in quality management encompasses any individual or group that has an interest in the organization's performance. This broad definition includes various parties such as employees, customers, suppliers, investors, and regulatory bodies, all of whom can influence or be influenced by the organization's activities and outcomes. By recognizing this comprehensive view of stakeholders, organizations can better understand the impact of their decisions and actions, and they can work to improve quality and performance in a way that considers the needs and expectations of all involved.

Understanding the interests of various stakeholders allows organizations to align their quality management practices with broader strategic goals and enhances the likelihood of achieving customer satisfaction and organizational success. Keeping all stakeholders in mind ensures holistic approaches to quality that can lead to sustainable improvements and loyalty across different groups.