Stakeholder Analysis explained plus template

Article by: Ben Janse

Last update: October 31, 2025

Stakeholder Analysis: this article provides a practical explanation of a Stakeholder Analysis. It also gives an example, a step-by-step plan and a stakeholder analysis matrix. It furthermore contains a downloadable and editable Stakeholder Analysis template. After reading the article, you will have a basic understanding of this change management tool.

What is a Stakeholder Analysis?

A stakeholder analysis is a technique to identify important stakeholders and their needs in a company, system, project or other process. This concerns the evaluation of the system or company and the question whether changing that system will impact the stakeholders.

The goal of a stakeholder analysis is to identify stakeholder groups and the relationships between stakeholders and their needs, and subsequently base a strategic vision on this. It is an important part of stakeholder management and the project plan.

The tool is used in many scenarios and fields. Generally speaking, when analysing a problem or situation, a stakeholder analysis consists of weighing and balancing all the contradictory needs of everyone claiming to be involved. The exact method might differ per situation.

An analysis on stakeholders is conducted in many different situations: from project management to financial management, and from crisis or disaster situations to major changes that are being implemented within organisations.

Stakeholder is a broad term and different people are viewed as stakeholders in different situations and contexts. Key stakeholders of an organisation could include employees, customers, suppliers and much more.

These are just a few groups of stakeholders. In a collision, for instance, there could be other stakeholders or involved parties, such as the drivers, bystanders or owners.

Stakeholder Analysis Example and Stakeholder Influence

The stakes are high in the business world and, often, a lot of money is involved. A stakeholder of an organisation is a person who has an interest in the activities conducted by the organisation. Because many different people are involved in an organisation, there might also be opposite interests.

The stakeholder analysis offers a helping hand in this. Generally speaking, we can distinguish between three different kinds of stakeholders. These are important to be able to distinguish between the stakeholders in the step-by-step plan later.

Primary stakeholders

Primary stakeholders are usually stakeholders within the organisation. They are also referred to as internal stakeholders. These stakeholders are involved in economic transactions of the organisation. Examples include:

Customers
Shareholders
Suppliers
Creditors
Investors
Employees

The interests for primary stakeholders are significant, particularly when it comes to investors and creditors.

The article on financial accounting shows that these two stakeholders are primary users of financial pieces of the organisation.

Shareholders own the organisation, and their interests carry much weight. Together, they decide what the course of the organisation looks like.

Secondary stakeholders

Secondary stakeholders are generally external interested parties, people outside the organisation.

Although these stakeholders do not directly participate in economic activities with the organisation, they are affected by its business activities, and thus crucial to take into consideration while performing the stakeholder analysis.

Because the impact of those activities can be significant, these stakeholders also receive a lot of attention. Examples of secondary stakeholders include:

Communities
Activists
The public
Media
Trade unions
Governments
Competitors

Stakeholder analysis: internal, external, and interface stakeholders

In a stakeholder analysis, a distinction can be made between primary and secondary stakeholders. The stakeholder analysis can also divide all stakeholders into three categories: internal, external, and interface stakeholders.

In a stakeholder analysis, internal stakeholders often coincide with primary stakeholders. However, it is also possible to be an internal stakeholder without having a direct influence on the project or result. You are considered an internal stakeholder if you are part of the organization, regardless of whether you have a direct or indirect influence.

External stakeholders are stakeholders who fall outside the organization. These are usually secondary stakeholders, but in a stakeholder analysis, it is also possible to have external stakeholders who do have a direct influence on the project.

The third subdivision of stakeholders in a stakeholder analysis is interface stakeholders. These stakeholders are not involved in the project, but they are interested parties. Interface stakeholders include, for example, the government, universities, or trade unions. They all have a legitimate interest in the project.

Translated with DeepL.com (free version)

Stakeholder Analysis: stakeholders in other business situations

It’s important to understand that there are different stakeholders in different contexts and situations. On a corporate level, an organisation-wide level, the stakeholders are other people than in the smaller departments of an organisation.

Financial Accounting

As can be read in financial accounting, information gained through financial accounting is shared with external users. These stakeholders mainly include investors and creditors.

