Stakeholder Management in Business

This assignment delves into the crucial concept of stakeholder management within businesses. It examines key principles, analyzes the influence of stakeholder engagement on organizational performance, and investigates diverse real-world applications through provided case studies. The analysis requires understanding various theoretical perspectives and their practical implications in managing diverse stakeholder relationships.

Stakeholder and
Account
Management

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Introduction of the British fashion council and the history of London fashion week...........1
TASK 2............................................................................................................................................2
2.1 Explaining the concept of stakeholders and their analysis. (250).........................................2
2.2 identify and describe ten different stakeholders of the British fashion council in relation
to London fashion week. 250 .....................................................................................................2
2.3 Using a table outline the role and needs interest of each of the identified stakeholders. .....4
2.4 Stakeholder analysis using the power /interest matrix and comment of each other.............6
TASK 3 ...........................................................................................................................................7
3.1 Discuss the importance of relationship marketing................................................................7
3.2 Examples to illustrate how British fashion council meet its stakeholder needs...................7
3.3 Explain the purpose of the ladder of loyalty model..............................................................8
3.4 Describe the nature of British fashion council relationship with London fashion week......9
3.5 using communication plan template on the similar slides, channels of communication for
messages and modes...................................................................................................................9
3.6 Justify each of the outlined messages and chosen mediums...............................................10
3.7 Discuss how the British Fashion Council account manager can maintain loyalty with key
designers post the London Fashion week event........................................................................11
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Stakeholder are individuals or group of members which are very essential for the
company development. Along with that, fair treatment and strong relation will improve the new
opportunity and growth in the market. Present study will base on the Stakeholder relationship
with the British fashion council which will going to organise London Week festival from 22nd to
25th February 2018. It is the biggest fashion week which represent fashion styles into the real
world with lots of innovation and motivational for all fashion divas. Further, study will base on
the concept of stakeholders and their analysis. Further apart, it will also enhance the purpose
needs and wants of the different stakeholders in the business activities. It will give more focus on
the relationship marketing. What is the importance of relationship marketing and the purpose of
the leader of loyalty model will also explain in this study.
TASK 1
1.1 Introduction of the British fashion council and the history of London fashion week.
British fashion council (BFC) is not for any profit organization, it is for the purpose to
explore the fashion industry and enhancing the business of designer by harnessing and sharing
collective knowledge, experience and resources of the sector. BFC main strategy of focussing on
the business is that Education, business investment, reputation and innovation and digital. This
main four pillars of the company which helps to focused the energy and the support to
generously provided by company (Yeleneva and et.al., 2018). It is the British fashion council
aim to make the fashion industry voice heard by government. BFC formed in 1983 by industry
patrons, commercial sponsors and the government. It is the leading industry inspired by
creativity, innovation and strategic repositioning British fashion in the global fashion economy.
In spring 2010 London fashion week became the first fashion week to offer designers with
showing awesome catwalk at Somerset house the opportunity. It is the world most popular and
creative fashion week. In 1983 BFC founds their first of London fashion week collection which
took place in February 1984. Along with that, it will also give positive impact on the behaviour
of customer relation. First ever award is given to Katharine Hamnett picked by designer of the
year. Moreover, it will also cover the international awesome national international market
position. Moreover, Paul Costello are the veterans of the London fashion scene to watch for
again this season and there are very impactful on the nature of fashion industry.
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TASK 2
2.1 Explaining the concept of stakeholders and their analysis.
Stakeholders are the potential strength for every organisation will provide further great
opportunity for the organisation development (Eskerod and Jepsen, 2016). Besides, it is very
important for the company to identify the needs and wants of the market demand on the basis of
their impressive ways. It may be social group, society, customers, suppliers, government,
distributors. Stake is very essential interest for business activities which help to open another
major doors of opportunities. It can include ownership, property, interest, legal interest and
obligations and moral rights. Stakeholder may affect business, be affected by a business, be both
affected by a business and affect a business.
It is a foremost task to analysis the stakeholder choices and their needs to make nay
company plans and their product and services. Before, going to plane Lakme fashion week
British council needs to analysis the stakeholder needs and requirement and their expectations to
the fashion industry. Moreover, another major objectives and essential part is that to make
changes according to the needs and wants of the organization. The main purpose of the analysis
is that to recognize and explore new more advantages (Barnett, Henriques and Husted Corregan,
2018). Methods of analysing the stakeholders are knowledge based, personal experience, through
personal interviews, agreements and historical these all methods helps to measuring the actual
stakeholders of the company which will affect another main sources or process of the company.
Knowledge based is the way to identify stakeholders through research process. Besides, another
method of analysis Is personal experience through which people get analysis through their
experiences after expend so many years on the projects. For example, Lakme fashion week
highly affected by designers, suppliers, investors. It makes clear that, to fulfilling the best results
and opportunities of stakeholder it gives new strength to Lakme fashion week organisation.
