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TSM2202 - Stakeholder Analysis Music Festival Event Report

   

Added on  2020-03-02

11 Pages2437 Words2344 Views
Running Head: Stakeholder Analysis of Music Festival Event1Stakeholder Analysis of Music Festival EventStudent’s NameProfessor’s NameCourse Name

Running Head: Stakeholder Analysis of Music Festival Event2A company always pays attention to the stakeholder to get their support on ongoing basis.This process is known as stakeholder management. But before managing the stakeholders,one has to check whether they are actually going to work with the organization in thefuture.For gettingthe answer of this question the organization needs to do StakeholderAnalysis (Eberlein et al., 2014).Music festival events are globally recognized platform for the marketing and growthof the business. As per the reports of international markets, it is confirmed that musicfestivals can be the center of attraction for the people. This paper focuses on the stakeholderrole from the perspective on the music festival event. Other aspects which the paper willdiscuss are how music festival management will manage the stakeholder of the event and riskfactors of not including stakeholder analysis (Lovejoy and Saxton, 2012).Festival event depends upon the different essential resources. Some of them are soimportant that no other can replace them. One of the most common reasons for the failure ofmusic festival events is the lack of resources. Lack of resources can be defined as theweakness of the event management in terms of not attracting stakeholders for the event. Thesuccess of the music festival event depends upon the support of the stakeholders (Zopounidisand Pardalos, 2010). Festival organizations include a combination of the stakeholders thatinvolve public, private, and non profitable organizations. The effort of interacting thestakeholder can be the key to the success of the event (Presenza and Iocca, 2012). The firststep in stakeholder analysis is to check who can be a stakeholder for the event. Somecommon stakeholders are government, shareholder, suppliers, contractors, co-workers, andexecutives. As per the priority stakeholder can be categorized into two parts:1)Primary stakeholder: Primary stakeholders can be whom the event is depending.Which includes employees, volunteers, suppliers, attendees, participants, sponsors(Crane and Matten, 2016).

Running Head: Stakeholder Analysis of Music Festival Event32)Secondary stakeholder: Secondary stakeholders are known as the host community,for example, government, essential services, business, and media.For the festival event, stakeholders can be considered on the basis of their power andinfluence, that they are supposed to have within a festival or event organization. Stakeholderselection can be based on the relation to the roles and the success of the music festival event.On the other hand, they can be considered as the impact on the objective of the music event.Thought identification and classification of the stakeholders is a strategic process. Once allthe stakeholders finalized (Karvetski, 2009). Another important aspect is to prioritize thestakeholder. As the continued success of the event is depends upon some stakeholders whoare most involved in the event process. By doing this analysis the group of stakeholders canbe identified in order to organize the appropriate strategy. There are a number of strategieswhich can be followed:1)Collaboration strategy: When the potential of both cooperation and risk is high.2)Involvement strategy: When the potential of cooperation is high and potential ofrisk is low (Salvatore et al., 2010).3)Defensive strategy: When risk potential is high and cooperation potential is low.4)Monitoring strategy: When both cooperation and risk potential is low.It is important to focus on the best strategy for the stakeholder as it can decrease the level ofproblem that can hamper music festival event (Freeman, 2010).The stakeholders for the music festivals are grouped in a below-defined way:Media (Radio stations, newspapers, television and magazines).Music and artists (National and international performers and singer)Public authorities (government agencies and local authorities, police and otherpublic service authorities)

Running Head: Stakeholder Analysis of Music Festival Event4Sponsors(Small and big organizations that use the festival as a marketing tool fortheir products).Suppliers(all food and beverage suppliers)Visitors(Trading intermediates) (Andriof, 2017).Tourism traders (Hotel and restaurant associations)Non profitable Independent organizations (Working towards to promote andorganize the festival)Prioritize stakeholders:After getting the list of stakeholders second important task is to findout major stakeholders, those are really interested in the event and have to ignore those whodo not care at all (Darnall et al., 2010). Some of these might be having power and can blockand enhance your event activities. Even with limited resource information on most importantstakeholder can be generated. Steps to find out valued stakeholders:Consider the event and get the list of shortlisted stakeholders. Develop a list of criteriato resolve the issues. Assign weight sign to every criterion as per importance to resolve theissue. Draw a Matrix according to the weight assigned to an issue (Grant, 2016). Bycalculating their score you can get an idea of the importance of each stakeholder. Kindly findbelow table to get information of important stakeholder:Criteria12345Key Decision-MakingPowerAccess to mediaAccess to ImportantInformationAdequate inspiring to beactiveWeight:10123

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