Final answer:
Option (d), Management activity chiefly applies to executives, who are responsible for making decisions to maximize shareholder value, as argued by Milton Friedman.
Step-by-step explanation:
The group of people to whom the management activity most applies is executives. Management activities refer to the actions undertaken by the individuals who are in charge of making decisions and overseeing the operations of a company. Notably, economist Milton Friedman argued that a company is owned by shareholders, who should receive the maximum return on their investment.
Consequently, executives often focus on increasing shareholder value. However, a complete management strategy would consider the broader group of stakeholders, which includes employees, customers, communities, and others affected by the company’s operations, not just shareholders. While shareholders provide the capital and expect financial returns, stakeholders encompass anyone with an interest in the business's performance.