Quote:
Originally Posted by AndyC
Other than betting on the product what exactly makes the customer of any racetrack a stakeholder? They have literally nothing at risk other than the opportunity to bet on racing. Everybody else mentioned by Frank has significant financial ramifications from what transpires.
The key to every successful business is providing the customers a product that they want at a price they are willing to pay while taking care of the stakeholders. This is Econ 101.
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Any one customer is not important. A company with a lot of customers can treat one of them like shit and remain a going concern. Treat the majority of them like shit and eventually the business loses customers. One is a very minor stakeholder. Collectively customers are the most important stakeholder. Without a lot of customers the horsemen race for ribbons and trophies -- unless they run at tracks that have casino subsidies. Then it is socialism for the horseman and capitalism for the horseplayers.
