Festival Republic: Stakeholder and Account Management Analysis

This report provides a comprehensive analysis of stakeholder and account management within Festival Republic, an event management company. It begins by defining stakeholders and their importance, differentiating between internal (employees, shareholders) and external (customers, suppliers, government) stakeholders, and discussing their respective needs and interests. The report then examines the use of the power and interest grid to categorize stakeholders and manage their engagement levels. The second part of the report focuses on relationship marketing within Festival Republic, exploring the concept of customer loyalty and the customer loyalty ladder, including suspect, prospect, customer, client, and advocate stages. It highlights techniques like UACCA and AIDA for database enhancement and attracting sponsors. The final section outlines the role of the account manager in maintaining customer relationships and the principles of stakeholder management, emphasizing the importance of effective communication and collaboration. The report draws on various models and frameworks to provide a practical understanding of stakeholder and account management strategies within the context of event management.

STAKEHOLDER AND
ACCOUNT MANAGEMENT

Table of Contents
Stakeholder and account management.................................................................................................1
Introduction..........................................................................................................................................3
Task 1....................................................................................................................................................3
1. Importance of stakeholders in Festival Republic.........................................................................3
Task 2....................................................................................................................................................6
2. Relationship marketing in Festival Republic...............................................................................6
Task 4....................................................................................................................................................9
4. Role of the account manager And principles of stakeholder management..................................9
Conclusion..........................................................................................................................................12
REFERENCES...................................................................................................................................14

Illustration Index
Illustration 1: Power and interest grid..................................................................................................7
Illustration 2: Loyalty Ladder...............................................................................................................9
Illustration 3: 5 Stage model..............................................................................................................10

INTRODUCTION
Stakeholders are the person or group of persons who are affected by the outcomes and
activities of business. Stakeholder management help the organizations to fulfil its goal by satisfying
its investors and also by recruiting necessary capitalist (Aaltone and Kujala, 2010). It is a process
to build and improve relationship between several participants with different interest and values as
per the expectations and agreed objectives with an appropriate management. It deals with
identification of collaborator's interest and influences and development of communication plan
between different stakeholders to achieve the main objective of the company (Aaltonen, 2011).
To complete the present report, Festival Republic has been taken into consideration. It is
popular event management organization and organizes large scale of festivals and music events.
Report will cover different stakeholders and its importance in the business. It will cover the
marketing mix concepts and communication activities of the event management company. It will
discuss the role of account managers in relation with the stakeholder management.
TASK 1
1. Importance of stakeholders in Festival Republic
Stakeholder is the important part of the company because they are those group of individual
person who are having something in the business and help a company to grow in their field
(Andersen and et.al, 2016). A wireless Festival company are having a different stockholder in their
different areal like music area, etc. Stakeholder participated in all the activity and event of the
company and having some part on the business.
External stakeholders/secondary stakeholder
 Event director
 Artist liaison
 Event Manager Marketing, Advertising, Publicity
 Marketing, Advertising, Publicity
 customers
 government
 suppliers
Internal stakeholders/primary stakeholders:
 Sponsors
 Venue Owner
 shareholders employees
Needs and interest of internal stakeholders

They are the part of organization. Stakeholders get involved in day to day decision of a
company. The important internal stakeholders of a festival republic company are employees and
shareholders. Shareholders buy share in a company and they are the part of t he company or
shareholders are the various important part of a company because they invest money into the
business (Bourne and Walker, 2014). On the other hand EMPLOYEES are the most important part
of the company assets of the company. Employees put their effort and achieve the goal of a
company. The need of both the person are important in a company to handle the situation of a
company or whether point related to the money without both this a company will not survive.
Internal stakeholder are greatly affected by the company decision, performance, profitability and
activity of the event management company. Without the internal stakeholder company will not
service in the long run.
Employees who are the assets of the company they work for the company to get the
remuneration. The board of the company who are elected by the member of the company and take a
responsibility which is about the company affairs (Bourne and Walker, 2015). The mangers who
take responsibility of entire department. Investors they are the important part of the company they
invest their money to the company. So both the internal and external stakeholder are important for
the event company. Both play their individual role so that company will easily take the decision.
Needs and interest of external stakeholders
External stakeholders of festival company are customers, suppliers and partners, creditors
and the government. They are not taking a decision making process of a company but get affected
by that decisions. External stakeholders are not taking active interest in the group but they can
access the information related to company (Bourne, 2015). They all are external part of company
and also important for the company for success and survival but do not directly effected a company
affairs like primary stakeholders. For the retailers consumers are the customers, A proper supply
chain is followed in a company and get effected by this.
Customers: Consumers are the customers and buy goods and use for their business. If the
consumer not buy the goods than the proper chain of supply is not followed properly.
Governments: Govt. play an important role taxation process, development and growth of a
company. A company pay the taxes whatever percentage is decided by the Governments it is
important for the company to maintain the relations with the government.
Suppliers and partners: Company maintain the relation with the suppliers and the partners and
share the vision , goals, and strategies with them so that growth of a company increases regularly.
Suppliers sells the company products with motive of profit making (Bourne, 2016),without the
suppliers a company will not expand their products.

