Stakeholders Flashcards
Managing and the principles of managing stakeholders.
What are the two types of stakeholders, give examples.
Internal - Owners/customers/employees
External - Customers/suppliers/investors
How do you identify internal stakeholders
Primary and secondary research
How do you identify external stakeholders
Formal and informal interviews
Ways of communicating with stakeholders
- Active listening
- Questioning - open questions
-Appropriate communication methods
-Confirm a when and how of communication
What are the needs of owners
Business/profits/reputation
What are the needs of employees
Job stability/promotion opportunities
What are the needs of customers
service/quality of goods/value
What are the needs of suppliers
profitable relationship/payments
What level of power does a owner have
high - financial and status influence
What level of power does an employee have
medium - right to influence decisions
What level of power does a customer have
High - influence feedback/reputation and if they purchase
What level of power does an supplier have?
High - power to raise/lower prices and profits
Why is it important to deal with any issues with stakeholders promptly?
To build trust and a good relationship
Why do we need to involve stakeholders when making decisions?
To ensure they feel valued and build loyalty
How many Clarckson principles are they?
7
What is the benefit of acknowledging and monitoring concerns of stakeholders?
identifies problems early and ensure they feel valued
Why should we listen to stakeholders and their concerns?
To be transparent with them and also to make better informed decsions
What is the benefit of adopting a sensitive behaviour when addressing stakeholders concerns?
To encourage negotiation and cooperation
Why do we need to recognise interdependence of the efforts stakeholders have?
Increases loyalty and motivation
What does working cooperatively with stakeholders ensure?
Efficiency and strength
Avoiding activities that can put human rights at risks means
Trust is built with stakeholders
Why do we acknowledge potential conflicts?
When they are addressed early, encourages resolutiion.
