Stakeholders (Notes)

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5 Terms

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Examples of stakeholders

  1. Internal

-Business owner/entrepreneur

-Manager

-Employee

-Investor

  1. External

-Consumer

-Local community

-Suppliers

-Government

-Interest Group

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Ways to avoid stakeholder conflict

-Regular and honest communication

-Good Corporate Social Responsibility (CSR)

-Stakeholder engagement plans

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Ways to solve stakeholder conflicts

-Meet and Talk

-Negotiation/Bargaining

-Mediation

-Conciliation

-Arbitration

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Importance of stakeholder mapping

-Helps business allocate resources effectively.

-Encourages proactive conflict resolution.

5
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Steps in stakeholder mapping

-Brainstorm to identify stakeholders

-Conduct a stakeholder analysis to assess power and interest

-Map stakeholders on power-interest grid.

-Understand relationships and allocate resources.