Stakeholder Analysis

Stakeholder Analysis

Introduction

Stakeholders are the people who directly responsible in running the business, achievement of the organizational goal and make every project of the organization become successful so that the organization can achieve success. There are two categories of stakeholder's primary and secondary stakeholders. Primary stakeholders are directly involved people in the organization like shareholders, customers, employees and suppliers or distributors. Secondary stakeholders include media, competitors and other people in the society. The report will provide an analysis of role of different stakeholders, there level of interest and influence on the activities of an organization.

Discussion

An organization in order to make its new project successful need to define the objective of the project with taking into confidence all the stakeholders and also to make the project successful the company needs to define tasks to each of the stakeholders (Marks 2008). The stakeholders and organization need to consider while starting a new project of any kind are: shareholders, suppliers or distributors, customers and the employees of the organization. Shareholders are very important stakeholders as they are the owners of a corporation. The amount of shares bought by a shareholder provides him the power of making a decision about an organization's activities. Shareholders if are not convinced about the generation of the profits from a project than they might cancel the start of a new project, it is in their hands to cancel a proposal and draft a new proposal for launching a project. As the shareholders biggest stake which is money is involved in a project therefore their level of interest in starting a new project is very high, so it is important for the organization to keep a healthy relationship with the shareholders (Marks 2008). In order to keep a healthy relationship the organization also need to develop an effective communication network by using communication tools.

The other important stakeholder is the customers and if a company is unable to fulfill the demands of the customers than it will be a huge loss for the organization. Customers demand is the biggest stake regarding an organization and a loss of customer will be considered as a win of the competitors. In projects like launching a new product or innovating a product there is a lot of influence and interest of the customers involved as many companies often take suggestions or feedback of the customers so that a new product fills the demand of the customer and they are satisfied by the new product. Satisfaction of the customers will mean the success of the product launched by the organization (Glac 2011). Another stakeholder that is very important to be considered before starting a new project is the suppliers or the distributors of the company. If the organization has not developed good relations, with its suppliers than it will be very difficult for the company to run its supply chain management system and if a company's supply chain management system failed then the firm will have to face huge losses. Supplier's stake in an organization is ...