Government is the process of accommodating different needs and viewpoints


14-May-2020 12:15

Stakeholder prioritization will also vary based on time and circumstance.For example, a large retailer facing aggressive new competitors must prioritize customer service and value.A stakeholder with a high level of both power and interest is a key stakeholder.If this type of stakeholder group encounters a problem, its priority rises.Yet wise business leaders will not ignore such a representative and will engage in dialogue with him or her.

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Note that managers are often considering these questions in real time, usually with limited resources and power, and that circumstances can change in a matter of moments.So the task confronting an organization’s management begins with understanding these multiple and sometimes conflicting expectations and ethically deciding which stakeholders to focus on and in what sequence, if not all stakeholders cannot be addressed simultaneously, that is, .It helps to actively gather information about all key stakeholders and their claims.Another way to prioritize stakeholder relationships is with a matrix of their power and interest.

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As (Figure) shows, a stakeholder group can be weighted on the basis of its influence (or power) over and interest in its relationship to the firm.

Which ones should be taken seriously as representative of key stakeholders?