Definitions | What is the meaning of Stakeholder Management?

„Building positive ongoing stakeholder relationships for a company in the 21st century means:

  1. knowing who the key stakeholders are
  2. understanding the company’s dependency on each stakeholder group
  3. understanding how the company impacts on each stakeholder group
  4. understanding how each stakeholder group views the value or benefit of the relationship with the company, and their legitimate needs, interests, concerns and expectations; and keeping stakeholders informed on the company’s progress and responsiveness
  5. proactively managing the feedback from stakeholders, responding to their legitimate needs and interests, and reporting on the progress and the outcomes.“

Mervyn King, Leigh Roberts (2013)

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Source: King, M., Roberts, L. (2013): Integrate. Doing Business in the 21st Century. Claremont: Juta and Company: 49