3.2.3 Flashcards
What are the 3 internal stakeholders?
- Employees
- Managers
- Shareholders
What are the 4 external stakeholders?
- Suppliers
- Customers
- Local Community
- Government Agencies
What 3 things do employees want?
- Good income
- Job security
- Safe working conditions
What 3 things do shareholders want?
- Return on investment
- Increased value of shares
- Growth of company
What 3 things do suppliers want?
- Regular trade
- Fair prices
- Paid on time
What 3 things do customers want?
- Reliable products
- Good services
- Value for money
What 3 things does the local community want?
- Employment
- Investment in local area
- No pollution
What 3 things does the government agencies want?
- Abide by legislation and rules
- Fair and open trade
- Tax
what are 6 Features of a stakeholder map?
- Power on y axis
- Interest on x axis
- A - meet their needs
- B - key players
- C - least important
- D - keep informed
What does A mean on the stakeholder map?
High power but low interest,satisfy needs and try to increase interest and involvement
What does B mean on the stakeholder map?
High interest and power. Keep happy, consult and involve in key decisions
What does C mean on the stakeholder map?
Low interest and power. Ensure information is available to them
What does D mean on the stakeholder map?
High interest and low power. Consult on low impact decisions
What are the 5 different stakeholder engagement from high to low power?
- Partnership
- Participation
- Consultation
- ‘Push’ Communication
- ‘Pull’ Communication
What are the 3 things involved in stakeholder engagement, partnership?
- Joint decisions
- Implement action together
- Shared responsibility
What are the 2 things involved in stakeholder engagement, participation?
- Extensive two-way communication
2. Given responsibility for certain decisions
What are the 2 things involved in stakeholder engagement, consultation?
- Collect views and opinions
2. Share ideas and proposals
What are the 3 things involved in stakeholder engagement, ‘push’ Communication?
- Inform
- One-way Communication
- Emails, newsletter, mailshots
What is involved in stakeholder engagement, ‘pull’ Communication?
Information available for stakeholders of they chose to access.
What are the 3 internal factors that can influence stakeholder relationships?
- Management and Leadership
- Objectives
- Size/Ownership
What are the 3 external factors that can influence stakeholder relationships?
- Market Conditions
- Stakeholder Power
- Government Policy
How can management and leadership influence stakeholder relationships?
Different styles view different stakeholders, like employees, differently
How can Objectives influence stakeholder relationships?
Profit objectives make be more aligned to shareholders. Growth would be aligned to employee interests.
How can size/ownership influence stakeholder relationships?
Sole traders will not have shareholder pressure and will have less of n impact o the community
