Who is a stakeholder

A stakeholder is a person or entity that has influence over an organization and also has an interest in its operations. Stakeholders can be investors, customers, employees and others who shop, take surveys, work in an office or travel by sea. Through these actions, they support the business.

Types of stakeholders

Stakeholder types are defined in three ways: how they interact, their level of influence, their sphere of interest.

In terms of the principle of interaction

Internal. A participant in a project who finances it, who works on it (a founder, an employee, a shareholder, a board member).
External. A person who has influence on the realization of the product and its result (mass media, banks, government authorities, competitors).

By level of influence

Primary. A stakeholder who is directly involved in the project.

Secondary. They have an indirect interest in the project by affecting its performance (banks with tax and credit rates).

By area of interest

Does not have a specific definition. Depends on the purpose and objectives of the project.

The most common groups of stakeholders:

1. Consumers. They are results-oriented. Influenced by the firm’s profits.
2. Board of Directors. Profit is the overriding incentive.
3. Shareholders (investors). Finance the project. Interested in the reliability of the company.
4. Employees. Carry out activities on the project to provide a quality product or service, and earn money.
5. Competitors. Incentives to create better conditions for their customers, investors, and employees. 6.
6. Government. Influences profits, taxes, imposes certain limits.

Most importantly, the notion of a stakeholder refers not to an individual, but to a role affecting a project.

Reason for the importance of stakeholders

Practical and material support for a business project is provided by stakeholders that expand the circle of people who care about the success of your business.

Positive interaction between a company and its stakeholders is expressed through a partnership based on common goals. The convergence of interests takes the relationship to a new level beyond profit.

A company with an engaged community of stakeholders can maximise its financial benefit. Employees who are passionate about what they do and work hard for results. Customers who trust your company and your offerings will buy your products, giving them real support. Allied suppliers will back you on favourable terms, helping you deliver profitable projects. Investor interest is determined by help with working capital and funds for expansion.

A divergence of interests between a company and its stakeholders leads to tensions and delays in decision-making.

It follows that the role of stakeholders involved in a project should not be underestimated. And consideration should be given to analysing effective stakeholder research tools during the formation of a marketing strategy.