Stakeholders

• What is a stakeholder?

  An individual or group interested in a business
• How do stakeholders differ from shareholders?

  Stakeholders have an interest, shareholders own
• Who can be considered a stakeholder in a business?

  Employees, customers, suppliers, and society
• What is the interest of shareholders in a business?

  Financial performance and dividends
• Why are customers considered stakeholders?

  They seek value for money and quality service
• What do suppliers want from a business?

  To be paid for goods and services provided
• How does society relate to stakeholders?

  Society expects businesses to act responsibly
• What can cause conflicts among stakeholders?

  Different interests in business decisions
• How might automation affect different stakeholders?

  Shareholders may support it, employees may oppose
• What is stakeholder mapping?

  A method to manage stakeholder power and interest
• Which stakeholders should a business engage with more?

  Those with high power and high interest
• How should a business communicate with low power stakeholders?

  Communicate when necessary, not daily
• What are the key points about stakeholders?

  • Stakeholders have different interests.
  • Conflicts can arise from differing interests.
  • Businesses must manage stakeholder relationships.
• What are the implications of stakeholder conflicts for a business?

  • Decisions may please some stakeholders but upset others.
  • Requires careful management of stakeholder relationships.
  • Impacts business strategy and operations.
• What is the takeaway from stakeholder mapping?

  • Focus on stakeholders with high power and interest.
  • Maintain regular communication with key stakeholders.
  • Prioritize management time on important stakeholders.