Question

What are stakeholders, and why are they relevant to mission and vision?

Are stakeholders equally relevant to all parts of P-O-L-C, or only mission and vision?

What is stakeholder analysis? What are the three identification steps?

How does stakeholder analysis help you craft a mission and vision statement?

Which important stakeholders might you intentionally exclude from a mission or vision statement?

What are the risks of not conducting stakeholder analysis as an input to the formulation of your mission and vision?

Answer 1

Stakeholders could be defined as all the individuals or group of people who are directly or indirectly in association with the organisation who can affect the working of the same. They are a relevant part of the mission and vision statement as every organisation strives to achieve their ultimate goal by making the stakeholder happy thus they mention the ways to make them happy as because of them, they company is working effectively. For example the shareholders, customers, suppliers, etc.

Yes stakeholder are relevant both to the mission and vision statement and the POLC phase which in planning the activities of the organisation to make the stakeholders satisfied, organsing the departments and resources as per the activities, leading the employees to achieve the ultimate goal and finally controlling to ensure everything is going as per the standard objectives mentioned.

Stakeholder analysis is the whole systematic prcess in which we evalute and check if the current stakeholders of our company is satisfied with the working of the operations or not. And if not, why. The essential dtapes in the stakeholder analysis are 1. Identifying the interests and the key stakeholders for your project. 2. Evaluting the influence and importance of your stakeholders, and 3. Identifying the activities to best enagage with your stakeholders.

The steps mentioned above are the stakeholder analysis process and these steps helps effectively in crafting our mission and vision statement as they provide the company what are the basic needs of your essential stakeholders and how you could make your company work by targeting the important people and get the most of it. The mission and vision statement helps in attracting stakeholders to invest or not, thus is very essential to be made properly.

Many big organisations and I would also like to intentionally exclude many stakeholders like Suppliers or Shareholders from our mission and vision statement because ot the fact that at the end, Suppliers and Shareholders are very important part but the most important stakeholder is a customer to whom we are working for. Thus, we don't explicitly talk about our shareholders but would work essentially to create a market value which would benefit them only.

There are many risks assocoated when an effective stakeholder analysis is not considered which could be huge probabality of cost factor, failure factor, not knowing the target market, what things are needed to be satisfied by our company for the stakeholders and how to make your company look attractive so that people would make more investment.