Concept of Stakeholders Theory PDF

STAKEHOLDER AND
ACCOUNT MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Briefly outlining the aim of initiative and an overview of NACWS 2018 event........................1
PART B............................................................................................................................................1
Explaining the concept of stakeholders theory...........................................................................1
Identifying a five stakeholders of the NACWS and describing their need and interest (LO1)...2
Explaining the power/interest matrix (LO1)...............................................................................3
Stakeholder analysis of NAWCS event with the use of power matrix.......................................3
PART C............................................................................................................................................4
Discussing the role of managers in maintaining loyalty.............................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
A project or an event will only be successful if it achieved or meets the expectations of
the stakeholders. They are the people who actively involved in entity's business operations or
they have something either to lose or gain something. Thus, this report will briefly provide an
overview regarding NACWS 2018 event which is the fastest growing event and pop-up shop
organiser. Further, concept of stakeholder theory and five key stakeholders of NACWS will get
identified. Moreover, stakeholder analysis will get develop through the use of interest matrix and
lastly, this report will articulate role and skills of an MIH media account manager which
maintain loyalty.
PART A
Briefly outlining the aim of initiative and an overview of NACWS 2018 event
NACWS is the fastest growing event and pop-up shop organiser whose main aim is to
bring the work which is full of quality and affordability among consumers. The entity mainly
dedicated in providing amazing weeding experience to their customer. They are famously known
for arranging memorable wedding event for the couples.
The 4th Annual National African Caribbean wedding show will go to hold on 7th October 2018
where the main aim of entity is to develop meeting of multi-cultural brides with the multi-
cultural vendors so that people will able to provide proper planning of wedding. Entity is mainly
inviting people to come and spend the day where with amazing exhibitors such vendor will
provide the effective wedding planning which is the unfair advantage. In this program, brides
will guide for proper make up which suits them perfect on their big day and regarding what they
are looking for.
Another aim of this event is to meet wedding suppliers who will effectively understand
culture and tradition in which brides wants to enjoy their big day. In simple words entity
provides brides with all the information which they like to be their on their wedding day.
PART B
Explaining the concept of stakeholders theory
The stakeholders theory refers to the concept or the theory that provides the guidelines to
the company as to enhance the values of the stakeholders of the company. This concept is used
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by the organisations for the purpose of providing the best possible outcomes to the shareholders
by the way of enhancing their values in the company (Definition of stakeholder theory, 2019).
The stakeholders theory provides a suggestion to the company that the company shouyld
enhance the value of the shareholders as it leads in enhancement of the sustainability, interest of
various users like suppliers, customers, employees, etc. in this order, the NACWS should try to
enhance the value of its stakeholders.
For example, if the NCAW develops strong strategies and enhances the shareholders
value, it would lead in enhancement of the interest of shareholders towards the company. It will
result in enhancing the efficiency of the business in raising funds for the company. Moreover, it
will also result in enhancing the market value of the company through which the NACWS would
be able to enhance the interest of the customers, employees, etc. as well.
As per the stakeholders theory, the value of the stakeholders can be enhanced by the way
of adopting effective morals and values in the business. Further, the NACWS can also enhance
the values of the stakeholders by fulfilling the corporate social responsibility of the company and
enhancing its own value in the market by attracting the customers towards the company through
it.
Identifying a five stakeholders of the NACWS and describing their need and interest (LO1)
Brides:
They are the key stakeholders of this show who will going to attend this event for their
big day. The main interest of this stakeholder is to get proper guidance regarding booking and
securing their wedding day. They will able to find little extra which makes their reception pop,
which is much enjoyable as well as visitors will able to add real shine and sparkle to their life.
They are the main influencer of this show.
Sponsors:
These are the other group of stakeholder which have direct influence in the activity of
this show (Parker and et.al., 2017). Sponsors are the one who will fund for the conduction of this
show therefore, they have direct interest regarding performance of the show which happened as
accordance with planning or not.
Media:
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These are the other group of stakeholder which also has direct interest in this event
because they are the one who will promote such event and their expectations is that whether such
event is effective or not, whether it is providing effective services or not.
Community:
These are the other group of stakeholders which have direct interest in the happening of
such event. It is because they are the one who will allow NACWS to conduct their event in
neighbourhoods parks. They are the one which likely to be influenced by the decision or action
of management and if they will not get satisfied with the aim which presented by NACWS event
then they have power to influence the site of the management.
