Stakeholder Engagement in Business Management: A Report

This report examines the principles of business management through the lens of stakeholder engagement, focusing on multinational food companies and local airports. It identifies key stakeholders such as investors, consumers, and employees for food companies, and passengers, air carriers, and other organizations for airports. The report explores the importance of effective communication, transparency, and ethical practices in managing these stakeholder relationships. It also highlights how stakeholder interests can influence business outcomes and emphasizes the significance of corporate social responsibility. The analysis includes specific examples of stakeholder interactions and the implications of these relationships on business performance, drawing on academic research to support its findings. The report aims to provide insights into the complexities of stakeholder engagement in a globalized business environment, offering practical considerations for businesses seeking to enhance their stakeholder relationships.

Running head: PRINCIPLES OF BUSINESS MANAGEMENT
Principles of business management
Name of the student:
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Author Note

1PRINCIPLES OF BUSINESS MANAGEMENT
Stakeholder engagement at multinational food company and local airport:
Stakeholders has been actively involving in the existence of any company due to the fact they
can positively or adversely influence the outcomes of what any business performs. It is known that
various multinational food companies has been recognizing and respecting the inclusion and
diversity effectively. This indicates every employees to come from various distinct locations,
genders, races and ethnic backgrounds. Here, the role of stakeholder engagements lies on the basis of
effective governance and corporate committed by the inclusive approach of the stakeholder. The
various stakeholders for multinational food company are demonstrated below.
Investors:
The multinational companies performing business on food facilitate the constant engagement
and communication with investors. This involves the AGM or Annual General Meeting distribution
of financial data and performance analysis of the company. The businesses are been committed in
helping investors to undertake informed decisions and make the stakeholder investment secured.
Hence, as the company faces failure for fulfilling the interest of investors, the investment for the
future can decrease.
Consumers:
Commonly these type of business are seen to maintain transparent communication, openness
and values with customers across forums, marketing and one-on-one interaction. This is obvious
cause that the organization ensures the deepening of business knowledge and evaluation of
customers for assuring strategic collaboration at every level. As the product of those companies
never show satisfaction that might lose various customers (Shnayder, Van Rijnsoever & Hekkert,
2016).

2PRINCIPLES OF BUSINESS MANAGEMENT

3PRINCIPLES OF BUSINESS MANAGEMENT
Employees:
Maximum of the food companies that are multinational comprise of multi-ethnic staffs
around the globe. Here, the focus areas of the company involve the training, remuneration and
initiatives of safety. The employees of those organizations are the most expensive assets. This
generates the values with opportunities of job, career scopes and remunerations and development of
their skills in long and short term. At this case the as the businesses are unable to pay every staffs
with essential necessities, that fail to continue working (Cullerton et al., 2019).
For the airlines the stakeholders involve the following.
Passengers:
This includes, arriving, originating, transfer domestic and international and shuttle or
commuter passengers. They might not be mutually exclusive in nature. Instead distinct passenger
might be one of the member f more than a single sub category of passenger.
Education, sports, arts, tourism, commerce and business organizations:
Some of them are the direct type of user through exporting or importing services. Others are
indirect customers of airport due to customers. That is travelling across the airport (Sengur &
Vasigh, 2018).
Air Carriers:
The air carriers has been choosing airports on the basis of passenger demand for the service
from and to airports. It lies on the basis of operating cost at airports. Airlines have the aim to gain
greater yields. The airports has been serving role to provide access towards markets of high yield.
Different attractive airports assure less expense of operations of air career at airport. It involves the

4PRINCIPLES OF BUSINESS MANAGEMENT
decrease of the fees charged directly to the air careers with maximizing of the revenues that are non-
aeronautical. Besides, there is the cost minimization that is been incurred from the side of air careers
with delay over ground (Murphy & Efthymiou, 2017).

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References:
Cullerton, K., Adams, J., Francis, O., Forouhi, N., & White, M. (2019). Building consensus on
interactions between population health researchers and the food industry: Two-stage, online,
international Delphi study and stakeholder survey. PloS one, 14(8).
Murphy, G., & Efthymiou, M. (2017). Aviation safety regulation in the multi-stakeholder
environment of an airport. Journal of Air Transport Studies, 8(2), 1-26.
Sengur, F. K., & Vasigh, B. (2018). An assessment of airport governance policies with a stakeholder
perspective. Stakeholders, Governance and Responsibility, 189.
Shnayder, L., Van Rijnsoever, F. J., & Hekkert, M. P. (2016). Motivations for Corporate Social
Responsibility in the packaged food industry: an institutional and stakeholder management
perspective. Journal of Cleaner Production, 122, 212-227.