Stakeholder and Community Engagement: Functions, Importance, and Strategies

RUNNING HEAD: Stakeholder and community engagement
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Stakeholder and community engagement

Stakeholder and community engagement
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Executive summary
Stakeholders fall into the category of both the internal and external stakeholders in the
business organization. Internal stakeholders are the employees, staff, managers and the
people who are internal to the organization, on the other hand the external holders constitute
of customers, shareholders and other external players in the business organization. The
purpose of the organization is to always work towards maximizing the return for external
stakeholders and to work by developing positive synergies with the internal stakeholders. The
report here depicts the functions and importance of various stakeholder groups, analysis of an
engagement plan, evolution of the communication strategies, and evaluation of stakeholder
management theory to predict the engagement plan and usage of social media plan to give
impetus to the engagement with the stakeholders. The mantra to effectively manage the
stakeholders is based on the pillars of effective and transparent communication,
empowerment and consistent engagement with the stakeholders. It is a stated fact that
stakeholders are pivotal to the success of the business organization, implying that
stakeholder’s management has to be one of the focussed areas for the business organization.
Contents
Executive summary...............................................................................................................................1
Introduction...........................................................................................................................................3
Functions and importance of various stakeholder groups......................................................................3
Analysis of strategies and development of an effective community engagement plan..........................6
Evaluation of appropriate communication strategies.............................................................................9
The relevant social network platforms.................................................................................................11
Evaluation of stakeholder management theories to predict stakeholder engagement 400....................12
Conclusion...........................................................................................................................................13
References...........................................................................................................................................15

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Introduction
The stakeholders are persons or group of persons who have interest in an organization. They
own share in the business and can affect action, objective and policies of an organization. The
creditors, directors, employees, suppliers, owners, and community are some examples of key
stakeholders. The community engagement not only benefits communities but improves
decision making and competitiveness of the company. This report defines the involvement of
stakeholders in the business management. It includes identification and critical evaluation of
the functions and importance of various stakeholder groups. The report has critically
analyzed the strategies required to predict the behavior of individual stakeholders and
developed an effective community engagement plan. The communication strategies have
been evaluated in order to maximize the purpose of internal and external stakeholders. The
report further examines the appropriate social network platforms which can be used to
influence a successful project implementation. Finally, the stakeholder management theories
are evaluated to predict the behavior of stakeholders.
Functions and importance of various stakeholder groups
The stakeholders have involvement in the project and have a vested interest in the success or
failure of an organization. They provide help on the issues from the beginning, planning and
at the execution of the project (Archambeault, DeZoort & Holt, 2008). So, the stakeholders
are accountable to understand the project functions. There are five major types of
stakeholders such as customers, employees, investors, suppliers, communities, and
governments.

Stakeholder and community engagement
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The stakeholders are classified as internal and external. The internal stakeholders bear direct
impact of the project such as employees. They are directly involved in the financial and
operational process. The external stakeholders are not a part of the business but have interest
in the outcome like suppliers. They are indirectly affected by the operations of an
organization.
The stakeholders are usually investors of a company whose actions determine the outcome of
business decisions. Every business has a different approach to the stakeholders. The role of
stakeholders differs among businesses. It depends on the rules and responsibilities laid down
by the company (Beringer, Jonas & Georg Gemünden, 2012).
The role and importance of stakeholders
Community: A successful relationship between a business and stakeholders are developed by
working together towards a common goal. The employees rely on the business for their
livelihood. If the employees are treated well in the organization then work in the best interest
of the company and beyond the requirements of the job. If the comfort or products and