Business stakeholders are individuals or organizations that influence or are affected by the business's activities. There are many ways to categorize stakeholders according to their level of influence, interest, and interest in the business. One popular way is to use stakeholder matrices. This matrix has two axes: the level of influence and the level of interest of the stakeholders. Influence is the ability of stakeholders to influence the results of the business. Interest is the degree to which stakeholders are interested in the outcome of the business. Based on these two axes, stakeholders can be classified into four groups:
High-impact and high-interest stakeholders: These are stakeholders with a large role and interest in the business, which should be prioritized and closely involved in the decision-making and implementation of activities. For example shareholders, employees, customers, suppliers, investors, government, local communities,
Stakeholders with high influence and low interest: These are stakeholders who have the potential to have a large impact on the business, but do not care much about the results of the business. Should be kept in touch and informed about the activities of businesses, to ensure that they do not cause obstacles or conflicts of interest. For example authorities, non-governmental organizations, media organizations, ...
Low-impact and high-interest stakeholders: These are stakeholders that have high interests and desires with the business, but are unlikely to have much of an impact on the business's results. Need to be heard and satisfy their needs and wants, to create satisfaction and support for the business. For example, groups of potential customers, groups of employees, and relevant community groups, ...
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Stakeholders with low influence and low interest: These are stakeholders with few roles and interests in the business, which do not need much attention in stakeholder management. Need to be monitored and updated on the activities of the business, to ensure that they are not missed or hurt. For example researchers, analysts, unrelated community groups, ...
These are some of the types of business stakeholders. Depending on the industry, the type of business, and the specific circumstances, there may be other types of stakeholders. We can divide the stakeholders into the following matrix:
High influence Low influence
High interest Shareholders, employees, customers, Strategic partners
Civil society organizations, Community
Low interest Suppliers, government, competitors Researchers, Analysts
Table 3: The matrix of stakeholders
Shareholders: High influence and high interest in the business, because they are the owners and have direct benefits from the business results of the company. They can influence the strategy and decisions of the company through the election of the board of directors and participation in the general meeting of shareholders. They can also monitor and require the company to report on its activities. They care about
whether the company is profitable, increasing stock value, and developing sustainably. They will be classified as high-impact and high-interest stakeholders.
Employees: Highly influential and highly interested in the business, as they are the ones who perform the tasks and contribute to the development of the company. They can affect the quality and effectiveness of a
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company's products and services. They are interested in whether the company creates a good working
environment, a sustainable career, and a stable income. They will be classified as high-impact and high-interest stakeholders.
Customers: Highly influential and highly interested in the business, as they are the people who buy the
company's goods or services and generate revenue for the company. They can influence demand and response for a company's products and services. They care about the company providing quality products and services, reasonable prices, and dedicated service. They will be classified as high-impact and high-interest stakeholders.
Suppliers: High influence and low interest in the business, as they are the people who provide goods or services to the company and receive payment from the company. They can affect the quality and efficiency of a
company's supply chain. They care about whether the company makes timely and reasonable payments. They will be classified as high-impact and low-interest stakeholders.
Community: Low influence and high interest in the business, as they are the people who live around or are affected by the company's activities. They can affect the social and ecological environment for the company to operate. They are interested in whether the company is socially responsible, protects the environment, and contributes to socio-economic development. They will be classified as low-impact and high-interest
stakeholders.
Government: Has high influence and low interest in businesses, as they are the state agencies with authority to manage and regulate the company's activities. They can influence the company by establishing laws and
policies that affect the company. They care about whether the company complies with the law, pays taxes, and creates jobs for workers. They will be classified as high-impact and low-interest stakeholders.
Competitors: High influence and low interest in the business, as they are the ones offering similar or alternative products and services to the company. They can affect a company's market share, revenue, and profitability.
They care about whether the company has a competitive advantage. They will be classified as high-impact and low-interest stakeholders.
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Strategic partners: High influence and high interest in the business, as they are the ones who cooperate with the company to create added value for both parties. They can affect the company's competitiveness,
innovation, and growth. They care about whether the company maintains a strong and mutually beneficial business relationship. They will be classified as high-impact and high-interest stakeholders.
Civil society organizations: Low influence and high interest in the business, as they represent the social and environmental interests related to the company's activities. They can affect the company's reputation and social responsibility. They care about the company's compliance with ethical principles, protecting the interests of workers, consumers, and the environment. They will be classified as low-impact and high-interest
stakeholders.
Researchers: Low influence and low interest in the business, as they are researchers in the fields of science and technology related to the company's operations. They can influence the company's progress and innovation.
They are interested in whether the company provides useful information and data for research. They will be classified as low-impact and low-interest stakeholders.
Analysts: Low influence and low interest in the business, as they are analysts of the economic and financial position of the company. They can influence society's assessment and opinion of the company. They care about whether the company provides accurate and transparent reports and figures. They will be classified as low- impact and low-interest stakeholders.