The main objective of master's thesis is to analyze how the elements of stakeholder theory influence the stakeholder's perception of the company and their buying habits and therefor help to improve competitive advantage and financial performance of the company. It focuses mainly on the comparison of elements of stakeholder and shareholder theory in order to prove that in today's time, consumers perceive the business of a company as seen by stakeholder theory. Furthermore it presents the ways and resources of creating a competitive advantage and increasing the value through stakeholder management. The empirical part of the thesis consists of analysis of consumers buying habits, depending on how the company is managing its stakeholders. The main conclusion of the master thesis is that today consumers see successful business of the company in the light of stakeholder theory. For consumers, profit is not the most important indicator of company's business (as seen by shareholder theory). Last but not least, information in media about (good or bad) stakeholder management, influences the consumer's buying habits, and thereby is impacting the competitive advantage and financial performance of the company.