Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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- Stakeholder management involves identifying, understanding, and effectively engaging with individuals or groups who have a vested interest or "stake" in the success or outcomes of an organization or project. Stakeholders can include employees, customers, suppliers, shareholders, government agencies, communities, and advocacy groups, among others Effective stakeholder management requires ongoing communication, collaboration, and relationship building to address their needs, concerns, and expectations. Key strategies for stakeholder management include stakeholder mapping to identify relevant stakeholders and prontize their influence, stakeholder analysis to understand their interests, power dynamics, and potential impact on the organizabon, and stakeholder engagement plans to involve them in decision-making processes and solist their feedback. By actively managing stakeholders, organizations can build trust, manage expectations, and gain support for initiatives, ultimately enhancing…arrow_forwardIs evidence based management considered or like common sense?arrow_forwardMangement How can we leverage data and analytics to gain insights into the business environment and make informed decisions?arrow_forward
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