Stakeholder and Account Management : Report
Added on 2020-06-06
22 Pages5164 Words60 Views
Leadership Management
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Stakeholder and AccountManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................11.1 Brief background of Notting Hill Carnival...........................................................................11.2 Concept of stakeholder analysis............................................................................................41.3 Notting Hill Carnival ten stakeholders..................................................................................61.4 Interest of each identified stakeholder..................................................................................81.5 Importance and working of the Power/Interest matrix ........................................................91.6 Analysis of Notting Hill Carnival shareholder by power interest matrix..........................11TASK 2..........................................................................................................................................122.1 Relationship approach with City Of Westminster .............................................................122.2 Ladder of loyalty and current relationship stage between Notting Hill Carnival and CityOf Westminster.........................................................................................................................14...................................................................................................................................................142.3 Importance of Notting Hill Carnival organisers constructing trust and loyalty, with theCity Of Westminster.................................................................................................................152.4 Modes of communications and their objective with the message and medium..................152.5 How the role of the account manager will assist in developing relations with City OfWestminster...............................................................................................................................16CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONStakeholder analysis and Account Management is the process of analysing thestakeholder in terms of power and interest. Notting Hill Carnival is the event organised in theLondon which is held on the streets for two days in the month of August. It is the secondlargest event held in the world where more than one million people visit. The report includesinterest/power matrix which help them to identify the interests and power of eachstakeholder. Relationship approach is also included in the report which indicate thatcommunication, trust and loyalty is important for any event.TASK 1 1.1 Brief background of Notting Hill CarnivalNotting Hill Carnival is the event organised in the London which takes place annuallyand which is being held since 1966. The event is orgamised on the street of Notting hill in theroyal Borough of Kensington and Chelsea. This event is held in the month of August for twodays, led by the British West Indian community which attracts more than one million peopleon annual basis (Wicks and Harrison, 2017). Their main aim is to make the event one of theworld largest street festival and the most important function in the British culture. In the year2006, this event was voted by the public as the icons of England.The event is organised mostly on Sundays and Mondays and called as the secondlargest event in the world after Rio DE Janeiro Carnival in Brazil. The event was firstlyorganised in the It was first taken place in the January 1959 in indoors at the Pancras TownHall and which was advertised by the BBC.BudgetThe budget for organising the event is $10,000 and these is distributed into several activities,that are as follows: 1.Royal Borough Of Kensington And Chelsea: Required $4000 because it is the placewhere event have organised.2.British Transport Police: $500 is required to take care that any mis-condut is doneduring the transportation.3.St. John Ambulance: It need $500 to take care of the people.1
4.City of Westminster: $1000 required to serve toilets to the public, proper managementof the street trading sites, stop unlicensed operation, removing waste and rubbish fromthe street 5.Metropolitan Police Service: $400 is needed to take care that event will finish withoutany criminal conduct.6.Transport of London: $600 is required so that proper transportation is facilitated.7.London Underground: It requires $3008.London Buses: $700 id needed to facilitate transportation in local area.9.London Ambulance Service 100010.London Fire Emergency and Planning Activity: $100 required for any emergency likefire.11.Food stalls: It requires $500 so that food is served to the event members andparticipants.12.Accommodation: $400 is needed.Sources of finance: There are different sources of finance from which the capital can beraised which includes internal and external source, that are as follows: Internal sourcesRetained profit: It is some profit which is kept with the organisation, rather thanpaying to the stakeholder. It is regarded as the important long term source of finance.Notting Hill Carnivalis the event that take place year, so they can keep some percentof earning as reserve and invest that money when the event is again organised.Sale of assets: Notting Hill Carnival can sale their assets which is useless for themand selling of assets will serve as capital for future investment.Share capital: Notting Hill Carnival can issue their share to the public or to theirstakeholders which help them to raise capital.External source2
Bank overdraft: It is the loan arrangement under which bank extend the credit to themaximum amount against the current account customer where check of cashwithdrawn can be made.Bank loan: It is most common form of loan by which long and medium term loanwhich can be taken by the bank and this is made for the fixed period such as 3,5, 7years. Notting Hill Carnival can take medium term, loan which help the to continuetheir operations.Ticket sales: It can be done by arranging tickets for the participants of the event andtaking money from the people who want to attend the event. Notting Hill Carnivalcan do ticket system by which find or capital will be arranged.Stroll hire: In the event, there are carious strolls, such as for food, exhibition,accessories etc. Notting Hill Carnival give that stroll on hire which help them toarrange fundsSponsorship: It is the act of supporting any event on the base of financially throughthe provision of products and services. Notting Hill Carnival take sponsorship fromvarious organisation, by this was they can raise funds and capital. Pricing of the eventDiscount pricing: It is the pricing strategy where the organisation sell their productsand services at the low pricing. Notting Hill Carnival can use discount pricing whileselling the tickets, foods, accommodation which help them to attract large customers.Price penetration: It is the pricing strategy where the organisation keep prices lowwhenthey launch new products. Notting Hill Carnival can use this pricing strategywhen they are arranging new activity in the event.3
Illustration 1: Notting Hill Carnival event(Source: Notting Hill Carnival event, 2016)The event’s mission is to foster the innovative development and enhance the diverseartistic characteristic. Thus, they want to transform the perception of London Hill CarnivalCulture Nationally, locally and internationally. Their mission statement states that they wantto use all the arts of carnival artistically and collaboratively as the catalyst to serve education,engagement, entertainment, integration, inspiration and artistic excellence (Helmig andIngenhoff, 2016).4
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