Strategic-Purpose: Stakeholder-Mapping

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Scientific Essay from the year 2015 in the subject Business economics - Business Ethics, Corporate Ethics, Stuart School of Business Illinois, language: English, abstract: Strategic purpose and Stakeholder mapping are a vital part of management. Combination of the two enables study the threats and opportunities to the company and establish ways that can be implemented to tackle the same. Stakeholder conflicts are a common phenomenon in the operations of the firm, and as such, mapping methods such as Mendelow's matrix are essential in knowing how best to tackle which category of stakeholder. With the help of the pattern, companies such as Ocado and PayPal have handled different situations and have learned what to consider from the expectations of their stakeholders. Thus, mapping of interested parties in business is a worthwhile decision to steer company strategies.