What is Stakeholder Management? Definition and meaning

Stakeholder Management

Definition: Stakeholder Management is the process of dealing with the various stakeholders of an organization. Depending on the corporate purpose, SM can be performed for 2 reasons:
1. Because the leaders of the organization perceive doing so is valuable to support the formulation and realization of the corporate strategy of the firm (intrinsic or normative SM), or
2. Because it's needed to maximize long-term shareholder value (strategic or instrumental SM).
SM involves the following sub processes:
- Stakeholder Identification
- Stakeholder Analysis
- Stakeholder Mapping
- Stakeholder Engagement (Communication)

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