Which of the following represents external stakeholders?

External stakeholders are individuals or groups that have an interest in the success and operations of an organization but do not work directly within it. Customers and trade associations are prime examples of external stakeholders. They are directly affected by the organization's products and services, and their feedback can significantly influence organizational strategies and operations.

Customers are essential as they drive revenue and market dynamics, while trade associations can influence industry standards, regulations, and networking opportunities that impact how a business operates. Recognizing the role of these external stakeholders is crucial, as their interests and needs must be considered in strategic planning and decision-making.

In contrast, the other choices involve individuals directly associated with the organization. Investors within the company are internal stakeholders who have a direct financial interest, employees also work within the organization, and department managers oversee internal operations, making them part of the internal stakeholder group. Thus, the distinction lies in the direct involvement in the organization's operations, positioning customers and trade associations clearly as external stakeholders.