week 12: stakeholder management Flashcards
stakeholders
people or groups (entities) who affect or are affected by the organization
what are the 2 groups of stakeholders?
- primary
- secondary
Primary stakeholders
entities without which the focal organization cannot survive.
Secondary stakeholders
entities that are influenced or affected by the organization without being essential to its survival. Ie. if a facility does not let you rent a space anymore.
stakeholder theory
stakeholders are important to the success of the organization. All stakeholders should be considered in the management process, stakeholders interest should be served
stages of stakeholder management
- Stakeholders identification
- Stakeholder analysis
- Stakeholder plan
- Stakeholder engagement
- Stakeholder evaluation
stakeholder identification
identify stakeholders, relevant to the issue at hand
stakeholder analysis
determine the stake and importance of each group. Stakeholder mapping
stakeholder mapping includes
monitor, keep satisfied, manage closely, keep informed
stakeholder plan
understand stakeholder expectations, gap analysis
gap analysis
when there is a gap where the expectation is not meeting what they want then this will lead to a bad relationship
what are ways to improve a gap analysis
- changing the ways that we are doing things
- manage expectations
stakeholder engagement and evaluation
- execute (implement the plan from the previous state)
- evaluate (monitor the performance of each stakeholder relationship)
- modify (organizational goals and objectives as per stakeholder interests)
establishing relationships
establishing a meaningful and active connection with the realtionshp with the partner.
what are ways to establish a better relationship with stakeholders?
Creating systematic communications
Providing stable and singular contact information
Defining relationship expectations
Nature the stakeholder’s ownership of the relationship
supporting public relations
giving assistance to the professional maintenance of a favourable public image.
sharing resources
sharing human resources, material resources, and sports properties in order to create value
what are examples of supporting public relations?
identifying the partners primary function
remaining transparent
sustaining bilingualism
what are examples of sharing resources
identifying the partners available resources
sharing facilities
exchange professional services and expertise
sharing knowledge
enhancing the experience
improving the partners product delivery through relationship performance
what are examples of ways you can enhance the experience for stakeholders
leverage activation programs
including partners in events
suggesting ways to maximize event participation
Driving brand knowledge
allowing relationship partners to control and operate brand associations, directly or indirectly, to various extends and by different stakeholders
examples of driving brand image
discussing common brand strategy aspects
Cross- promoting specific brand associations
Allowing control over associations
Sharing openly their brand strategy, allows brand usage
