This assignment reviews the process of identifying and managing main stakeholder interests and influences, The first step of the process is to conduct stakeholder mapping. Stakeholder mapping identifies the target groups and pulls together as much information as possible about them. This includes all internal and external stakeholders. Internal stakeholders include employees and managers. Examples of external stakeholders include customers, competitors, and suppliers. Organizations have to inform key stakeholders whenever they want to make a major decision concerning the organization. Stakeholder identification and analysis helps firms to identify the right people to involve in any particular situation. This includes those officiating changes, and everyone affected.
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NATURE OF STAKEHOLDERS’ INFLUENCE AND IMPORTANCE
Internal and external stakeholders have various influences and importance to the organization. Therefore, their opinions are crucial to the success of the decisions made. Depending on the main stakeholder interests, individuals and groups of stakeholders behave differently in different situations. The impact stakeholders have on organizational policies, strategies, and projects is dependent on their relationship to the organization and the issues of concern. Organizations gather data concerning stakeholders during stakeholder identification and analysis. Stakeholder influence is the power they have in terms of influencing a particular direction of outcomes. Finally, stakeholder importance concerns the prioritization of the needs and interests of certain stakeholders.
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IDENTIFYING AND MANAGING STAKEHOLDER, STAKEHOLDER IDENTIFICATION AND ANALYSIS
This section provides details of stakeholder identification and analysis. Secondary stakeholders are more than primary stakeholders. They include those indirectly affected by company actions. Primary stakeholders have a direct impact or face the direct effects of company decisions. Together, they form internal and external stakeholders. Stakeholder identification is essential for determining who the company’s stakeholders and for determining the best way or ways to manage their expectations. Additionally, stakeholder analysis begins with identifying stakeholders, then analyzing the main stakeholder interests. Stakeholder analysis must involve the questions of the amount of influence, power, and interests that stakeholders have in the organization. Lastly, stakeholder analysis helps for deciding which stakeholders might have the most influence over the success or failure of your business
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