Project Management

Stakeholders play an important role in project management as many people generally have an interest in a project.

Primary stakeholders are people who have an immediate effect on the success and failure of a project, such as the project members or sponsors. Typical stakeholders in project management are:

Customers
Project manager
Project team
Sponsor

Stakeholder Analysis: a step-by-step plan

It’s essential to map the various stakeholders because they might have a significant impact on the success of an organisation, project or other process.

Conducting a stakeholder analysis via a stakeholder map tool or our template is a fixed part of effective stakeholder management.

There are three steps that must be followed in the stakeholder analysis.

Step 1: identify all stakeholders

To be able to communicate with the stakeholders, as established in a communication plan, they must first be identified. Therefore, it is important to make sure that both the primary and secondary stakeholders have been identified.

When making a list, think of everyone who might have influence on or might be influenced by the project. People who benefit from the success or failure of a project or organisation are also important.

Who might have a negative impact on the success of the project or organisation?
Have both the supporters and opponents been identified?
What is the relationship between these stakeholders?

Step 2: assess the stakeholders and sort them by influence

When the stakeholders have been identified, it’s important to sort them based on their impact and power. The groups of stakeholders can subsequently be divided across the stakeholder matrix. This will be explained in the next section.

Step 3: understand the stakeholders

It’s important for the project manager or business manager to know what the stakeholders think of a project, and what they like or dislike about it. This enables the manager to develop a perspective on what the stakeholders expect to gain from the project.

Ask yourself the following questions:

Do stakeholders have a financial or other interest?
Which information is valuable to them and how can this best be communicated to them?
What is their opinion?
Who or what influences their opinion?
Are there mutual relationships between stakeholders that might change this opinion?
How could possible hostile actions be avoided?

The information that is gained here is used to get an idea of exactly which stakeholders exert how much influence, and how these stakeholders can best be handled. After all stakeholders and their interests and influence have been established, these can be included in the stakeholder matrix.

Stakeholder Analysis Matrix

The stakeholder matrix, or power interest grid, is a visualisation where the stakeholders from the stakeholder analysis are plotted in a matrix. The matrix assesses the stakeholders in terms of power and interest. High power highly interested stakeholder groups are plotted top right.

Stakeholder matrix template of the stakeholder analysis - toolshero

Figure 1 – Stakeholder Analysis Template

A lot of power, a lot of interest (manage closely)

These stakeholders should be involved in as many activities as possible, and great effort should be put into keeping this group satisfied through stakeholder communications.

A lot of power, less interest (meet needs)

These people should be kept satisfied, but not too much information should be shared with them that they’re not interested in.

Less power, a lot of interest (keep informed)

These stakeholders should be kept informed, because they can often offer creative ideas or other input thanks to their interest or stakes in the project.

Less power, less interest (monitor)

This group of stakeholders should be monitored, but it is not necessary to deploy a lot of resources to keep them happy.

Stakeholder Analysis template

A good stakeholder analysis goes beyond simply mapping the influence and interests of each individual or group. In practice, stakeholders are part of a dynamic network in which they influence each other directly or indirectly. Who talks to whom, who trusts whom, and who has conflicting interests often determines more than the matrix alone shows.

By providing insight into these relationships, you can discover patterns that would otherwise remain hidden. Perhaps you will find that a seemingly neutral employee has a lot of informal influence within a team, or that two external parties are working more closely together than you thought. Such network insights help you to recognize alliances, predict resistance, and target communication more effectively.

Now that you have read about stakeholder analysis and the stakeholder matrix, you can start visualizing the stakeholders in a project yourself.

Download the Stakeholder Analysis template

🔒 For members only | Get instant access to this Stakeholder Analysis template — plus unlimited access to 1,200+ expert articles and tools. 👉 Explore Membership Options

Limitations and pitfalls of stakeholder analysis

In practice, we often find that stakeholder analysis is quickly filled in as a list or matrix, without really understanding what lies behind people’s interests. It is a useful tool, but not a magic solution. Its power lies not in filling in boxes, but in the conversation that ensues.

