Final answer:
Using the impact/influence stakeholder framework, stakeholders can be grouped into Power Players, Dormant Supporters, High-Interest Players, and Low-Interest Players. Strategies to manage each group involve communication, involvement, feedback, community engagement, and compliance.
Step-by-step explanation:
Using the impact/influence stakeholder framework, there are four quadrants each representing different groupings of stakeholders:
- Power Players: These stakeholders have a high level of power and influence over the business. They could include major shareholders, key executives, or government regulators. To manage these stakeholders, a company may develop strategies such as regular communication, addressing their concerns, and involving them in decision-making processes.
- Dormant Supporters: These stakeholders have a high level of interest in the company but low power or influence. They could include loyal customers, local community members, or small suppliers. For dormant supporters, a company may focus on maintaining positive relationships, soliciting feedback, and rewarding loyalty.
- High-Interest Players: These stakeholders have high interest but low power or influence. They could include activist groups, media organizations, or non-profit organizations. To manage high-interest players, a company may engage in dialogue, transparency, and proactive community engagement.
- Low-Interest Players: These stakeholders have low interest and low power or influence. They could include casual customers, distant suppliers, or government agencies not directly involved with the business. For low-interest players, a company may prioritize efficient communication channels, minimal resources, and compliance with regulations.