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1. Identify the stakeholders – when identifying stakeholders it is not enough to focus on the
formal structure of the organization. Rather it is necessary to have a look at informal and
indirect relationships too. A useful model for this purpose is to visualize the stakeholder
environment as a set of inner and outer circles. The inner circles stand for the most
important stakeholders who have the highest influence.
2. Determine what particular interests or concerns that those stakeholders might have.
Some of them might be interested in product quality, safety of environment financial
concerns and even working conditions.
3. Decide how critical each stakeholder is to the organization’s decisions and actions. Some
stakeholders are more critical to organizational decisions than others.
4. Finally the managers should determine what specific approach they should use to manage
the external stakeholders relationships, and this depends on how critical the external
stakeholder is to the organization and how critical the external stakeholder is to the
organization and how uncertain the environment is.
Titany answered the question on October 19, 2021 at 12:38
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