Relationship management for account managers.

Added on -2019-09-23

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Relationship management for account managers1
Task 4: Understanding Stakeholder Analysis There are several stakeholders which are associated with an account. For enhancingeffectiveness of the relationship management strategies, the account managers require managingall the stakeholders associated with a particular account. The current section deals with adiscussion on the importance of the stakeholder analysis in an organization. The stakeholdersassociated with the specific account need to be identified and their requirements should beanalyzed for making the relationship management more effective (Andriof et al.2017). Thecurrent section deals with discussion on the importance of stakeholder analysis for an FMCGaccount. All the stakeholders associated with that account are also identified and theirrequirements are discussed in this section.Importance and need of stakeholder analysis: The stakeholder analysis deals with reviewing and considering the impacts of the stakeholderson the business. In the highly competitive business environment, the stakeholder analysis isbeing increasingly important to remain attractive in the market (Bourne, 2016). As the marketsare becoming increasingly competitive, meeting the requirements of the shareholder partners isnot enough for the organizations. Instead, the businesses also require meeting the needs of thenon-shareholder partners such as the customers, the employees, the communities as well as thebusiness partners who have significant influence on the organizational activities. Thecontemporary organizations require understanding the interest of each group of stakeholders andact accordingly. For instance, when the businesses identify the requirements of key customergroups, they can highlight the specific features of their products and services in the marketingcommunications for making the particular product or service attractive. Similarly, when thebusinesses become aware of the interest of the community within which they work, reshaping thecorporate citizenship related strategies becomes easier for them. The supply chain managementis one of their activities of the businesses. Identification of the needs of the key suppliers in theorganization can help the management to enhance effectiveness of the supply chain activities.2
Identifying and analyzing the needs of different stakeholders: Stakeholders with higherlevel of interest Stakeholders with lower levelof interestHigh level of stakeholderpower Key players Customers of XYZ,employees of the organization Keep satisfied Suppliers of XYZLower level of stakeholder Communicate regularly Retailers of XYZ products Communicate whennecessary Community where XYZworks , Table 1: Key stakeholders for FMCG organization Source: Created by Researcher The stakeholders of XYZ organization are analyzed on basis of their interest and power to thebusiness. On basis of the power and interest, the stakeholders of the FMCG Company arecategorized into four categories. The customers and employees of the organization has thehighest level of interest and power to influence the business activities (Boutilier, 2017).Therefore, the business needs to focus on meeting the needs of these two stakeholder groups.Being an FMCG organization, XYZ management always requires keeping their stock updated.Therefore, the suppliers play a key role for this organization. The business needs to manage thesuppliers closely in order to get the uninterrupted supply of products. XYZ organization operatesin the FMCG industry and so, it needs to take help from the retailers and the distributors. Theretailers who deal with the products of XYZ have high interest in the business activities. So, suchstakeholders require being communicated on regular basis. Carrying out the activities related tothe corporate citizenship is important for the modern businesses. Understanding requirements ofthe community within which the businesses operate is the key to execute the responsibilitiesassociated with the corporate citizenship related activities. So, the community within which XYZorganization works needs to be communicated whenever necessary.3

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