Great video! I have one question: When should we use power-influence instead of power interest? What are the differences between interest and influence?
Hi Nadjib, Mendelow's Matrix, which is used in stakeholder mapping, is based on two factors: power and interest. Power is the ability to influence the organisation and affect its decision-making. Interest is the attention the stakeholder pays to the organisation and its activities. Influence would be equivalent to power in this context - a stakeholder could have a high or low level of influence/power over an organisation and its decision-making. As such, influence (or power) is different from interest as the former provides the ability to affect the organisation and the latter reflects the stakeholder's desire/need to know what's happening in the organisation. I hope this clears it up a bit.
Hi Ladyguyadin, It's a bit of a complex answer for this one and it will vary based on the company and it's customers. It would partially depend on how much power that customer has over the company. One single customer for Amazon, for instance, would have almost no power, but a huge corporate client that made up 50% of a small organisation's business would wield enormous power. Likewise, a customer's interest might generally be quite low, but if the customer relied on a specific supplier for an integral material/product, that customer would be very interested in what was happening in that company. I hope this helps.
This was excellent and very clearly explained. Currently preparing for business Awareness exam AAT Level 3 👍👍👌👌👌👌
Glad it was helpful!
The best explanation approach I ever seen, greetings from Brazil!
Thanks Leonardo! Glad you found it useful :)
Great video!
I have one question:
When should we use power-influence instead of power interest?
What are the differences between interest and influence?
Hi Nadjib,
Mendelow's Matrix, which is used in stakeholder mapping, is based on two factors: power and interest. Power is the ability to influence the organisation and affect its decision-making. Interest is the attention the stakeholder pays to the organisation and its activities.
Influence would be equivalent to power in this context - a stakeholder could have a high or low level of influence/power over an organisation and its decision-making.
As such, influence (or power) is different from interest as the former provides the ability to affect the organisation and the latter reflects the stakeholder's desire/need to know what's happening in the organisation.
I hope this clears it up a bit.
This was very insightful
Glad it was helpful!
wow no ones commented lol this vid is very easy to understand helped a great amount thanks bud
Thank you very much isyaboybigz - I'm really glad you found this video useful! Will you be sitting one of these exams soon? :)
This was very well explained, thank you!👍
Hi Olamide, thanks for feedback. Glad you found the video useful!
Well explained! I was finding it hard to understand.
🔥🔥🔥explained so well
That's really great to hear - glad it helped you :)
Are customers high power, high interest?
Hi Ladyguyadin,
It's a bit of a complex answer for this one and it will vary based on the company and it's customers.
It would partially depend on how much power that customer has over the company. One single customer for Amazon, for instance, would have almost no power, but a huge corporate client that made up 50% of a small organisation's business would wield enormous power. Likewise, a customer's interest might generally be quite low, but if the customer relied on a specific supplier for an integral material/product, that customer would be very interested in what was happening in that company.
I hope this helps.
On key players we can include shareholders yeah?
Hi Precious, shareholders can be included as key players :)