Creditors: Every company wants a financing whether its is event management or the other.
Company always maintains the relation with their creditors and so that the problem of financing
never exhausted in a company.
Power and interest grid:
The power and/interest grid also known as the power/interest matrix. This matrix is
important because it helps a company to categorise the project stakeholders. It helps a stakeholder
to increase their power and interest in the projects. Through this company identified about the
projects level and records of individual employees (Cleland, 2015.).
This matrix helps a company a lot to determine the level, strength, weakness, of each
individual. By this matrix company determine that which stakeholder putting their great efforts in
the company effort or the fewer efforts and get effected by this.
Source: (Heising, 2012)
All, the stakeholders of a company are mapped according to this grid or the matrix.
 Minimal effort: In this grid stakeholder are not taking an active interest in the work so they
are grid according to this. They are active in related to getting any information of the
company but not taking part in the activity of the company (De Brucker, Macharis, and
Verbeke, 2013).
 Keep informed:this matrix show that people are having a low power but having a high
interest about what the company is doing.
Illustration 1: Power and interest grid

 Keep satisfied: this matrix show that people are having a high power but low level of
interest. They all are happy and satisfied with their work. So they are work according to
their power and use their power in a very effective ways but not taking an interest.
 Manage closely: this matrix show that initial stakeholders are having a low interest due to
changes in the situation they try to improve their interest. Sometime the situations change in
an event management company and the stakeholders are taking active interest in the work
(Elias, Cavana and Jackson, 2012).
In a company matrix is very important and in event management company this is matrix is
used so that each stakeholder in a different area measured according to that matrix in the festival
republic company.
TASK 2
2. Relationship marketing in Festival Republic
In an organization, there are several stake holders, employees (Top management, team
members), Event managers, customers, suppliers, sponsors, government, participants etc. workers
are the most important stakeholders in the company. Their activities, capabilities impact business
activities and overall growth of the company. Human resource manager hire such persons in
Festival Republic who have the ability to manage and organize effective events(Fassin, 2012). As,
they arrange effective events that will attract more customers in the organization Sponsors are
another main stakeholder in the company. They help to improve image, prestige, and credibility of
the company by supporting the events. It helps to attract more customers towards the products. As
an employee of event management, organization event manager should have good skills so that it
can save valuable time, And can be able to reduce overall operational cost of the company. Festival
Republic should give employees proper training so that they can enhance their performance (Gareis,
2011). Salaries, wages, incentives, health safety, accommodation should be provided by
organization so that its employees can take interest in the business activities and make the events
successful. Customers are the most important stakeholders as its overall business profitability
depends upon the loyalty of the consumers.
Company should build-up its relationship with its valuable sponsors. Organization should
discuss the plan of event with its sponsors then make them aware with the benefits of its outcome.
Customer’s loyalty ladder is one of the model which helps to develop long term relationship with its
customers. Aim of such model or relationship marketing is to satisfy the existing customers and
attracting new consumers (Heising, 2012). There are major 5 steps; Suspect, prospect, customers,
clients, advocates.

Source: (Newcombe, 2013)
Suspect: It is the person who comes across festival Republic's promotions. They are the potential
stakeholders of the company but currently not associated with the organization.
Prospect: If the customer is interested in product then he called prospect of the company. In this
situation, company give them helping hand and add him into ladder (Hillman and Keim, 2011).
Customers: He is the person who purchases goods or services from the organization. In this
situation, the firm is required to satisfy its existing customers or encourage them to buy again and
again product from the same and use their services.
Client: Relationship marketing help the customers to come back towards their services or products.
These are the persons those who are willing to invest in organizing other events in the future.
Advocates: He is the person who promotes business through mouth publicity. Company can offer
them loyalty through rewards, discounts, freebies invites to promotional events. By this way, they
will be loyal customers of festival Republic (McElroy and Mills, 2013).
To turn suspect to advocate, organization is required to satisfy its customers wherever they
call in the organization or came in the place. This process helps to attract new customers also. .
Illustration 2: Loyalty Ladder

These positive views attract new customers. If services are not appropriate then this ladder turns
into negative. Festival Republic uses club card system in which whenever customers call for
arranging any event either it is family function or official event then this card is scanned at the time
of payment. Those persons who are strongly connected with the company and continuously using
its services they get money-off coupons for the next purchase (Müller and Turner, 2010).
There are two techniques UACCA (unawareness, awareness, comprehension, conviction,
action) and AIDA (Awareness, interest, desire, and action). By using such techniques as per the type
of customers, company can enhance the data base of its valuable consumers. This helps to attract
even more sponsors too. Looking at customer’s side more sponsors, it will attract for investing in
such events. There are 5 Stage models of relationship marketing which help to improve the
relationship with its sponsors and customers (Newcombe, 2013).
Share: Before using services of the company, prospects talk for the company’s product with friends
who are using such services of the company. It means he is interested in festival Republic. In this
situation, logos, bloggers should be made in such a manner which can explain about the product and
services.
Attract: Marketing manager should identify the customers and attract him through attractive
strategies.
Illustration 3: 5 Stage model

