stakeholders Flashcards
what is a stakeholder?
an individual or a group within society that has an interest in a business i.e suppliers, employees, creditors, government, local community, etc
what is an internal stakeholder?
stakeholders that work/ operate in the business
what is an external stakeholder?
any other stakeholder outside the business
what is a primary stakeholder?
someone who is directly impacted by a businesses decision
what is a secondary stakeholder?
a stakeholder that are indirectly affected by a businesses decisions
what are the four sectors in stakeholder mapping?
A- minimum effort
B- keep informed
C- keep satisfied
D- key players
what is quadrant A?
not a powerful group, have no interest in a particular decision so business can ignore them, low power and low level of interest
what is quadrant B?
keep informed
they have low power but they have high interest in the businesses activities
what is quadrant c?
keep satisfied
powerful groups who don’t have an interest in the day to day running of the business
managers will engage and consult with them to keep them satisfied
what is quadrant D?
key players
most powerful stakeholders
high interest in business and high power
managers will prioritise them to keep them happy and prevent them from taking any action
what are all the different managing relationships with stakeholders?
- partnership
- participation
- consultation
- push communication
- pull communication
what is pull communication?
low interest stakeholders that the business won’t engage with unless specific request to
what is push communication?
these stakeholders have limited influence and business may engage with them at a low level like flyers, emails etc
what is consultation?
the stakeholders have some degree of interest and the business will consult with them at a low level to discuss issues and ask for opinions
what is participation?
these stakeholders have some power and influence so to make decisions as easy as possible they will be invited to the decision making process