Employee:
They are the another key stakeholder for this event who have the direct interest for the
event which conducted by NACWS organisation. Such stakeholders are volunteers, contracted
crew, staff supplied by contractor or labour which hired by the firms (Renninger and Hidi, 2015).
Their need to analyse type of event which is going to be held because they are the one who will
serve effectively to guests who will be going to attend such event.
Explaining the power/interest matrix (LO1)
It refers to a simple tool which helps in categorise the stakeholder which has high power
and interest in the project or an event. Further, this will also help in focusing on key stakeholders
who have the power to influence or to break the any event of the organisation. It helps in keep
tracking of stakeholders. It also documents the interest and motivation of stakeholder for the
particular event. It also helps in identifying the conflicting interest between them and their
relationship with each of the event. It also helps in determining the level of participation which
has been developed by each stakeholder for a particular event or a project (Renninger and Hidi,
2015). There are four elements which included in this matrix that are keep satisfied, manage
closely, monitor and keep informed. The benefits of this matrix is that organisation will able use
the opinions of most powerful stakeholder in order to shape such event or project which further
helps in conducting quality of the work. It further helps in gaining support from powerful
stakeholder through more resources will get developed to make project or event successful.
Stakeholder analysis of NAWCS event with the use of power matrix
High power: high interest High power: low interest
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In accordance with NAWCS event, Brides are
the main stakeholders who will considered as
decision maker and will generally have large
impact for conducting successful event
(Kolenikov and Hammer, 2017).
Spencer is the one who needed to kept in loop.
They get satisfied even through they did not
have much interest.
Low power: high interest
Employees are the one which have low power
but generally has high interest in terms of
providing effective services to guests of
NAWCS.
Low power: low interest
Media are the who only needs to promote the
event. They did not want to go in depth for
reason of conducting such event.
PART C
Discussing the role of managers in maintaining loyalty
Maintenance of loyalty is one of the major concern of the NAWCS sponsors. With the
help of maintaining loyalty, the company can be able to reduce the chances of fraud and enhance
the accountability and transparency in the business as well.
For this concern, the company can use the role and skills of the MIH Media accountant
managers as under:
 Managers can improve the overall business culture of the company by using their skills,
with the help of which the NAWCS would be able to enhance the loyalty in the business
(So and et.al., 2016).
 Further, the account managers can utilise their major role i.e. strategy development by
developing appropriate strategy for the business like, setting the flow of working,
dividing a single work into various sections, etc. all these strategies can help the company
in maintenance of loyalty and transparency in the accounts.
 The loyalty in the NAWCS can be gained by the way of enhancing the employee
engagement in the company. It may lead in enhancing the attachment of the workers with
the company through which their loyalty could be gained by the managers.
In this regard, the NAWCS can gain and maintain the loyalty by using the roles and skills
of the MIH Media account managers.
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CONCLUSION
From the above discussion in can be concluded that the the enhancement in the value of
stakeholders can provide huge benefits to the NAWCS. The company should fulfil the need and
interest of its users by way of providing them appropriate information about the company and
help them in their decision making process. It can use the power/interest matrix as to enhance the
focus of the company over the stakeholder value. Further, the study has also concluded that the
company can use the role and skills of the account manager as to enhance the loyalty of the
customers.
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REFERENCES
Books and Journals
Renninger, K.A. and Hidi, S., 2015. The power of interest for motivation and engagement.
Routledge.
Kolenikov, S. and Hammer, H., 2017. Power analysis for a linear regression model when
regressors are matrix sampled. arXiv preprint arXiv:1710.00190.
Parker, H.R and et.al., 2017. Stakeholder perceptions of event attribution in the loss and damage
debate. Climate Policy. 17(4). pp.533-550.
Getz, D. and Page, S., 2016. Event studies: Theory, research and policy for planned events.
Routledge.
So, K. K. F. and et.al., 2016. The role of customer engagement in building consumer loyalty to
tourism brands. Journal of Travel Research. 55(1). pp.64-78.
Online
Communication and stakeholder. 2019. [Online]. Available through
<https://www.greeneventbook.com/how-to-guides/10-stakeholderes/>
Definition of stakeholder theory. 2019. [Online]. Available through <http://lexicon.ft.com/Term?
term=stakeholder-theory>
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