Final answer:
The stakeholder view of the firm is essential for managers to understand the broader impacts of a firm's actions on all parties involved, rather than focusing solely on shareholder interests.
Step-by-step explanation:
The stakeholder view of the firm helps managers better understand the complex internal and external environment of a firm in today's marketplace. This perspective suggests that managers should consider the interests of all parties with a stake in the firm's success, not just those of shareholders. The stakeholder theory posits that companies should create value for all stakeholders, including employees, customers, suppliers, the community, and shareholders. This is in contrast to the shareholder view, which focuses on maximizing shareholder wealth as the primary objective. Considering the stakeholder view encourages a broader analysis of business impacts and may influence decision-making processes to take into account a range of effects on different party interests.