BU111 Lecture 16: Stakeholders
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BU111 Full Course Notes
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The more dependent you are, the more important it is to establish relationships with them because you depend on them for your revenue. Stakeholders can be: threatening willing and able to create uncertainty, marginal they do(cid:374)"t har(cid:373) or help you, cooperative willing and able to support. Can defend you, encourage others to do business with you. Involve them: ask for their feedback, connect with them so they feel valued. Diagnose them along two critical dimensions of potential for threat and potential for cooperation categorize them. Formulate appropriate strategies both to enhance or change current relationships with those key stakeholdres a(cid:374)d to i(cid:373)pro(cid:448)e the orga(cid:374)izatio(cid:374)"s o(cid:448)erall stituatio(cid:374) Mixed blessing: high potential for othreat and high potential for cooperation: either supporting or damaging (very dangerous, strategy: collaborate and cooperate, having them on your side, example: consumers. Marginal stakeholders: monitoring satisfy needs and/or demands of stakeholdesr; no need to involve or collaborate with them.
