Stakeholders

Question 1

What are the two types of stakeholders, give examples.

Answer 1

Internal - Owners/customers/employees
External - Customers/suppliers/investors

Question 2

How do you identify internal stakeholders

Answer 2

Primary and secondary research

Question 3

How do you identify external stakeholders

Answer 3

Formal and informal interviews

Question 4

Ways of communicating with stakeholders

Answer 4

• Active listening
• Questioning - open questions
  -Appropriate communication methods
  -Confirm a when and how of communication

Question 5

What are the needs of owners

Answer 5

Business/profits/reputation

Question 6

What are the needs of employees

Answer 6

Job stability/promotion opportunities

Question 7

What are the needs of customers

Answer 7

service/quality of goods/value

Question 8

What are the needs of suppliers

Answer 8

profitable relationship/payments

Question 9

What level of power does a owner have

Answer 9

high - financial and status influence

Question 10

What level of power does an employee have

Answer 10

medium - right to influence decisions

Question 11

What level of power does a customer have

Answer 11

High - influence feedback/reputation and if they purchase

Question 12

What level of power does an supplier have?

Answer 12

High - power to raise/lower prices and profits

Question 13

Why is it important to deal with any issues with stakeholders promptly?

Answer 13

To build trust and a good relationship

Question 14

Why do we need to involve stakeholders when making decisions?

Answer 14

To ensure they feel valued and build loyalty

Question 15

How many Clarckson principles are they?

Answer 15

7

Question 16

What is the benefit of acknowledging and monitoring concerns of stakeholders?

Answer 16

identifies problems early and ensure they feel valued

Question 17

Why should we listen to stakeholders and their concerns?

Answer 17

To be transparent with them and also to make better informed decsions

Question 18

What is the benefit of adopting a sensitive behaviour when addressing stakeholders concerns?

Answer 18

To encourage negotiation and cooperation

Question 19

Why do we need to recognise interdependence of the efforts stakeholders have?

Answer 19

Increases loyalty and motivation

Question 20

What does working cooperatively with stakeholders ensure?

Answer 20

Efficiency and strength

Question 21

Avoiding activities that can put human rights at risks means

Answer 21

Trust is built with stakeholders

Question 22

Why do we acknowledge potential conflicts?

Answer 22

When they are addressed early, encourages resolutiion.