LESSON 2- STRATEGIC MANAGEMENT OF STAKEHOLDER RELATIONSHIP Flashcards
a person or group that has an interest in a company and can either affect
or be affected by the business.
STAKEHOLDERS
Any individual or groups/group of individuals who believe and have an interest in an
organization’s ability to deliver intended results and affect or are affected by its outcomes are
called _____________ They can be
internal or external and they can be at senior or junior levels
STAKEHOLDERS
TWO TYPES OF STAKEHOLDERS
PRIMARY/ INTERNAL STAKEHOLDERS
EXTERNAL STAKEHOLDERS
Which type of stakeholders are directly involved in economic transactions within a business, such as employees, owners, investors, suppliers, and creditors?
PRIMARY or INTERNAL STEAKHOLDERS
KEY WORD: DIRECTLY INVOLVED
Which type of stakeholders are not directly engaged in transactions with a business but are affected by its decisions, such as customers, community members, trade unions, and the government?
SECONDARY or EXTERNAL STAKEHOLDERS
:not directly engaged in transactions but are affected by its decisions
PRIMARY STEAKHOLDERS EXAMPLES:
OWNERS, EMPLOYEES, SUPPLIERS,LENDERS,
SECONDARY STAKEHOLDERS EXAMPLE:
CUSTOMERS, SOCIETY, GOVERNMENT, COMMUNITY
techniques to identify key stakeholders
This is done by including all the people already involved and aware
of the company and its objectives, and encouraging them to come out with their
ideas. Stakeholders can be brainstormed based on categories such as internal or
external
BRAINSTORMING
KEY: including ALL the people to generate their own ideas.
techniques to identify key stakeholders
Identify the individuals or
groups that exercise power and influence over the decisions the firm makes. Once it
is determined who has a stake in the outcome of the firm’s decisions as well as who
has power over these decisions, there can be a basis on which to allocate
prominence in the strategy-formulation and strategy-implementation processes.
Determining power and influence over decisions
identifying individuals with power and influence over firm’s decisions
techniques to identify key stakeholders
Analyze
the importance and roles of the individuals or groups who should be consulted as
strategy is developed or who will play some part in its eventual implementation.
Determining influences on mission, vision and strategy formulation
key: strategy formulation
techniques to identify key stakeholders
Make a checklist or questions to help identify the more influential or
important stakeholders.Involve the already identified stakeholders - Once the stakeholders are identified, it is
important to manage their interests and keep them involved and supportive. This is a
daunting task to be performed tactfully by managers so that the organization’s higher
objectives are not subordinated by individual interests.
CHECKLIST
KEY: ASKING QUESTIONS
TACTICS TO MAINTAIN POSTIVE STAKEHOLDER RELATIONSHIPS
stakeholders can be grouped into two categories: those with a vested interest and those affected by the project outcomes. These groups can be further split into individuals directly involved, those with decision-making influence, and those who need to stay informed. Grouping stakeholders by their level of involvement helps tailor engagement strategies.Group your stakeholders
group your stakehoders
grouping your stakeholders base on their roles and influences will help your company run smoothly since tasks can easily be dessiminated and decisions will be made with ease and will easily be relayed throughout the members and other stakeholders smoothly without anyone feeling left out since everyone were grouped accordingly base on their level of involvement in the company.
TACTICS TO MAINTAIN POSTIVE STAKEHOLDER RELATIONSHIPS
Inform stakeholders from the start about the communication process, their role in decision-making, and what is negotiable or not, to encourage their engagement
Clearly, communicate your project scope
If una palang nailatag na sa stake holder ung kanyang roles at karapatan as well as ung mgaplaanoato bjectives ng company ismaiiwasan nito ung hindi pagkakkaintindihan at makaktulong ito naabuild unv trustng stakeholder da company mo, this wwill help the stakeholder na magdecide paramaginvest sa company mo maiiwasan nitk ung hindi oagkkaintindihan at makktulong na maencourange unv jnilang engagement sa company.
TACTICS TO MAINTAIN POSTIVE STAKEHOLDER RELATIONSHIPS
Stakeholder relationship management involves early and frequent communication to help stakeholders understand the project’s benefits, process, and trade-offs. This leads to greater support and reduces aggressive objections, even if stakeholders disagree with the final decision.
Gain your stakeholders trust right from the start
If frequently ka maakkipag communictesamga stakeholders at malinaw mong nllatag sakinla ung mga pagbbago at ung ibat ibang datas ng business mo,magiging mdali saknila na magtwala at marreduce nito aggressive objections, even if stakeholders disagree with the final decision
TACTICS TO MAINTAIN POSTIVE STAKEHOLDER RELATIONSHIPS
Confusing stakeholders with inconsistent messaging can result in public outrage, loss of trust, and a damaged reputation. Stakeholders value clear, reliable communication and are more likely to help overcome challenges if they receive consistent and up-to-date information.
Stay consistent with your messaging
sabi nga nla consistency is d key, of u dailed to uodate ung mga stakeholders no even khit sa obkaamaliit n bagy wether good or badall stakeholders of the company must stay connected and uodated all the rin