2.2 identify and describe ten different stakeholders of the British fashion council in relation to
London fashion week.
Stakeholders are belonged from different groups, society in the operation of a business.
They all are the most significant part of the organization. Moreover, another main objective of
the organisation which is necessary for lakme fashion week to look upon. They will needs to
identify the opportunity and threat to identify the new ways of development. Fashion is the mosrt
glamours and innovative industry. In which fashion trend plays a crucial role to make them
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stakeholders happy. Each and every stakeholder plays a crucial role and give higher impact on
the business activities. There are some Longstreet which would affect lakme fashion week series.
Business partners: business partners are plays an essential for Lakme Fashion Week it
helps them to adopt new business plan and strategies through which they make new changes for
the development (Barnett, Henriques and Husted Corregan, 2018). Lakme Fashion Week relies
on the business partners who provides good amount of resources and facilities to company.
Moreover, it will become very difficult task for the company to maintained good and healthy
relation with the company members. Fashion industry is the huge vast sector in which business,
stylist only focus on the innovation or on new trends. Company should adopt ethical
environment and business accountability to partners to adopt ethical environment with the
partners.
Employees: it is the another stakeholders who affect company activities, such as for
Lakme Fashion Week fashion designer, marketing manager, product manager, designer specialist
and others. It is very necessary for all of them to make good presence for them to make happy
and satisfied. Lakme Fashion Week needs to adopt all required employment laws and legislation
to ensure safe working environment (Barnett, Henriques and Husted Corregan, 2018).
Customers: External customer are the another major impactful factor which was given
by the customers. Customers are the major and key factor which influence company influences.
Moreover, another impactful decision making process is the another major impactful factor.
Suppliers: suppliers is the another major stakeholders for the company which impact on
the quality of company. Lakme Fashion weak will be require adopting good and healthy
relationship with the suppliers. It is the another positive process of working and effective task to
perform for the Betterment of the company process.
Government: Government is the another major stakeholders for lakme fashion weak.
Government interference has occurred at the time when they feel any unethical situationist in the
company environment. It will give impact on the behaviour of effective task process.
Creditor: it is the another stakeholder which may affect British fashion council. It may
also occurs the same amount of effective process of working.
Communities: communities society impact to the business activities in the form of
quality, satisfaction, improper customer service etc. company needs to adopt the proper
implications which may give good impact on the behaviour of customers. Through which
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company get low customer focus on the brands or products (Long, R. Charles and Stephenson,
2015).
Internal stakeholder: it is the last stakeholder for British fashion council it is very
necessary to adopt the better environment in the organisation to necessary adopt the best possible
target market situations.
2.3 Using a table outline the role and needs interest of each of the identified stakeholders.
Stakeholders Role/Needs and wants
Business partner Business partners are the partners who
contribute their share in terms of development.
It makes effective presence in the
environment. The main role of the partners are
share equally duty and responsibility. Besides
their needs to get good share of profit.
Employee Employees role in the organisation in British
fashion council is to evaluate the current
scenario of the company interns of effective
management tools and techniques (Ndofor, A.,
Carnes, Sirmon and Chapman, 2016). Besides,
it is the effective working strategy and or
employee needs to explore the resources and
gives something special to the organisation.
customers Customers are the key sources of working of
the organisation moreover, another major
impact of customer is given in the form of low
environment. Along with that, customer needs
is that to buy quality of goods and services.
suppliers Suppliers needs from the company is payment
on time and having good relation with the
stakeholders is very much required. Moreover,
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it is the another main aiming and target goals
for the company. Moreover, suppliers is the
key role player who provides quality of raw
material to company for making the best
designer dresses and fashion outlet.
Creditors Creditors are the another stakeholder which is
very necessary to gull fill their requirement in
order to full fill the target market growth.
Governments Government main need is that to safe the
environment in the firm for the betterment of
company skills and environment (Cassell,
Scheller and Nielsen-Pincus, 2017). Moreover,
another major impact of the organisation is
that to adopt the best possible action for the
benefit for the organisation.
Communities Community role is that to measure the position
of the company in the context of total quality,
brand image, brand positioning etc.
Internal stakeholders Internal stakeholders are those holders which
makes virtual role in the organisation for
example, board of director, executive
managers, auditors, business unit, internal
customers, operations teams, subject matter
expert and users. They arise needs such as
good appreciation, position, good salary etc.
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2.4 Stakeholder analysis using the power /interest matrix and comment of each other
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Stakeholders are the most potential workforce of the company which makes impactful
target on the lakme fashion week. Moreover, each and every stakeholder require fulfilling the
organisational goals by the organisation fulfilment.
TASK 3
3.1 Discuss the importance of relationship marketing
Relationship marketing is one of the most important factor to improve relationship with
customer in market place. This is to be improve long term engaged with customer in market.
