stakeholder-management

Vocabulary Word

Definition

When we say 'stakeholder-management,' we mean looking after the people who have an interest in a project or can impact it in any sort of way. It's like managing a team where everybody has different priorities and targets.

Examples in Different Contexts

For corporate strategy, stakeholder management is key to aligning business goals with the expectations and needs of stakeholders, including investors, employees, customers, and the community. A strategist might explain, 'Our stakeholder management strategy focuses on open communication and engagement to build strong relationships and drive strategic initiatives.'

Practice Scenarios

Marketing

Scenario:

We've put a lot of effort into this marketing campaign, but industry influencers aren't reacting as positively as we'd hoped. Do we need to reconsider our approach?

Response:

Yes, revising our stakeholder management strategy to better engage with influencers might be key to the success of this campaign.

Tech

Scenario:

This software update has caused some disruption. It seems we're receiving mixed feedback from users and the customer service team.

Response:

In this situation, attentive stakeholder management can help us address user feedback and minimize the impact on our customer support team.