Stakeholder

CONTENTS

What is a stakeholder?
Different streams

What is a stakeholder?

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Definition of a stakeholder

A stakeholder is a person or group holds a stake in the product. This can be a person or group that has the capability to influence the fortunes of the product. Notwithstanding, this can also be an individual or entity that is impacted by the product. Influences and impacts can be direct or indirect. And, stakeholders can be categorized as being upstream or downstream.

Different streams

An upstream stakeholder is largely defined as anyone that is involved in bringing the product to the market. In comparison, downstream stakeholders comprise product consumers, sellers, and those who provide support for the product. A product manager must be acutely mindful of all potential stakeholders.

General FAQ

What are the examples of stakeholders?

A stakeholder is anyone with a vested interest in a project. These include customers, employees, investors, suppliers, and business owners. Stakeholders’ input could be crucial to a product’s success, and they may have specific requirements that they expect to be met, making effective stakeholder management vital.

How do you identify stakeholders?

A number of processes may be used to identify stakeholders, and their relative interest and influence levels. For example, sales management teams could be aware of which customers have the power to influence other customers with their opinions. Teams may investigate which external groups (such as regulatory bodies) or communities could impact a product’s success, too.

What is the role of a stakeholder?

Stakeholders may help product teams in various ways. For example, they could win the support of investors, persuade prospects to take an interest in a product, and stimulate media interest in an upcoming release. However, a stakeholder offering little to no support can also be detrimental to a product’s success.