ME Month 2 Session 1 Flashcards
The principles of stakeholder management and customer relationship management (CRM), both internal and external, to facilitate effective cross-functional relationships internally, and channel and customer relationships externally. (17 cards)
What are the learning outcomes of the session on stakeholder relationships?
Understand principles of stakeholder management and CRM to facilitate effective cross-functional relationships
K3 refers to the knowledge and understanding required in this area.
What are the types of cross-functional relationships in organisations?
- Functional
- Product (or divisional)
- Brand
- Territory
- Matrix
- Virtual
Define stakeholders.
Any group or individual who can affect or is affected by the achievement of the organisation’s objectives
Freeman, 1984, cited in Gledhill, 2010.
What are the two types of stakeholders according to Stakeholder Theory?
- Strategic stakeholder
- Moral stakeholder
What is essential for managing stakeholder needs effectively?
Understanding stakeholder needs
List the categories of stakeholders in a generic stakeholder map.
- Internal: Shareholders, Employees, Management
- Connected: Customers, Suppliers, Creditors, Distributors
- External: Financial Analysts, Local Community, Central Government, Environmental Groups, Media, Local Government
What are Kotler’s 7 Types of Publics?
- Financial
- Media
- Government
- Citizen-action
- Local
- General public
- Internal
Why are customers significant stakeholders?
- Only source of revenue
- Can withdraw or transfer custom
- Effect of negative word-of-mouth
- Changing preferences
- Require value for money
- Expanding knowledge through the internet
What roles do shareholders and creditors play as internal stakeholders?
- Provide capital
- Affect business through share sales or credit withdrawal
- Require clear communication
What is the significance of suppliers as stakeholders?
- Affect marketing and customer satisfaction
- Availability, delivery times, quality
- Cost of materials
- Quality of relationship is crucial
What are intermediaries and distributors responsible for?
Making products available to users
Includes wholesalers, retailers, dealers, agents, and franchises.
What are the sources of power in stakeholder relationships?
- Positional power
- Resource power
- System power
- Expert power
- Personal power
What does Mendelow’s Matrix illustrate?
The relationship between stakeholder power and level of interest
What are the categories in the Block Matrix?
- Bedfellows
- Adversaries
- Allies
- Opponents
- Fence-sitters
Fill in the blank: The application of marketing internally includes programmes of communication to _______.
[motivate, inform and develop a common understanding of the business]
What is the importance of internal communications?
- Improves staff commitment
- Increases motivation and productivity
- Staff become advocates for the organisation
True or False: Effective distribution has no impact on customer satisfaction.
False
