Stakeholders

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New Jersey Institute Of Technology *

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Marketing

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Feb 20, 2024

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Stakeholders’ Analysis Internal Stakeholders: Top Management: Top executives play a critical role in decision-making and providing strategic direction for the market launch. They are concerned with the overall success and alignment with corporate objectives. Marketing Team: The marketing team is directly involved in the market launch strategy, including branding, positioning, and promotional activities. Sales Team: Sales teams are essential stakeholders as they will be responsible for executing the sales strategy in the new market. Product Development Team: Ensuring that the product meets the market's needs and expectations is crucial, making the product development team key stakeholders. External Stakeholders: Customers: Understanding customer needs, preferences, and expectations is vital for a successful market launch. Conducting market research to analyze customer behavior is crucial. Suppliers: Reliable suppliers ensure a smooth supply chain, impacting product availability and quality. Regulatory Authorities: Adhering to regulatory requirements is essential for market entry. Collaboration with regulatory bodies ensures compliance and reduces legal risks. Competitors: Analyzing competitors provides insights into market dynamics, potential challenges, and differentiation strategies. Community and Societal Stakeholders: Local Communities: Engaging with local communities ensures a positive reception. It involves understanding and addressing community concerns, supporting local initiatives, and being a responsible corporate citizen. Environmental Groups: Given the nature of the product (probiotics), environmental considerations are crucial. Engaging with environmental groups can demonstrate commitment to sustainable practices. Healthcare Professionals: Building relationships with healthcare professionals and practitioners is essential for gaining credibility and endorsement for health-related products. Financial Stakeholders: Investors/Shareholders: Investors and shareholders are concerned with the financial success of the market launch. Providing clear financial projections and demonstrating a solid business case is crucial. Financial Institutions: Building a positive relationship with banks or financial institutions may be necessary for funding or financial services related to the market expansion. Media and Public Relations:

Media Outlets: Engaging with the media is crucial for creating awareness and shaping the narrative around the market launch. Public Relations Agencies: PR agencies can help in managing communications, addressing potential issues, and creating a positive public image. After identifying the stakeholders, we use the Power-Interest Grid as a useful tool to evaluate them based on two important factors: their degree of interest in the project and their power or influence inside the business. This grid places stakeholders in the appropriate positions, directing our strategy for relationship management. Stakeholders with low power but moderate interest are kept informed without being inundated with information, while those with low interest and power are monitored but need little contact. Resolving conflicts and actively engaging those with moderate authority and interest are essential to maintaining their satisfaction. Close cooperation is required from high-power, high-interest stakeholders to guarantee that their substantial influence complements project objectives. The Power-Interest Grid helps us customize our strategy for every stakeholder group, which improves relationship- building and project management in the end. Stakeholders’ management plan Using the Power Interest Grid for Stakeholder Management Power-Interest Grid  Suppliers of raw materials and equipment  Business customers  Regulatory authorities  Investors and shareholders  Competitors  Environmental Groups Variable power high low interest high low

High Power, High Interest (Key Players): • Business customers: Customers have high power as they are the prime users and they contribute towards the revenue and profitability of the business. They rely on the quality of the products and services provided by our company showcasing their high interest. • Regulatory authorities: Regulatory Authorities possess high power as we need to follow the laws and regulation created by them. They are interested as they have to ensure that our business complies with the standards and regulations required to maintain public safety. • Investors and shareholders: Investors and shareholders have a financial stake in the business and influence decision- making process. They are interested in the business as the financial status of the company has a direct impact on them. High Power, Low Interest (Keep Satisfied): Suppliers of raw materials and equipment: Suppliers of raw materials and equipment fall In this category, as they have high power in the supply chain and sourcing of raw materials, but they might have a lower interest in our daily operations of the business and less involved in the broader business strategy. Low Power, High Interest (Keep Informed): Environmental Groups can be considered as Low Power, High Interest stakeholders as they have less power in terms of direct influence over the operations but their interest is high as they are concerned with the environmental impact the business might have. Low Power, Low Interest (Monitor): Competitors have low power and low interest as they are more focused on their own business operations and are not deeply involved in other companies strategies or decisions. stakeholder analysis register: Stakeholde r Name Stakeholder Type Interest Level Influenc e Level Key Concerns/Expectations Top Managemen t Internal - Leadership High High Overall project success, alignment with corporate objectives Marketing Team Internal - Marketing High Moderate Successful market launch strategy, branding, positioning

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Sales Team Internal - Sales High Moderate Effective execution of the sales strategy in the new market Suppliers External - Supply Chain Moderat e Moderate Reliable supply chain, impacting product availability and quality Regulatory Authorities External - Regulatory High High Adherence to regulatory requirements, collaboration for compliance Customers External - Market High High Understanding and meeting customer needs, preferences, and expectations Healthcare Professional s Community/ Societal High Moderate Building relationships, gaining credibility, and endorsement for health- related products Media Outlets Media/Public Relations High Low Creating awareness, shaping the narrative around the market launch This Stakeholder Analysis identifies key stakeholders, their types, interest levels, influence levels, and key concerns/expectations. Top Management, Marketing Team, Sales Team, Regulatory Authorities, Customers, and Healthcare Professionals all exhibit high interest and influence in the project. Suppliers have a moderate interest and influence level, mainly concerned with a reliable supply chain. Media Outlets, while having high interest, have relatively low influence. The stakeholders' concerns revolve around project success, market strategy, sales execution, supply chain reliability, regulatory compliance, customer satisfaction, healthcare relationships, and media awareness.

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