Stakeholder Analysis of Royal Ascot

This assignment delves into a stakeholder analysis of Royal Ascot, a prestigious horse racing event. It utilizes the Power/Interest Matrix to categorize various stakeholders based on their power and interest levels. The analysis categorizes groups such as caterers, temporary staff, sponsors, government entities, visitors, the royal family, and jockeys, outlining appropriate management strategies for each. The assignment emphasizes the importance of regular stakeholder analysis for understanding and addressing stakeholder needs.

Running head: STAKEHOLDER MANAGEMENT AND ANALYSIS
STAKEHOLDER MANAGEMENT AND ANALYSIS
Name of the Student
Name of the University
Author Note

1STAKEHOLDER MANAGEMENT AND ANALYSIS
Executive Summary
This report concentrates on the concept of stakeholders and their analysis. Stakeholders form
an essential part of the organization; hence, their stake needs to be managed well. Stakeholder
analysis of Royal Ascot has been done along with the Power/ Interest Matrix. The report
concludes with the importance of this tool.

2STAKEHOLDER MANAGEMENT AND ANALYSIS
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Defining a stakeholder...........................................................................................................3
Importance of stakeholder`s analysis.....................................................................................3
Stake holders of Royal Ascot.................................................................................................4
Interest of the Stakeholders of Royal Ascot-.........................................................................4
Power/ Interest Matrix............................................................................................................5
Power/ Matrix Analysis of the stakeholders of Royal Ascot.................................................6
Conclusion..................................................................................................................................8
Reference List............................................................................................................................9
Appendix..................................................................................................................................10

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Introduction
Stakeholders form an essential part of the organization. Their interest has to be taken
care of. For this, tools such as stakeholder`s analysis are used. The report throws light on the
stakeholder analysis of Royal Ascot with special reference to the Power/ Interest Matrix.
Discussion
Defining a stakeholder
A stakeholder can be defined as an individual, organization, social groups or the
society, which has a stake in the business or the efficiency of a business. Stakeholders can be
from the internal as well as the external environment of the business (Ferretti 2016). A stake
can be described as vital interest in the business or the activities. It can vary from ownership
and property interests to legal interests and obligations including moral rights
Importance of stakeholder`s analysis
Stakeholder analysis in the business domain can be defined as a process of
understanding and identifying the impact of a decision on the relevant party. This information
comes useful in assessing the interest of the stakeholders and how they should be addressed
in the planning, policies, programs and other actions relevant to a business (Bottero Mondini
and Datola 2017). Stakeholder analysis forms a primary component of stakeholder
management. In a stakeholder analysis, the procedure comprises of balancing, weighing and
measuring the various demands placed on the firm by the particular stakeholders having a
stake in the particular issue or a problem. In this analysis, the aim is to keep the interests of
stakeholders in vision and compensate those who have been affected. The stakeholder`s
attitudes can be assessed regularly to track their changes using a stakeholder`s analysis

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(Mindtools.com 2017). The benefits of this include-Identification of risks and identification
of primary stakeholders who affect the business adversely.
Stake holders of Royal Ascot
They include:
1. Race goers- These are the people who attend the race meetings regularly.
2. Employees- These include the managing staffs who manage the various events that
take place at Royal Ascot. Royal Ascot conducts various events like weddings and
conferences.
3. Jockey- They is the ones who handle the horses. Their interest is of extreme
importance.
4. Caterer- Royal Ascot has appointed a single caterer since 1998 named - Sodexo
Prestige. During the races there are 39 kitchens operating for delicacy.
5. Outside vendors or suppliers- There are various suppliers like bars and food outlets
around the racecourse who are dependent on the welfare of the events of Royal Ascot
(Ascot.co.uk. 2017).
6. Temporary hospitality staff- During the races various staff members are hired on
temporary basis for cleaning, catering and maintenance purposes.
7. Sponsors- These are the primary stakeholders who sponsor the event
8. Government entity- Royal Ascot has to abide by certain rules and regulations for ease
of functioning
9. Visitors- Visitors include first time visitors, wedding party and other event members
10. The royal family- The royal family opens the race in June every year. They are the
primary reason behind the huge crowd.

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Interest of the Stakeholders of Royal Ascot-
1. Race goers-There satisfaction depends on the success and management of the races.
2. Employees- The employees have an internal stake in the success of the company.
Their livelihood depends on these events.
3. Jockey-If the jockeys are not pleased, they can spoil the show.
4. Caterer- The caterers would like the maximum crowd pull to increase their sales.
5. Outside vendors or suppliers- The outside vendors, set up food counters and stalls for
the people who visit the races. The suppliers tend to provide various equipments
required, hence they have a considerable stale in the success of the event
6. Temporary hospitality staff- The temporary staff is present during the peak seasons.
They tend to perform tasks when the crowd pull is the highest. There employment
depends on the success of the races (Ascot.co.uk. 2017).
7. Sponsors-the sponsors would like to have maximum return for the investment.
8. Government entity- The government aims at the welfare of the people. It requires the
law and order to be maintained.
9. Visitors- They is the customers and their needs must be met primarily.
10. The royal family- The royal family is the primary stakeholder. Their name is
associated with the brand. Hence, they would want it to be conducted ethically and
efficiently.
Power/ Interest Matrix
When managing a project, the interest of various stakeholders needs to be considered.
However, not all stakeholders are equal (Horton and Pilkington 2014). Some stakeholders are
more important than others are and need to be dealt with accordingly. In order to understand
which stakeholder needs maximum attention, a power/ interest matrix is used.

