Question

Who is considered the most important stakeholder in marketing?

Customer

The BBQ pit-master (stake or steak?)

You

Bruce

Answer 1

1- From the dawm  of marketing we have been consistently taught that we make profit by selling to customers the products and services they want .

2-This has always been at the top of the priority tree and frpm which we develop our marketing strategy, tactics and campaigns.

3- Stakeholders/owners are the most important stakeholders as they control the business. If they are unhappy than they can sack its directors or managers, or even sell the business to someone else. No business can ignore its customers. If it can't sell its products, it won't make a profit and will go bankrupt.

4- The top three most important stakeholders in a business-

- 1- Customers . Peter Drucker defined the purpose of a company as this; to create customers.

-2- Employees.

-3- Shareholders.

-4- Suppliers, distributors and other business partners.

- 5- The local community.

- 6- National Government and regulatory authorities.

5- Welcome to this week's Marketing Theory post. In the official CIM course book - Stakeholders Marketing, Stakeholders are defined as: Those persons and organisations that have an interest in the strategy of the organisation. Stakeholders normally include shareholders, customers, staff and thr local community.

6- Typical stakeholders are investors, employees, customers, suppliers, communities, governments, or trade associations. An entity's stakeholders can be both internal or external to the organization.

7- Shareholders are interested in financial statement analysis to know the profitability of the organization.

8- Ways to Engage Project Stakeholders-

- 1- Identity Stakeholders early .You can't engage stakeholders until you know who they are.

-2- Gey stakeholders talking to one another.

-3- Seek to understand before being understood.

-4- Listen, really listen.

-5- Lead with integrity.

-6- Engage your Stakeholders in the estimates.

-7- Work with your team.

-8- Manage expectations.

9- Stakeholders give your business practical and financial support. Stakeholders are people interested in your company, ranging from employees to loyal customers and investors.

10- They  broaden the pool of people who care about the well- being of your company making you less alone in your entrepreneurial work.

-At its best, the relationship between a business and its stakeholders is symbiotic and healthy. At its worst, this relationship hinges on conflicting demands and interests and makes decision- making stressful and slow.