Copy of CMI 509 - LO 1.1 Part 1 Presentation.pdf

Level 5 Managing Stakeholder Relationships Learning Outcome 1.1 Part 1 Analyse the types of stakeholder relationships within organisations LO 1.1 (1) Types of stakeholder relationships What are the types of stakeholder? There are essentially thr...

Level 5 Managing Stakeholder Relationships Learning Outcome 1.1 Part 1 Analyse the types of stakeholder relationships within organisations LO 1.1 (1) Types of stakeholder relationships What are the types of stakeholder? There are essentially three three main categories: internal, external, and connected stakeholders. Internal stakeholders include team members, line managers, senior managers and board members. These stakeholders operate within your organisation and have a direct impact on its daily functions and strategic direction. Understanding their roles and expectations is crucial for maintaining a productive and cohesive work environment. External stakeholders encompass customers, pressure groups and government agencies. These individuals or groups are outside your organisation but significantly influence its operations. Customers drive demand and revenue, while pressure groups and government agencies can affect regulatory compliance and public perception. What are the types of stakeholder? Connected stakeholders are those who have a relationship with your organisation, such as suppliers, partners and contractors. These stakeholders are essential for the smooth operation of your supply chain and business processes. Building strong relationships with connected stakeholders ensures reliability and mutual benefit. In this learning outcome, you will also look at the balance of power, value and impact among these stakeholders. Using tools like the power/interest grid, you will learn to prioritise engagement strategies based on stakeholders' influence and interest levels. By understanding these dynamics, you can effectively manage stakeholder relationships to enhance organisational performance and success. Stakeholders - their role and importance to an organisation This video takes a fresh look at stakeholders and the valuable part they play in the life of an organisation. It shares some ideas about knowing your stakeholders and being aware of their interests and expectations as well as their power and influence over business decisions you make. Click on the link below to access the transcript. To watch the video, go to Management Direct and type Stakeholders - their role and importance in an organisation into the search box. >>> Transcript - Stakeholders - their role and importance in an organisation >> Checklist - Stakeholder analysis and management