When planning elicitation activities, the technique of using a stakeholder list, map, or personas is crucial for determining the possible participants and their roles. This approach helps in identifying all the stakeholders who may have an interest in the project or who may be affected by its outcome. By creating a visual representation or a detailed list of stakeholders, business analysts can understand the relationships, influence, and needs of each stakeholder, ensuring that all relevant perspectives are considered during the elicitation process.