A first pitfall is superficiality in execution. In many organizations, the analysis is completed during a short brainstorming session or workshop, without in-depth discussions with the stakeholders themselves. As a result, the underlying motivations, fears, or power relations remain hidden. An effective stakeholder analysis requires qualitative input—through interviews, observations, or confidential discussions—to truly understand why someone supports or resists.

A second limitation is that the classic power-interest matrix is too static. Interests, influence, and priorities are constantly changing, especially in complex projects or organizational changes. A stakeholder with little influence may suddenly take on a key role due to a new policy or external decision. It is therefore essential to regularly update the analysis and monitor changes in the field of influence.

Finally, the method can lead to an overly instrumental approach to people. When stakeholders are treated solely as “categories” (e.g., ‘opponents’ or ‘supporters’), nuance is lost. Stakeholder management is essentially about relationships, trust, and dialogue. So don’t just use the analysis as a strategic overview, but above all as a compass for open communication, engagement, and mutual understanding.

💡 Tip: Combine the stakeholder analysis with tools such as Mendelow’s Force Field Analysis or Force Field Analysis to gain a more dynamic picture of power, influence, and relationships between parties.

Now it’s your turn

What do you think? Do you recognise the explanation about the stakeholder analysis? Do you use this tool in your organisation, or will you start using it now? What do you believe are the advantages and disadvantages of a stakeholder analysis? Could you use the stakeholder matrix to map the stakeholders in your environment?

Share your experience and knowledge in the comments box below.

Recommended literature and books on the Stakeholder Analysis

Bourne, L. (2015). Stakeholder relationship management: A maturity model for organisational implementation (2nd ed.). Farnham, UK: Gower Publishing. → Well-known model describing how organizations grow in maturity in stakeholder management. Practical for change managers and project leaders.
Brugha, R., & Varvasovszky, Z. (2000). Stakeholder analysis: a review. Health policy and planning, 15(3), 239-246. → Classic literature review comparing different methods of stakeholder analysis. Often cited as a theoretical foundation.
Bryson, J. M. (2004). What to do when stakeholders matter: stakeholder identification and analysis techniques. Public management review, 6(1), 21-53.
Goodpaster, K. E. (1991). Business ethics and stakeholder analysis. Business ethics quarterly, 53-73.
Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853–886. → One of the most influential articles in the field. Provides the theoretical framework for stakeholder prioritization based on power, legitimacy, and urgency.
Phillips, R. A., Barney, J. B., Freeman, R. E., & Harrison, J. S. (2019). Stakeholder theory. In J. S. Harrison, J. B. Barney, R. E. Freeman, & R. A. Phillips (Eds.), The Cambridge handbook of stakeholder theory (pp. 3–18). Cambridge: Cambridge University Press. → Review article summarizing the development of stakeholder theory. Excellent for linking the theoretical background to change management..
Reed, M. S., Graves, A., Dandy, N., Posthumus, H., Hubacek, K., Morris, J., … & Stringer, L. C. (2009). Who’s in and why? A typology of stakeholder analysis methods for natural resource management. Journal of environmental management, 90(5), 1933-1949.
Scharioth, J., & Huber, M. (2019). Achieving excellence in stakeholder management. London: Springer. → This book offers an in-depth and practical approach to stakeholder management, in which the authors show how organizations can measure and improve the quality of their relationships with stakeholders.
Serra, M., & Ferreira, J. (2022). Stakeholder theory: Evolution and the proposal of a research agenda. Revista Ibero-Americana de Estratégia, 21(3), 29–45. → Recent article showing how stakeholder theory has developed and which research questions remain open.

How to cite this article:
Janse, B. (2019). Stakeholder Analysis. Retrieved [insert date] from Toolshero: https://www.toolshero.com/change-management/stakeholder-analysis/

Original publication date: 09/26/2019 | Last update: 10/31/2025

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Article by:

Ben Janse

Ben Janse is a young professional working at ToolsHero as Content Manager. He is also an International Business student at Rotterdam Business School where he focusses on analyzing and developing management models. Thanks to his theoretical and practical knowledge, he knows how to distinguish main- and side issues and to make the essence of each article clearly visible.