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    Key Elements of Stakeholders Management Strategy

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    Menna Aberash
    The document outlines a stakeholder management strategy with 4 sections: 1) Introduction, 2) Identifying stakeholders using 5 criteria, 3) Analyzing stakeholders using Mendelow's Matrix to categorize them into one of four groups based on their power and interest, 4) Developing a stakeholder communication plan to appropriately engage each stakeholder based on their analysis. The strategy involves identifying all stakeholders, analyzing their power and interest levels, and developing a communication plan to effectively manage each stakeholder.

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    Key Elements of Stakeholders Management Strategy

    Uploaded by

    Menna Aberash
    114 views4 pages
    The document outlines a stakeholder management strategy with 4 sections: 1) Introduction, 2) Identifying stakeholders using 5 criteria, 3) Analyzing stakeholders using Mendelow's Matrix to categorize them into one of four groups based on their power and interest, 4) Developing a stakeholder communication plan to appropriately engage each stakeholder based on their analysis. The strategy involves identifying all stakeholders, analyzing their power and interest levels, and developing a communication plan to effectively manage each stakeholder.

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    key elements of Stakeholders management strategy

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    The document outlines a stakeholder management strategy with 4 sections: 1) Introduction, 2) Identifying stakeholders using 5 criteria, 3) Analyzing stakeholders using Mendelow's Matrix to categorize them into one of four groups based on their power and interest, 4) Developing a stakeholder communication plan to appropriately engage each stakeholder based on their analysis. The strategy involves identifying all stakeholders, analyzing their power and interest levels, and developing a communication plan to effectively manage each stakeholder.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    114 views4 pages

    Key Elements of Stakeholders Management Strategy

    Uploaded by

    Menna Aberash
    The document outlines a stakeholder management strategy with 4 sections: 1) Introduction, 2) Identifying stakeholders using 5 criteria, 3) Analyzing stakeholders using Mendelow's Matrix to categorize them into one of four groups based on their power and interest, 4) Developing a stakeholder communication plan to appropriately engage each stakeholder based on their analysis. The strategy involves identifying all stakeholders, analyzing their power and interest levels, and developing a communication plan to effectively manage each stakeholder.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    1.

    INTRODUCTION
    This section should introduce and discuss the goals and objectives of the
    Stakeholder Management Strategy for the business.

    2. IDENTIFY STAKEHOLDERS

    This section should discuss the methodology the team will use to identify
    stakeholders and how stakeholders are defined. It is imperative that all
    stakeholders are identified regardless of how major or minor they are. This is
    because they will be categorized after they’re identified. Great care and effort
    should be dedicated to this step of the Stakeholder Management Strategy.

    The following criteria will be used to determine if an individual will be included as a


    stakeholder:
    1) Will the person or their organization be directly or indirectly affected by the
    business?
    2) Does the person or their organization hold a position from which they can
    influence the business?
    3) Does the person have an impact on the business’s resources (material, personnel,
    funding)?
    4) Does the person or their organization have any special skills or capabilities the
    business will require?
    5) Does the person potentially benefit from the business or are they in a position to
    resist any change in the business?
    Any individual who meets one or more of the above criteria will be identified as a
    stakeholder. Stakeholders from the same organization will be grouped in order to
    simplify communication and stakeholder management.
    3. STAKEHOLDER ANALYSIS

    This section describes how we will analyze list of identified stakeholders. This
    discussion should include how stakeholders will be categorized or grouped as well
    as the level of impact they may have based on their power, influence, and
    involvement in the business. There are several tools and techniques that can be
    used to help quantify stakeholders. A description of these tools and techniques
    should also be included in this section.

    The purpose of this analysis is to determine the stakeholders’ level of power or


    influence, plan the management approach for each stakeholder, and to determine
    the appropriate levels of communication and participation each stakeholder will
    have on the business.
    The Mendelow’s Matrix is the perfect tool for this, categorizing business stakeholders
    after the power and interest they hold:

     High power – high interest: These are key stakeholders, so manage


    them closely and involve them early on in the decision-making
    process.

     High power – low interest: The “delayed bombs”. They might have a
    low interest at the moment, but this can change if the business
    deviates from its course. Keep them satisfied, but not busy. Briefs and
    memos should work so they’re aware of the business’s overall
    direction.
     Low power – high interest: The “cheerleaders”. Or the ones who root
    for the business on the sidelines, despite their low level of power. This
    makes them powerful allies, so keep them informed about all the major
    updates and invite them to help with the business details.

     Low power – low interest: Don’t spend too much time with them, but
    still monitor their behavior.

    Manage closely, Keep satisfied, Keep informed, and Monitor are the


    desired courses of action to engage with each stakeholder, which will be
    useful in the next phase of the stakeholder management plan. But for now,
    there’s still one last thing to do at this phase.

    The stakeholder analysis should end up in the following stakeholder


    register

    Stakeholders Register

    stakeholder Involvement areas Power Interest


    S.No
    Name in the Business (H/L) H/L
           
           
           

    4. DEVELOP A STAKEHOLDER COMMUNICATION PLAN

    With the stakeholder register in place, you need to engage appropriately


    with stakeholders based on their level of influence.The stakeholder
    communication plan should include owners, communication channels,
    and frequency.

    Stakeholders Communication Plan


    Engagement action (manage
    Stakeholder Channe
    S.No closely/keep Informed/Keep owner Frequency
    Name l
    Satisfied/Monitor)
               
               
               

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