The days when organisations could survive and prosper by focusing on the wants and needs of one stakeholder – usually the shareholder in commercial enterprises – are long gone (Neely et al., 2002, p. 1). In today’s increasingly complex world of competing interests and demands, the ability to identify, analyse and manage stakeholder relationships is a key management skill.
In this reading, we have examined a range of stakeholder definitions and reviewed a number of tools and techniques for identifying and analysing stakeholder relationships, including stakeholder maps and power versus interest matrices. We have also explored a number of stereotypical stakeholder scenarios and strategies for managing stakeholder relationships.
Before moving on to the next section, look back, briefly, at the activities you completed in this section. You have moved from:
- considering general theories and ideas of management
- through the more detailed, specialist ideas and perspectives that derive from functional perspectives
- through to the use of a single concept or framework (stakeholders) to illuminate management situations and guide management decision making.
These are three common approaches to the study of management and ways of generating management ideas that focus on:
- defining at a broad level what management is and what managers do
- how the functions of management are different and have different objectives and priorities
- how a specific idea or concept can help to shed light on the practice of management, both in general and as it relates to your own experience.