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What is a Stakeholder?

Corporate stakeholders are a party that can affect or be affected by the actions of the business as a whole. The term has been broadened to include anyone who has an interest in a matter. A stakeholder is any person or organization, who can be positively or negatively impacted by, or cause an impact on the actions of a company, government, or organization.

The stakeholder concept was first used in a 1963 internal memorandum at the Stanford Research institute. It defined stakeholders as "those groups without whose support the organization would cease to exist." The theory was later developed and championed by R. Edward Freeman in the 1980s. Since then it has gained wide acceptance in business practice and in theorizing relating to strategic management, corporate governance, business purpose and corporate social responsibility (CSR).

Types of stakeholders are:
  1. Primary stakeholders

    : are those ultimately affected, either positively or negatively by an organization's actions.
  2. Secondary stakeholders

    : are the ‘intermediaries’, that is, persons or organizations who are indirectly affected by an organization's actions.
  3. Key stakeholders

    : (who can also belong to the first two groups) have significant influence upon or importance within an organization.

Polls

Therefore, stakeholder analysis has the goal of developing cooperation between the stakeholder and the project team and, ultimately, assuring successful outcomes for the project. A stakeholder analysis is performed when there is a need to clarify the consequences of envisaged changes, or at the start of new projects and in connection with organizational changes generally. It is important to identify all stakeholders for the purpose of identifying their success criteria and turning these into quality goals.

Who are the Stakeholders?

Stakeholders Examples of interests
Owners private/shareholders (not for a sole trader or partnership though) Profit, Performance, Direction
- They will be interested in their dividends and capital growth of their shares.
Government Taxation, VAT, Legislation, Low unemployment
- Especially the Inland Revenue and the Customs and Excise who will be collecting tax from them.
Senior Management staff Performance, Targets, Growth
- They may also be shareholders.
Non-Managerial staff Rates of pay, Job security
- They may also be shareholders – they will be interested in their job security, prospects and pay.
Trade Unions Working conditions, Minimum wage, Legal requirements
- They will represent the interests of the workers.
Customers Value, Quality, Customer Care, Ethical products
- Banks and other financial organisations lending money to the business.
Creditors Credit score, New contracts, Liquidity
Local Communities Jobs, Involvement, Environmental issues, Shares
- They are interested in whether the business is acting appropriately towards their area of interest.

Vision and Mission Statements

Stakeholder Analysis

  1. Vision and Mission Statements
  2. What is Mission Statement?
  3. How to write Mission Statement?
  4. Mission Statements examples
  5. What is Vision statement?
  6. How to write Vision?
  7. Vision Value
  8. Vision statements examples
  9. Importance of Values statement
  10. Organizational goal setting
  1. What is a Stakeholder?
  2. Stakeholder approach
  3. Stakeholders in Corporate responsibility
  4. Different stakeholders
  5. Identifying stakeholders
  6. Stakeholder mapping
  7. Stakeholder mapping analysis
  8. Why Stakeholder Analysis?
  9. Shareholders vs Stakeholders
 

Strategic planning

SWOT and PEST analysis

  1. Strategic planning methods
  2. Strategic planning implementation
  3. Corporate planning strategy
  4. What is Situational Analysis?
  5. Planning strategic
  1. Business SWOT analysis
  2. Elements of SWOT analysis
  3. How to do a SWOT analysis?
  4. Use of SWOT analysis
  5. What is PEST analysis?
  6. Elements of PEST analysis
  7. How to write PEST analysis?
  8. Use of PEST analysis
  9. SWOT and PEST analysis
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