Most Important Product Stakeholder

Product has many different types of stakeholders, and each stakeholder has different priorities and expectations for product management. Product stakeholders fall into two categories. Both types of stakeholders are affected by how well the product performs.

External stakeholders: These are your customer, executive, client, and investors. It is always important to maintain a good relationship, communication, and feedback with these group.

Internal stakeholders. This is your internal team! Your engineers, sales, designer, marketing, and anyone who is working on technical end of the product.

I believe External Stakeholder are most important in Product Management.

They play important role in the operations of any business. By monitoring business activities, buying product. Every stakeholder plays a different role.

Below is the list of External Stakeholder.

1.Suppliers

Suppliers are people or businesses who sell goods to the business and rely on you for revenue from the sale of those goods. They will also look for their own revenue-generation and suppliers are also concerned with safety, because their products can directly impact the business operations.

2.Customer

Customers are key stakeholders in any company. Customers are the most critical stakeholder because without them, the company have no business. Customers are the people who buy business products and use the services. Customer can influence the business by increasing amount of product they buy or services they use, and this will result in high profit. Customers expect to buy the best quality from that business at a fair price. A business doesn’t exist without customers. As Customers can get products from businesses, they are interested in how the business performs. Business needs to make conscious efforts to meet the customer needs. Customers expect the business to provide efficient and high-quality products and services and result Business can get maximum profit. Meeting the customer needs is an extremely important for ensuring the success of any business. Customers are directly impacted by the quality of the product a business gives.

In some businesses, the safety of the customers is the business responsibility. If a business is a car manufacturer, for example, producing an unsafe product could be the difference between life and death for the customers.

3.Investors

Investor plays the key role in the business. Investors have a financial stake in the company. When they buy equity in the business, they want business to grow and earn higher profit. For many companies, investor’s primary goal is to satisfy the needs of the customers. Investors can be owners and can also be outside vendors who have a right to get accurate and timely information such as regular financial statements. Investors also have the right to approve or reject major decisions in the business like mergers and acquisitions. They also can:

Contribute ideas and give you advice

Bring connections

Motivate you

Help promote and improve your business image