please help me respond to my peers

peer 1

An internal stakeholder is a person or persons that have a direct

relationship with the company.

The major internal stakeholders for a business is the managers and other employees. Employees help ensure the business run smoothly. Most companies have a human resources department that work with the CEO and will provide a great benefits package. Working closely with managers and owners for their expectations of the internal stakeholders. Communication within each company helps with the retention this helps give you the benefits package for each employee (i.e. insurance, PTO, promotions, etc.) This also sets the expectations that the company holds for the employees. Suppliers and vendors help support the business' competitive strategies by keeping the quality of their products to everyone's expectations. Say if one of you vendors is having a hard time getting one of your products in stock checking a couple other of your suppliers/vendors to see if maybe they have it in stock or if their is possibly a backorder on the product you are looking for.

Having different vendors/suppliers that carry like items is nice because if one does not have the item you are looking for another might have it. Having a dependency of external stakeholders can definitely put a business in a vulnerable positions. Values would be the increased productivity within your team. Challenges would be the resistance to changes for people because once you get into doing something one way its hard to start doing it a different way.

peer 2

Discuss Internal Stakeholders and provide examples. Who are

the major stakeholders who work within the business?

An internal stakeholder is actively involved in the day to day operations of the business. This includes Project/Business Managers and their team, Creditors, Project Owners.

Discuss several retention strategies aimed at keeping these key players on the team.

Conducting mutually beneficial conversations- honest, authentic, and direct discussions to get an understanding of their needs and expectations. Communicate consistently is the key to keeping stakeholders engaged and satisfied. Provide

incentives, bonuses, promotions, and other rewards to motivate stakeholders to perform at their best. Set clear goals and expectations this will help understanding of what is expected of them and how their contributions will impact the business.

Discuss external stakeholders and provide specific examples

External stakeholders are individuals or organizations who have

an interest in the success or failure of a business but are not directly involved in its operations. Such as customers, local communities, government, society, business associations.

How do suppliers and vendors support the business competitive strategies?

peer 3

Stakeholders are groups of individuals who have success with progression and interest in a business.

They can be affected by the actions of a business objective and the policies. The significant stakeholders typically involve a business.

Internal stakeholders

The management is a group or a board of executives and management directors. They are responsible for making decisions and managing the strategic problems that may arise.

Then you have the employees that are the business are directly involved with the workforce and day-to-day operations.

Then you had to shareholders and owners, these are the entities and individuals that legally own the business. In case the shareholders or the owners or the corporation are all interested in the profitability and value of the business.

Customers are the business services and products loyalty and satisfaction are crucial for the revenue and reputation of the business.

You have the creditors the banks the financial institutions and lend money to the businesses, but the businesses must have the collateral and ability to repay the loans and the interest associated with

them.

You have trade unions their Union knives if the businesses and employees and the trade unions are stakeholders they negotiate on behalf of the employees for their wages and their benefits working conditions.

Every stakeholder has influences and exciting and unique influences on what they do in a business. It is essential to manage a business with the relationship of the stock stakeholders, They analyze the businesses to understand a prioritize the needs and expectations.