Retain: The event management company is required to look at the retention rate of the
organization. If company not provide effective services to its customers then people will not come
again in this place.
Convert: It is important to convert prospectus into advocate by implementing plans and strategies
or by using marketing techniques (Olander, 2011).
Grow: If company provides satisfactory services to its customers and sponsors then it will provide
growth to the company.
TASK 4
4. Role of the account manager And principles of stakeholder management
Account manager is the person who manages sales and work to maintain the relationship
with particular customers. Managers try to build state with group of clients so that they can continue
use the product of the company. Account manager play different kind of role in Festival Republic.
Role are as below:
 Relationship lead
 Entrepreneur
 Innovator
 Collaborator
 Technical Expert
 Researcher
Different role play by the account manager:
 In managing the customer/relationship-oriented: Account manager is focused on the
customer relationship management so that client have trust on the account manager to
satisfied their needs and wants. This is only possible if account manager focus on the
strategies they made which should be properly made in interest of the customers (Olander,
2010).
 Role of strong communicator: Effective communication is required for maintaining a
balance in the festival republic company. A good skill of account manager leave a great
impression on everyone mind. So, that client is to be attracted.
 Role in the business judgements:The account manager should not focus on only on the
customer satisfaction but to also take a decision in fair of employees and their company.
 Role in goal oriented skills:Every account manager wants a profit for their company so he

should focus on the goal of a company. How the goal is to be achieved they focus on that
with keeping in mind the customer needs and wants to ultimate satisfied them (Rowlinson,
and Cheung, 2010).
Account manager need to build up and improve re;relationship among customers and
employees. He is responsible for the growth of company. As an entrepreneur he need to formulate
such plan and strategies which can give positive outcome to the organization. Account manager in
Festival Republic is the key person in the firm. HE manages all the sales record, inventory record,
resources, expenses, profit record. He need to develop innovative plans which can help to growth of
the business (Thiry, 2012). He need to perform so many tasks in the company like he should make
effective coordination between employees and customers. He should play a leader's role in which he
must motivate its employees so that they can perform even better. He should innovate and formulate
the invectives plans and strategies. As a researcher account manager need to find out critical
information which can harm to the company and maximize the business.
The account managers deals with the customers on the long term basis. They play an
important role in the customer satisfaction and they are responsible for the satisfaction of the
customer. Account manager deals with the external parts which related to the customer ultimately
aim to satisfied the customers (Too and Weaver, 2014). Account manager use the different variables
with different strategies regarding pricing, Costs, competitors. By using all this the account
managers try to satisfied their customers. Profit figures is ultimate goal of the account managers.
There are several principal of stakeholder management, these are as below:
Principle 1
Account manager should actively monitor all legislations and acknowledge interest of other
stakeholders which can impact on decision making and operations of Festival Republic. He must
timely identify the interest of different stakeholders like customers, sponsors.
Principle 2
Account manager need to communicate openly with stakeholders. So that, they can share
their respective concern and contribution in the company (Verbeke and Tung, 2013). He must time
to time make coordination with customers about their problem related with event by this way he
makes two way communication in the workplace that enhances the loyalty of its valuable
stakeholders. This is the process through which account manager can know about the needs and
interest point of various stakeholders and can offer such event as per the requirement of the
consumers.
Principle 3

Manager should identify the efforts of all stakeholders and as per their involvement he must
share and distribute benefit to all stakeholders. In this context there are two types of stakeholders;
voluntary and involuntary (Bourne and Walker, 2015). Voluntary patterns are those who have
participation in the business with own choice but involuntary holders are those who get affected by
the business regardless of choice. Account manager need to ensure that each stakeholder get
engaged in the event to fulfil this objective it is necessary that all partners should be benefited
equally, fair distribution should be there so that they be loyal towards the company.
Principle 4
Account manager should involve its business with public and private entities and also work
with them. He should develop partnership with such bodies, he should ensure the risk and try to
minimize such risks. Some events involve major risks at that time such entities can help Festival
Republic in its business operations.
Principle 5
Account manager should clearly outline various risk for stakeholders and try to avoid such risks like
eight of life (Bourne, 2016). There should not be any activity which can harm to the human life. He
should make balance between stakeholder risk and rewards.
Principle 6
Account manager is also one of the stakeholder on Festival Republic. He should manage all
legal and moral responsibilities effectively. If any conflicts occur in the company then he must try to
resolve such issues through open communication, appropriate reporting or if necessary then through
third party review. He must find a way to balance the power and desire for the event (Cleland,
2015).
Principle 7
There are so many stakeholders in the event management organizations. All have differed
exception and desire with the event and projects. Each desire and needs can not be fulfil by
company so account manager should be able to identify the way through which he can satisfy all the
stakeholders.
Principle 8
Account manager in the event company take a responsibility for every work and they should
monitor and the overall performance in the event management. They not only take the credit of
good but take a responsibility of whatever goes n the company (De Brucker, Macharis, and
Verbeke, 2013).