Stakeholder Management essentially comprises of the following steps:
1. IDENTIFICATION OF STAKEHOLDERS: In this stage, the key stakeholders, both internal and external to the organization are identified.
2. ANALYSIS OF STAKEHOLDERS: This step involves analysis the identified stakeholders in terms of their expectations, wants and needs, the level of authority they command etc.
3. POSITIONING: This involves creating a stakeholder matrix according to the information collected in the previous step. Based on the importance of the stakeholder and the degree to which they can affect the business, they are positioned accordingly in a matrix.
4. STAKEHOLDER ENGAGEMENT:This step is more about getting to know the stakeholders and establishing and agreeing upon values and principles.
5. COMMUNICATION:The methodology, extent and frequency of future communication with each stakeholder are established. Some protocols may also be set to facilitate this process.
6. ACTION AND REVIEW:The efficiency of the process is reviewed once the action is taken, and the process is repeated with amendments if any, from previous experiences.