Stakeholder Management Plan

This assignment requires you to develop a detailed stakeholder management plan. The plan should identify key stakeholders, analyze their interests and influence, and outline communication and engagement strategies. It also emphasizes the need for contingency planning to address potential changes in stakeholder priorities or unforeseen circumstances. The document provides a framework and guidance on incorporating best practices in stakeholder management.

Running head: STAKEHOLDER MANAGEMENT
Stakeholder Management
Student Name
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1.1 Explain why you would use either a normative or ethical approach.
Stakeholders in any organization have an intrinsic value. They invest in the structure of
the organization to make it worthy of business. Their interests in the firm are kept as a
priority during the time of decision making. Their interest makes the moral foundation of the
organization. Moreover, the relationships of management with its stakeholders are based on
moral grounds sealed with commitments (Aragonés-Beltrán et al. 2017). Stakeholders always
desire to make profits from their investments in the organization and it becomes obligatory
for the managers to make them earn their worth. Normative model is selected because
decisions of the organizations affect the profitability of the stakeholders. The ethical
approach comes into play when the decisions taken by the organization affect others rather
than their own stakeholders and the decisions made without considering the consequences
which others have to face is termed as unethical. Since an organization is responsible to its
stakeholders about the decisions normative approach is considered best (Dioufand Boiral
2017). As stated above the intrinsic value of stakeholders dominate the management of an
organization when it comes to decision making. In the context of corporate responsibility,
normative approach is more appropriate than ethical approach.
1.2 Suggest why stakeholders have legitimate rights regardless of their power to influence
the organization.
The success of an organization does not only depend on the managerial efforts but there
is a lot of contribution made by its stakeholders to see the ship sail through. For that purpose,
organizations realize the participation of stakeholders and keep their rights on top of any priority.
All the mechanism which any organization applies to protect the rights of shareholders, and is

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kept at the most important practice is known as corporate governance structure (Fassin et al.
2017). Legal and legitimate rights of the stakeholders are agreed upon by the management and
actions or decisions which forfeit those legal rights are prohibited. These rights are given to the
stakeholders to intervene in the decision making and profit making actions to maximize the
efficiency of work in the organization (Haefner and Palmié 2017). These legal rights provide the
stakeholders with authority to change the flow of work according to their perspective which is
always bonafide. These legal rights clear stakeholders to receive classified information about the
firm to oversee and act accordingly. They can also stop any unethical work going on behind their
backs with the help of these legal rights. It also backs the commitments made to the stakeholders
and they can sue the company if those commitments are not fulfilled (Horng et al. 2017).
1.3 Explain why it must be a core management task to search for win-win situations with
stakeholders.
As mentioned above, stakeholders are the key to achieving success for an organization.
They have an intrinsic value of their own and keeping their interest as a top priority is the job of
core management of the organization. It is a conventional practice that management of an
organization is responsible and answerable directly to the stakeholders. If any issue arises, the
stakeholders directly contact the top management of the firm. To manage the stakeholders is a
difficult task and needs proper identification of the types of stakeholders (Lim and Greenwood
2017). Some of them are visionaries, some of them are bullies and ghosts. Since it requires a lot
of PR skills to manage each and every one of them and satisfy their needs, managers must be
skilled. The response of core management comes handy as they have the authority to answer and
negotiate with the stakeholders. Their commitments and statements seem more authentic in the
eyes of the stakeholders (Miles 2017). Being in the core management of the firm it is their

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natural obligation to work for the progress of the company and even look into the interests of the
stakeholders. They maintain a balance between both entities as only they are capable of pulling
this thing off.
1.4 Explain strategically and in detail how you will communicate the needs of your
stakeholders and manage them to make your organization sustainable?
There are many methods of communication between the management and the
stakeholders of a firm. This communication is very important to win the trust of the stakeholders
by keeping them in the loop about changes occurring in the management. Some of the methods
are:
 Meetings: It is the most common way of communication in which each member is
allowed to speak and discuss work-related topics. Counter questions clear any
doubts about the topics under consideration (Mitchell et al. 2017).
 Conference Calls: To save the time and expense of travel conference calls have
been the most frequently used tool in today’s world. It breaks the barrier of time
and place of meetings.
 Newsletter/Emails: This is a one-way communication to notify the stakeholders
about any update or report which is related to work (Oliveira et al. 2017). Details of
the work can be conveyed in much simpler and faster way to all stakeholders.
In the same way, needs of the stakeholders can be conveyed to the management through
methods of communication. If any discussion or clearance is required to implement the proposed
changes then the management can discuss it within them and notify the stakeholders afterward. It

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completely depends on the nature of demands of the stakeholders, that it will be accepted by the
management or not (Oppong, Chan and Dansoh 2017).
2.1 Who will you co-opt to assist you and why?
Identification of the stakeholders is of utmost importance in making a strategy to manage
them. Since the stakeholders react in different circumstances it is imperative to pick and choose
them in your own best interest. I would like to choose the internal stakeholder such as low key
employees, dealers and contractors who can have an immediate impact on the work of a project.
Mapping them is much easier as they are in frequent contact with the management.
Communication with them can leverage the status of work and resources available to complete
the project (Rivera et al. 2017). They are easy to handle and mitigate as their demands are less
and short term which can be easily fulfilled and manipulated. It makes the grip of management
on the stakeholders demand very tight to get the work done without much hassle (Wright,Hudson
and Wright 2017).
2.2 How will you proceed? When will you do certain things? Describe the steps
To effectively manage the stakeholders are to create a strategy for the purpose, I will
create an Organizational Breakdown Structure first. This structure may be of a tree in which
classification of different departments and groups will be done. Then I will categorize the
stakeholders into three circles such as immediate circle, community circle and observational
circle. This will allow me to separate the interests and involvement of the respective stakeholders
(Horng et.al 2017). After that, I will do an assessment of the impact of stakeholders which they
hold on decision making of the organization. This will simplify the intentions and interests of the
stakeholders in different modules of the firm. Then to complete this method I will create a