This marketing plan of action seeks to develop solid relation with customized by giving them
direct info that caters to their specific involvement and condition. There are some factor is help
to improve marketing performance are as follows :-
Promotion :- In this context, organisation is to be used more and more promotional
activity is to be used to stock certificate experiences with idiosyncratic in their circle of
powerfulness. This organically shared publicity can create new custom-made for the
organisation.
Feedback :- It is to be focus on customer feedback is assistance to improve the carrying
into action of organisation. To be improve work as per the suggestion provided by customer in
market place.
3.2 Examples to illustrate how British fashion council meet its stakeholder needs
There is one of the most important factor is ned of the stakeholder must be improve with
the help of improve the internal working environment. They may be direct or indirect
relationship with organisation and improve profit and growth rate in market (Shahzad,
Rutherford and Sharfman, 2015). The group action often arises because while stockholder want
short-run term net income, the other neutral' desires tend to cost medium of exchange and reduce
profits. On the other hand, profit will be improve and increase the overall condition will be
improve and manage work or improve productivity and market rate will be modification over the
period. An arrangement neutral are their employees, customers, provider, shareholders, capitalist,
local ownership, local and nationalist governing and pressing groups.
For example :- British Fashion Council is to be concentration on make their medium of
exchange back when the institution grows and makes net income. Stockholder want growth and
net income in the institution as this is the only manner they are sure to kind back the monetary
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system they have invested with in the organisation in terms of how some shares they have
bought.
To be fulfil stakeholder need is most of import part to improve the level of customer will
be increase in overall development in market share. On the other hand, relationship with more
positive and beneficial for the future development in securities industry share. To be improve the
growth rate and improve the customer level and increase the productive and market share will be
manage over the period.
For example :- British Fashion Council administration is see the feedback of each and
every client in market share. Investor Dealings team whose chief obligation and social control is
to meet on a regular basis with their capitalist and stockholder and expert from different financial
establishment that invest in their business concern and stand for their stockholder.
These strategies are assistance to improve the level of stakeholder in market share and improve
the organic process rate and psychological feature is to be increase for internal department of
organisation.
3.3 Explain the purpose of the ladder of loyalty model
The loyalty ladder is refer to the marketing communicator or individuals. It is related to
the consumer can move on a time of loyalty using a number if integrated marketing
communication technique (Shahzad, Rutherford and Sharfman, 2014). It is the part of marketing
activities that support to the relationship with outside customers. The purpose of loyalty ladder to
attract the customer in traditional form of advertisings and providing satisfactions to the
customer and finding a new customer through traditional form advertising. Most of the
corporations spend their less than 10% of their marketing dollars on their customer and spend
90% of their marketing dollars trying to find a new customer. The purpose of loyalty ladder
make a loyal customer and increasing the quality product and services can increase customer
loyalty and employee retentions also.
Loyalty ladder also design a program that will include the structure, payout level and
reward it drives to the behaviour of the customer. Loyalty model refer to the loyalty to the
customer and profitable behaviour. Increment of project generated recommend programs and
consumer become a loyal to brand which is related to the product ,services, result and
experiences . Marketing activities is refer to the external customer it is the directly indications
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and measurement of the result between marketer and customers because customer move on
loyalty ladder every customer wants loyalty in their products or services. Both loyalty ladder and
Paret principal are very useful because they help customer reinvention and loyalty. Ladder
loyalty refer to the advocate, client, customer.
3.4 Describe the nature of British fashion council relationship with London fashion week.
In the lakme London fashion week is the is most famous fashion company in regarded to
relationship marketing. There is number of reasons for which include loyalty programmes,
systematically added at a every customer touching point and making it difficult for customer to
actual end of the relationship. British fashion councils relationship with London fashion week are
non profit organizations that aim to interest of British industry and London week fashion its
designers businesses by support and sharing a collective knowledge, experiences and resources
of the sectors (Shahzad, Rutherford and Sharfman, 2017). The British fashion council's depends
some specific strategies that is businesses, reputation, educational, digital and investment.
London fashion week show of women start every February and September and men 's fashion
week start month of June. Paris giving a this opportunities to promote themselves overseas and
also take designer to internationally market like Brazil, New York and Hong Kong. The BFC
also arrange the fashion award the UK yearly great celebrations within the industry and London
fashion week and this even in openly in the market place.
BFC is very help for various stages of the businesses like support to the collages and
providing scholarship and facilitates links between fashion industry and graduate fashions. The
main purpose of this event giving an opportunity both women and men to show their talent and
interest in fashion industry. Through these events show a latests trend in the market and to
promote fashion industry.
3.5 using communication plan template on the similar slides, channels of communication for
messages and modes.
What when To Whom How
Maintained the
product quality in term
to get the best possible
Everyday Designer Advertisements
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results.