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A power/ interest Matrix, also known as Power/ Interest grid, are a management tool,
which helps the managers to categorize the stakeholders in order of increasing power and
interest in a project. This tool helps the firm to focus on the key stakeholders who can turn a
venture into a success or a failure. In simple terms, the matrix helps in stakeholder
prioritization (Andriof et al. 2017)
The process involves documenting the interest and motivations of the stakeholders,
identifying the conflict among the different stakeholders. It also involves identifying the
relationship between the stakeholders and determining the level of involvement required from
each stakeholder for a particular project.
Use of this matrix, the firm can determine the stakeholders who need close
management and those who need minimum management. This tool thus, helps the firm in
channeling their time and energy on the stakeholders who have the highest interest and most
power in the venture`s success.
The Power/ Interest Matrix is the second step of the Stakeholder Matrix, where each
stakeholder`s contribution and importance is identified and plotted against the matrix ranging
from the power to interest (Weiss 2014). The ones with high power and high interest need to
be managed closely and the ones with low power and low interest need to be managed with
minimum effort.
A sample matrix has been provided in the Appendix.
Power/ Matrix Analysis of the stakeholders of Royal Ascot
The power/ interest matrix has been done in the excel sheet attached.
The kind of influence of each stakeholder has been explained below:

7STAKEHOLDER MANAGEMENT AND ANALYSIS
Race-goers- They belong to the high power, low interest quadrant. These are cautious
stakeholders. They have high power because they are the main customers of the races. Their
presence is important to the event. They need to be kept satisfied.
Employees- The employees belong to the high power, high interest quadrant. They are the
main backbone of the organization and their participation is crucial for the welfare of the
events. They need to be managed closely
Caterers- They belongs to the high interest, low power quadrant. They have high interest in
the welfare of the organization; however, the power is not as high. This group needs to be
well informed about the actions and operations.
Vendors and suppliers- They belong to the same matrix as the caterers. This group needs to
be well informed and their interest stake is high.
Temporary staff- They belong to the lowest quadrant as they have low interest and low
power. They can be easily replaced and therefore their stake needs to be monitored.
Sponsors- They belongs to the most valuable quadrant with high power as well as high
interest. They are the source of funds for the events and need to be managed closely for the
success of the events as well as the organization.
Government entity- They have been placed in the high power but low interest quadrant
because their interest in the welfare o the organization is not very high. However, they have
adequate power, which is essential (Harrison, Freeman and de Abreu 2015).
Visitors- These are the visitors who are not that regular in attending the events, their power is
high, but their interest in the events is not adequate.

8STAKEHOLDER MANAGEMENT AND ANALYSIS
Royal Family- The royal family belongs to the respective quadrant because of their high
power in the society, however, their interest in the event is not enough.
Jockey- The jockey`s are the key drivers of the event. They are often ignored but must be
managed closely.
Conclusion
Therefore, from the discussion it can be concluded that stakeholder analysis is an
important study, which should be undertaken regularly to monitor and understand the needs
of the stakeholders. Royal Ascot has various stakeholders, who need to be managed
accordingly by making use of the Power/Interest Matrix given.

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Reference List
Andriof, J., Waddock, S., Husted, B. and Rahman, S.S., 2017. Unfolding stakeholder
thinking: theory, responsibility and engagement. Routledge
Ascot.co.uk. ,2017. Ascot Racecourse | Royal Ascot Horse Racing | Home. [online] Available
at: https://www.ascot.co.uk/ [Accessed 17 Nov. 2017].
Bottero, M., Mondini, G. and Datola, G., 2017. Decision-making tools for urban regeneration
processes: from Stakeholders Analysis to Stated Preference Methods. Tema. Journal of Land
Use, Mobility and Environment, 10(2), pp.193-212.
Ferretti, V., 2016. From stakeholders analysis to cognitive mapping and Multi-Attribute
Value Theory: An integrated approach for policy support. European Journal of Operational
Research, 253(2), pp.524-541.
Harrison, J.S., Freeman, R.E. and de Abreu, M.C.S., 2015. Stakeholder theory as an ethical
approach to effective management: Applying the theory to multiple contexts. Revista
Brasileira de Gestão de Negócios, 17(55), p.858.
Horton, L. and Pilkington, A., 2014. Rolling Back from the Power/interest Matrix: A New
Approach for Role Based Stakeholder Engagement in Projects.
Mindtools.com ,2017. Stakeholder Analysis: Winning Support for Your Projects. [online]
Mindtools.com. Available at: https://www.mindtools.com/pages/article/newPPM_07.htm
[Accessed 17 Nov. 2017].
Weiss, J.W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-
Koehler Publishers.

10STAKEHOLDER MANAGEMENT AND ANALYSIS
Appendix
F
Figure 1: Stakeholder`s Power/Interest Matrix ( Source: Mindtools.com 2017)