Strategic Marketing and Management Guide

Stakeholder Management

Understanding Stakeholders:

• Identify stakeholders and assess their relative importance, power, and interests.
• Develop strategies for building and managing relationships with key stakeholders.
• Identify potential risks associated with stakeholder relationships.

Benefits of Effective Stakeholder Management:

• Improved decision-making by considering stakeholder perspectives.
• Greater acceptance of organizational actions by stakeholders.

Challenges and Considerations:

• Stakeholder analysis can be subjective.
• It may not be possible to meet all stakeholder interests simultaneously. Prioritize the most important stakeholders and strive to balance and reconcile interests based on importance and urgency.

The 4 Ps of Marketing

Product/Service

1. Customer Needs: What do customers want from the product/service?
2. Features: What features should it have to meet those needs?
3. Completeness: Are there any essential features missing?
4. Cost-Effectiveness: Are there any costly features that customers may not actually use?
5. Usage: How and where will customers use the product/service?
6. Design: What should it look like?
7. Specifications: What size, color, etc., should it be?
8. Naming: What will it be called?
9. Branding: How will it be branded?
10. Differentiation: How does it differ from competitors?
11. Pricing: What is the maximum cost to provide the product/service while maintaining profitability?

Place

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