Stakeholder Management

Course Overview

What is a Stakeholder?

A stakeholder is anyone that shows interest in a particular business, is directly involved, or is affected by business procedures. This can include; groups, individuals, or organisations. The main stakeholders of a business are their employees, customers, suppliers, vendors, investors and local and national communities.

An organisation further classifies their stakeholders as primary, secondary and key stakeholders. Primary stakeholders consist of individuals and groups that can be negatively or positively impacted by the business’s processes. Secondary stakeholders are indirectly affected by the outcomes of the business. However, secondary stakeholders’ profession, jobs or business can be affected as a result. Key stakeholders include individuals and groups that are essential factors within the organisation involved in the process and can have a large impact on the planning, delivery and result of the process. 

Stakeholder Management

Stakeholder management is when a business regulates, oversees, and better develops their relationship with their stakeholders. This includes identifying the stakeholder, understanding their desires and expectations, and finally organise and implement many tasks to connect with them. A quality stakeholder management process consists of being able to manage your interactions and engagement and improve the quality of the relationship with multiple stakeholders.

Four key steps of stakeholder management include identifying, analyzing, planning, and engaging. Before developing a stakeholder management plan.