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power-interest grid to give a clear picture of the stakeholder’s position in the firm. Keeping each
stakeholder in the relevant quadrant of the grid according to the power they hold and interest
they have will classify them further (Diouf and Boiral 2017).
2.3 Which resources will you require?
To formulate a strategy for managing stakeholder, the resources I would require is the
nature of work of the stakeholder, their interest in the organization, thepower they hold in the
decision making process and their preference of work culture. To manage and convince the
stakeholders I would need the data about their personal likings, their financial position in the
firm, amount of money they have invested as capital, their expectation of return from the firm
and other business interests (Fassin et al. 2017). These variables will give a clear picture of
everything which a stakeholder wants from the firm’s management. Knowing these details will
give me the leverage to handle them individually. Stakeholders want to be valued and involved
in the management which can be granted to them with the help of above-mentioned resources
(Haefner and Palmié 2017).
2.4 How will you determine your level of success? Identify the performance indicators
To measure the level of success I have achieved in managing the stakeholders, I will use
some commonly used key performance indicators applied for the purpose. These indicators will
clearly define the extent of success of the management strategy. The first method which I will
use is conducting anonline survey. It is the most simple and by far the best method of knowing
the rate of success and getting feedback from the stakeholders(Lim and Greenwood 2017). I can
choose any tool such as Zoomerang or SurveyMonkey to set up an online survey in which
questionnaires will be provided regarding the level of satisfaction of the stakeholders and

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feedback which they want to give to improve my strategy. The second method is to run Focus
Groups in which brainstorming sessions are done to get inputs from the stakeholders about the
progress mange by the management team(Oppong, Chan and Dansoh 2017). The third method is
the direct one which is interviewing the stakeholders. This will be a private meeting in which
one-on-one interaction will be done to get the feedback.
2.5 What will you ultimately do with the plan you have developed and why?
The entire planned developed by me will be deployed to improve the strategy of
stakeholder management. I will use this approach to get to the bottom of requirements of
stakeholders and to know their real expectations. As it is a well-known fact that stakeholders are
the most vital part of any organization, keeping them happy and satisfied is very essential for the
success of the firm (Rivera et al. 2017). My strategy is very comprehensive and deals with each
and every aspect of stakeholder management and it can be applied to get better results according
to the need of the company. I will make back up plans as well in case of any changes in the
interests of stakeholders or management of the company.

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References
Aragonés-Beltrán, P., García-Melón, M. and Montesinos-Valera, J., 2017. How to assess
stakeholders' influence in project management? A proposal based on the Analytic Network
Process. International Journal of Project Management, 35(3), pp.451-462.
Diouf, D., Diouf, D., Boiral, O. and Boiral, O., 2017. The quality of sustainability reports and
impression management: A stakeholder perspective. Accounting, Auditing & Accountability
Journal, 30(3), pp.643-667.
Fassin, Y., Deprez, J., Van den Abeele, A. and Heene, A., 2017. Complementarities Between
Stakeholder Management and Participative Management: Evidence From the Youth Care
Sector. Nonprofit and Voluntary Sector Quarterly, 46(3), pp.586-606.
Haefner, N. and Palmié, M., 2017. With (out) a Little Help From My Friends? Stakeholder
Management, Innovation Strategy, and Long-Term Firm Performance.
Horng, C.Y., Fan, C., Chen, S.C., Tsai, Y.S., Lin, C.Y., Wu, C.C. and Yeh, J.H., 2017.
Enhancing river patrol team management through stakeholder discussion facilitated by World
Café methodology–A case study in Taiwan. Journal of Cleaner Production, 140, pp.1263-
1271.
Lim, J.S. and Greenwood, C.A., 2017. Communicating corporate social responsibility (CSR):
Stakeholder responsiveness and engagement strategy to achieve CSR goals. Public Relations
Review, 43(4), pp.768-776.
Miles, S., 2017. Stakeholder Theory Classification, Definitions and Essential Contestability.
In Stakeholder Management (pp. 21-47). Emerald Publishing Limited.

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Mitchell, R.K., Lee, J.H. and Agle, B.R., 2017. Stakeholder Prioritization Work: The Role of
Stakeholder Salience in Stakeholder Research. In Stakeholder Management (pp. 123-157).
Emerald Publishing Limited.
Oliveira, R.R., Boldorini, P.S.A.T., Teixeira, L.A.A. and Martins, H.C., 2017. PROJECT
MANAGEMENT AND RELATIONSHIP MARKETING&58; INTERSECTIONS FOR
STAKEHOLDER MANAGEMENT IN PROJECTS. Iberoamerican Journal of Project
Management, 8(1), pp.47-68.
Oppong, G.D., Chan, A.P. and Dansoh, A., 2017. A review of stakeholder management
performance attributes in construction projects. International Journal of Project
Management, 35(6), pp.1037-1051.
Rivera, J.M., Muñoz, M.J. and Moneva, J.M., 2017. Revisiting the Relationship Between
Corporate Stakeholder Commitment and Social and Financial Performance. Sustainable
Development.
Wright, K., Hudson, R. and Wright, J., 2017. Change communication and stakeholder
management during transformative change initiatives. ФінансиУкраїни, (2), pp.7-11.