Stakeholders play a crucial role in achieving strategic goals and initiatives by contributing their expertise and perspectives to the strategy and plan, ensuring alignment with the organization's objectives. The stakeholder matrix is divided into four quadrants, with the Degree of Involvement on the x-axis and the Degree of Impact on the y-axis. Each axis can be categorized as high, medium, or low to determine stakeholder placement within the matrix. For instance, key players, who have both high impact and high involvement, are expected to be pivotal in the process.
When category managers submit their strategy and plan documents for approval, the documents are initially routed to the stakeholders designated in Level 1 approvers. If all assigned Level 1 approvers endorse the strategy plan, the documents are then forewarded to the category strategy approver for final approval. In this simulation, you’ll assume the role of Alex Reed, the lead category manager. Alex identifies stakeholders, level 1 approvers, and their roles within this category.
Alex has been assigned the task of adding the VP of Application Development, Jim Green as a key stakeholder in the stakeholder map.