Stakeholders (Keywords)

Stakeholder

Individuals, groups or organisations that have interest or power in a business.

Interest Group

Organisations that represent the common viewpoint of a group of stakeholders.

Corporate Social Responsibility (CSR)

A business model in which companies try to boost the environment and society and avoid degrading it.

Stakeholder mapping

Involves considering the main stakeholders as well as their power and interest in the business whilst understanding their POVs.

Power-Interest Grid

A diagram that shows the influence and interest stakeholders have.

Mediation

When a third party (mediator) comes in to open communication between the two parties and encourage them to work to a solution themselves.

Conciliation

When a third party (conciliator) comes in and opens communication between the two parties; if they can’t come up with a solution themselves the conciliator gives a recommendation.

Arbitration

When the two parties discuss the problem in front of a third party (arbitrator) so they can give their verdict. It can be binding or non-binding.