1. A stakeholder approach to normative theories of business (arguing that there is a fundamental moral obligation of firm’s to adopt a stakeholder style of management);
2. A stakeholder approach to corporate governance and organizational theory (positing that the firm must view shareholder needs and the needs of all stakeholders as not mutually exclusive and apply the firm’s fiduciary responsibility equally to all groups);
3. A stakeholder approach to social responsibility and social performance (granting legitimacy to all stakeholders); and
4. A stakeholder approach to strategic management (whereby a stakeholder approach serves as an arch under which traditional approaches serve as tools (Harrison & St. John, 1994, in Freeman, 2004).