Stakeholders factors affecting your Marketing Plan
To understand Stakeholders factors affecting your Marketing Plan, you need to understand and learn about different types of stakeholders, stakeholders’ classifications and how to deal with each category of stakeholders.
- Stakeholders are the individuals or organizations who affects (make decision) or are affected by company’s (which you are in) business.
- Stakeholders also may have essential rule in strategic decisions in your company that will affect your business very much. Those stakeholders are individuals who pay money to conduct Company’s business, or individuals who took shares (Shareholders) due to their contribution for the company. So Stakeholders are always seeking money and earning high profits on the long term of company’s business.
What are the types of Stakeholders?
There are three types of Stakeholders:
- Internal Stakeholders.
- Connected Stakeholders.
- External Stakeholders.
1. Internal Stakeholders (Stakeholders factors affecting your Marketing Plan):
Internal Stakeholders are the individuals who are working in the company; Managers and employees. This type of stakeholders get share of the company business when they spend certain no. of working years in the company. Their share increase gradually every year they work in the company.
2. Connected Stakeholders (Stakeholders factors affecting your Marketing Plan):
They are called ‘connected‘ stakeholders because they are the organizations or individuals who aren’t working inside the company (that you are in) but their business in directly relevant to yours, so they became connected to your company’s business.
Connected stakeholders are:
- Distributors (who distribute your products from the manufacturer to the end users through a channel of distributions).
- Suppliers (who supply your business with the raw materials you need).
- Customers (your customers are connected to your business, because they can give your company the reputation and word of mouth to their friends and families).
- Creditors (who give you the money or services in advance).
3. External Stakeholders (Stakeholders factors affecting your Marketing Plan):
They are the individuals or corporate who are totally outside your company’s business but they have a power in decision making process and have the right to make decisions and gain a profit from your company; this is either through their money investment (organization who buy a share in your company) or due to the service they provided for your company.
Those external stakeholders are:
- Local Government as stakeholder type.
- Central Government as stakeholder type.
- Environmental Groups (Pressure groups) as stakeholder type.
- Local Community as stakeholder type.
- Media as stakeholder type.
- Financial Analysts as stakeholder type.
The following illustration will help you to understand all types of stakeholders.
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