Stakeholder - Definition:
A stakeholder is anybody who can affect or is affected by an organization, strategy or project. A stakeholder is any individual, group or organization/institute that can be affected by the project's success or failure. These entities may or may not be needed in the decision making the process.
Stakeholder analysis is useful in meeting the needs of all the interested parties.
Let's first define stakeholders and stakeholders analysis and understand the process of stakeholder analysis.
Stakeholders play a very important role in brand positioning
Types of stakeholders
There are two types of stakeholders:
- Primary stakeholders
- Secondary stakeholders.
Primary stakeholders define what the business is all about and are essential in its continuous process. These are customers, suppliers, and employees. Secondary stakeholders are the destroyer of relationships with the primary stakeholders. They are business partners, competitors, and regulators.
- Employees: The next group of stakeholders in any business is its employees. ...
- Customers: Business exists for the sake of its customers.
- Community.
- Communication Needs of Any Business Organization:
- Government:
- Trade Organizations.
- Competitors.
- Press and Media
Stakeholders examples
Process of Stakeholder Analysis
The process of stakeholder analysis is a four-step process:
a. Figure out your Stakeholders
At this phase, you should be thinking about all the people who are being affected by this project - people whose influence can turn the project into success or a loss. Stakeholders can be internal: managers, employees or trade union members while they can also be external - customers or vendors.
b. Assign priority to your Stakeholders
In this stage, a power interest grid is used to determine the level of interest your different stakeholders or the organization have in the process and their power to affect or be affected by it. For instance, your boss has higher power, influence, and interest over your projects whereas your family may have high interest but lesser power over them. The position of any entity over the grid helps you to understand what kind of action you should and would be taking with them. For example, high power and high-interest stakeholders are your key players with whom you should be fully engaged through full communication and consultation. High power and fewer interests are people you need to keep informed and satisfied as they are powerful enough to cause problems. Stakeholders with low power and high interest can be useful supporters so involve them in low-risk areas and consult them on their interest areas. Low power and fewer interest stakeholders are probably the least important and they are the least powerful and interested.
c. Understand your stakeholders
The third stage is to understand the interest of your stakeholders in the project. The best way to find this information is to consult your stakeholder directly.
d. Manage your Stakeholders
After identifying, prioritizing and understanding your stakeholders, the project team can devise an action plan that contains supportive interest, commitment, and duties. The communication and engagement planning should be agreed upon by your stakeholders.
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