Reference no: EM132868798

Stakeholders are people who have an interest in a commercial entity including those within the organization and outside. These include the boss, senior executives, customers, suppliers, government, your co-workers, the team and others. All these people are important in the implementation and success of strategy. Stakeholder analysis is an important aspect to the financial management of a company. What do you understand by the phrase "stakeholder analysis"? Attempt a stakeholder analysis of an organization that you are closely associated with. Consider the strategic tool of "stakeholder analysis" to:

• Identify people or groups and institutions that will influence your initiative
• Anticipate the kind of influence, positive or negative, these groups will have on your initiative
• Develop strategies to get the most effective support possible for your initiative and reduce any obstacles to successful implementation of your program.