Stakeholder Management and Mapping Concepts

The video tutorial introduces stakeholder mapping, explaining the difference between internal and external stakeholders. It discusses how businesses can manage stakeholder relations to minimize conflicts and gain support. A stakeholder map is introduced as a tool to classify stakeholders based on their power and interest. A case study of a music festival is used to illustrate stakeholder classification. The video concludes with a detailed analysis of different stakeholder groups and their impact, emphasizing the importance of understanding and adapting to changing circumstances.

What is the primary difference between internal and external stakeholders?

• Internal stakeholders are only the owners of the business.

• External stakeholders have no interest in the business.

• Internal stakeholders are directly involved in the business, while external stakeholders are not.

• Internal stakeholders are always more powerful than external stakeholders.

Why is it important for a business to manage stakeholder relations?

• To ensure all stakeholders are equally powerful.

• To reduce the number of external stakeholders.

• To minimize conflicts and gain support for business activities.

• To increase the number of stakeholders.

What does the vertical dimension of a stakeholder map represent?

• The financial contribution of a stakeholder.

• The amount of power a stakeholder has.

• The number of stakeholders.

• The level of interest a stakeholder has.

What is the main purpose of a stakeholder map?

• To list all stakeholders alphabetically.

• To visually represent stakeholders' power and interest.

• To eliminate external stakeholders.

• To classify stakeholders based on their financial contribution.

In the music festival scenario, which stakeholder group has high power and high interest?

• National government

• Local Council

• Local residents

• Local companies

Which stakeholder group is classified as having low power and high interest in the music festival scenario?

• Local companies

• National government

• Local residents

• Local Council

Why might a business want to maintain good relations with local residents despite their low power?

• To increase ticket sales.

• To gain more government funding.

• To avoid negative campaigns and gain community support.

• To reduce festival costs.

What is the role of national government in the music festival scenario?

• They have no interest or power.

• They have high interest but low power.

• They have low interest but high power.

• They have high interest and high power.

What is a limitation of stakeholder maps?

• They are always accurate and never need updating.

• They can become outdated as circumstances change.

• They are too complex to understand.

• They only consider internal stakeholders.

Why is it important to update stakeholder maps regularly?

• To make them more complex.

• To decrease the power of stakeholders.

• To increase the number of stakeholders.

• To ensure they reflect current realities.