Many strategic decisions fail because they do not attend to the interests and information held by key stakeholders. This scenario has prompted a stakeholder's approach to corporate governance.
(a) Describe the term ‘stakeholder'.
(b) Discuss the importance of stakeholder mapping.
Stakeholder management requires the identification of conflicts/potential conflicts, gaps, contradictions or incompatibilities between stakeholder requirements, so that a reconciliation strategy can be planned.
(c) Illustrate a stakeholder mapping matrix.
(d) Describe the Ambrosini typical maps, with illustrations, for managing stakeholder relationships.