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Case study on Developing Working Relationship With Stakeholder

   

Added on  2021-02-19

10 Pages2491 Words43 Views
DEVELOPING WORKINGRELATIONSHIPS WITH STAKEHOLDERS

Table of ContentsINTRODUCTION ..........................................................................................................................3PART A...........................................................................................................................................31.1 Stakeholders mapping techniques.........................................................................................31.2 Skills to enhance stakeholder relationship. ..........................................................................41.3 Application of conflict resolution techniques in stakeholder management..........................41.4 Advantages and limitations of different types of stakeholder consultation..........................41.5 Potential consequences of inadequate stakeholder consultation...........................................5PART 2............................................................................................................................................52.1 Stakeholders with whom relationships should be developed................................................52.2 Roles, responsibilities of stakeholders..................................................................................52.3 Areas that would benefit from collaboration with stakeholders...........................................62.4 Scope for and limitations of collaborating with stakeholders...............................................63.1 Climate of mutual trust and respect......................................................................................63.2 Account of the advice provided by stakeholders..................................................................73.3 Minimize the potential for conflict amongst stakeholders....................................................74.1 Relationships and developments with stakeholders..............................................................74.2 Changes that may have an effect on stakeholder relationships.............................................74.3 Improvements based on analyses of stakeholder relationships.............................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTION Stakeholder refers to the individual or a group that is affected by the actions of anorganization as well as organization is also be affected by the actions of stakeholders. They maya group, a firm, or a system etc. that is interested in the operations of the company. There arevarious types of stakeholders of a firm such as suppliers, customers, Government, Trade Unions,shareholders and the society etc (Muller, R. and Turner, 2017. Company should make efforts forimproving relationship with stakeholders for the success of firm. The Report will outlinetechniques of stakeholders engagement, skills required for managing stakeholders' relationship,different types of stakeholders etc.MAIN BODYPART A1.1 Stakeholders mapping techniques.Stakeholders mapping is a technique of identifying the various stakeholders such ascustomers, creditors, suppliers etc. and how they are related with the success of the company.There are various types of stakeholders mapping techniques such as -Power V/S Interest -Under this, firm will identify the authority and interest of stakeholders they are having in thefirm. Divide the stakeholders on the basis of their interest and power on 2 by 2 matrix.Influence V/S Impact -It is similar to Power V/S Interest grid. Influence means the extent to which stakeholders caninfluence the decisions of the company. Impact means ability to bring a change in decisions offirm.Power V/S Influence -Power means the authority of stakeholders and influence means their ability to influencedecision-making of employer of firm (Stubbs, J. and Warnaby, 2015).Importance V/S Influence - It is also same as Power V/S Interest grid. The sequence in which firm fulfils expectations ofstakeholders is called importance of stakeholders.Salience Model -

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