Aligning with Stakeholders *
Aligning with Stakeholders *
Chapter 9 broadens the focus to include the range of stakeholders with whom the firm interacts—or is affected by—and the various modes and mechanisms firms use to evaluate those stakeholders. It reviews numerous strands in contemporary research on stakeholder management and then sets out practical techniques—stakeholder mapping and valuation and the sample stakeholder assessment exercise—that can help managers create better alignment with their stakeholders. It argues that external stakeholders can both facilitate and constrain corporate market and nonmarket strategies and the alignment between the two. In some instances, the same stakeholder can have both facilitative and limiting effects on those strategies. A simple inventory and assessment of the relative importance of stakeholders and their current and potential influence on the company is also a useful starting point in calibrating the impact of various stakeholders and developing productive non-adversarial relationships with stakeholders.
Keywords: stakeholders, stakeholder mapping, stakeholder assessment, non-adversarial relationships
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