2 - Stakeholders

Question 1

What Are Stakeholders?

Answer 1

Anyone with a interest in the actions of the business.

Question 2

What Are Examples Of Stakeholders?
(7 Points)

Answer 2

~ Customers.

~ Employees.

~ Shareholders.

~ Government.

~ Community.

~ Suppliers.

~ Finanical institutions.

Question 3

Why Should Stakeholders Be Considered When Making Decisions?

Answer 3

To help avoid resistance to change.

Question 4

Why Do Businesses Use Stakeholder Mapping?

Answer 4

Help inform decision making.

Question 5

What Does Stakeholder Mapping Map?

Answer 5

Relative power of each stakeholder group against the degree of interest.

Question 6

How Does Stakeholder Mapping Help Managers?

Answer 6

Helps them inform decision making on how important each stakeholder group is.

Question 7

When Stakeholder Needs Overlap, What Happens?

Answer 7

They join together to increase their power.

Question 8

When Stakeholder Needs Comflict, What Happens?

Answer 8

Actions of one group may weaken the power of another.

Question 9

What Is High Power & Low Level Of Interest?

Answer 9

Keep satisfied.

Question 10

What Is Low Power & Low Level Of Interest?

Answer 10

Monitor.

Question 11

What Is High Power & High Level Of Interest?

Answer 11

Manage closely.

Question 12

What Is Low Power & High Level Of Interest?

Answer 12

Keep informed.

Question 13

What Are Some Influences On The Relationship With Stakeholders?
(6 Points)

Answer 13

~ Leadership style.

~ Mission and objectives of the business.

~ Stakeholder power and interest.

~ Market conditions including competition.

~ External influences.

~ Business form.

Question 14

How Can You Manage The Relationship Between Different Stakeholders?
(2 Points)

Answer 14

~ Communication.

~ Consultation.