Attract customers by
good presence of
services.
Everyday Designer New letter
Stable the quality of
management.
Everyday Social media
marketing
3.6 Justify each of the outlined messages and chosen mediums
Stakeholders is the major holders of the organisation which influence company policy
and effective management tools (Barnett, Henriques and Husted Corregan, B 2018). Along with
that, it will also help to manage the effective working environment which helps to manage the
working environment in the organisation. Stakeholder is the most important and necessary
holders in the organisation which makes the organisation planning which promote organisation
task and organisation essential organisation planning. On the other side, it will take planning and
essential task for the organisation which makes effective challenging important essential process
of working. Moreover, another process which taken in this task that to make the essential process
of working (Shahzad, Rutherford and Sharfman, 2014). Moreover, it is the another process. Long
with that, in for this method of channel for this method it will also explain about the route of
differences which makes essential target plan. Along with that, it will also taker medium which
helps to make the effective management tools and techniques. Which also help to influence
effective management task and process. For making stakeholder effective and wants to attract
effective management task London fashion week adopt channel through make communicative
plan and policies (Eskerod and Jepsen, 2016). Moreover, modes to meet the objectives and
targeting market company needs to adopt communicative management plan to make the good
connection with the stakeholders' communication with analyse the process of working in the
environment. Moreover, along with that, there are different modes of messaging and different
task to make the effective behaviour with the effective management performance which helps to
motivate employees, customers by its best effective performance. It brings new changes in the
environment which influence different challenges. Fashion week adopt medium of social
marketing through which makes effective management tools and techniques which makes
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effective impact on the organisation behaviour. It also adopts different medium which effective
process of such as email marketing, social marketing and impact on the behaviour (Long,
Charles and Stephenson, 2015).
3.7 Discuss how the British Fashion Council account manager can maintain loyalty with key
designers post the London Fashion week event.
Customer or client loyalty would be including that they are been maintained within the
organizations for longer duration of time with the company so that firm is getting benefits from
them. The British Fashion Council before they are been inaugurating the London Fashion Week
they would be communicating to their designers all the important things like that who would be
the models for the fashion week etc. in order to maintain the loyalty with the fashion designers
they should be making them all feel very much into their organizations. Company must be
giving them all the best type of services as only this way they could be maintaining the loyalty
with the British Fashion Council (Barnett, Henriques and Husted Corregan, 2018). In the way if
they are realising the promise value towards their key designers they could also gain and
maintain their loyalty with the same organizations for longer duration of time. The account
managers should be keeping all correct and proper track of the things or expense which
company is doing on the key designers so that there are no discrepancies into their books of
account. In this way they would be delivering pleasant user experience by giving them the best
quality of service by providing them timely finance could also be other way out.
This becomes very much crucial and important they the key designers if they are wanting
the help of account managers at any time they are helping and assisting them. As designers of
London Fashion Week could be having the need and emergency of amount or fund at any time
which would be provided by the account managers of British Fashion Council only (Barnett,
Henriques and Husted Corregan, 2018). All the points that are leading to non satisfied customer
or designers should be avoided by the firm so that their fashion week could be successful.
CONCLUSION
From the basis of above section it can be concluded that, moreover, it can be concluded
British fashion council gives more opportunity and growth for the upcoming event of lakme
fashion week moreover, study was discussed about the Stakeholders' importance and their
importance value in the organisation. It also discussed about the attractive message and impactful
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messages to implement the productive work task. Moreover, on the basis of above discussion all
the stakeholder of the British fashion council will happy and satisfied with the company
behaviour.
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REFERENCES
Books and journals
Barnett, M. L., Henriques, I. and Husted Corregan, B., 2018. Governing the Void between
Stakeholder Management and Sustainability.
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management. Marine Policy. 57. pp.53-60.
Yeleneva, J. Y. and et.al., 2018. Corporate knowledge management in Ramp-up conditions: The
stakeholder interests account, the responsibility centres allocation. CIRP Journal of
Manufacturing Science and Technology.
Barnett, M. L., Henriques, I. and Husted Corregan, B., 2018. Governing the Void between
Stakeholder Management and Sustainability.
Barnett, M.L., Henriques, I. and Husted Corregan, B., 2018. Governing the Void between
Stakeholder Management and Sustainability.
Long, R. D., Charles, A. and Stephenson, R. L., 2015. Key principles of marine ecosystem-based
management. Marine Policy. 57. pp.53-60.
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management: a systematic review. International Journal of Physical Distribution &
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Cassell, B. A., Scheller, R. M. and Nielsen-Pincus, M., 2017. Would You Like Fires with That?
Using Stakeholder-Derived Forest Management Preference Maps to Model Landscape-
level Fuel Reduction Treatment Effects on Wildfire Spread.
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performance: improving firm environmental policy through stakeholder
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