Stakeholder Analysis and Relationship Marketing for NACWS 2018 Report

This report provides a detailed analysis of stakeholder management and relationship marketing strategies applied to the National African Caribbean Wedding Show (NACWS) 2018. The report begins by outlining the aim of the initiative and providing an overview of the event. It then delves into stakeholder analysis, explaining stakeholder theory, identifying key stakeholders (investors, government, communities, customers, and promoters), and utilizing a power/interest matrix to categorize and prioritize stakeholders. The report further investigates the importance of relationship marketing, particularly with key sponsors like The Voice newspaper, and provides examples of how organizers met stakeholder needs. Finally, it emphasizes the importance of building trust and loyalty with sponsors, outlining steps to achieve this goal through planning, communication, and relationship-building activities. The report underscores the significance of these strategies in ensuring the success and sustainability of the event, offering valuable insights for event organizers and businesses alike.

STAKEHOLDER AND
ACCOUNT MANAGEMENT

TABLE OF CONTENTS
PART A...........................................................................................................................................1
Outlining aim of initiative and overview of NACWS 2018 event..............................................1
PART B: Stakeholder analysis.........................................................................................................1
Explaining concept of stakeholder theory...................................................................................1
Identifying minimum of five key stakeholders of NAWCS and describing stakeholders needs
and interest..................................................................................................................................2
Explaining Power/Interest matrix...............................................................................................3
Carrying stakeholder analysis with application of Power/Interest matrix and influence on
NAWCS event.............................................................................................................................3
PART C............................................................................................................................................4
Investigating importance of relationship marketing...................................................................4
Explanation of importance of organizers adopting relationship marketing approach with key
sponsor the voice newspaper.......................................................................................................4
Outlining examples which illustrate that organisers met or aimed to accomplish need of
stakeholders.................................................................................................................................5
Importance of building trust and loyalty with all NACWS sponsors and examples how to
attain it.........................................................................................................................................5
REFERENCES................................................................................................................................8

PART A
Outlining aim of initiative and overview of NACWS 2018 event
This is the 4th Annual National African Caribbean wedding show which took place on 7th
October 2018 as organised through MIH media. This is the fastest growing event along with
organiser of pop-up show which brings affordability and quality to savvy customer. This
wedding and lifestyle show is place where one could find that waiting experience is truly
amazing. In the similar aspect, award winning vendors along with suppliers of first class gives
groom and brides with quality and peace of mind. Furthermore, carefully chosen and vetted
wedding professionals would be there for answering the customer's questions, discussing ideas
and helps for mapping vision of big day.
NACWS 2018 is where brides of multi-cultural brides meet with multi cultural vendors
and ensures that nothing is lost in translation. One could spend day with vetted vendors along
with amazing blend of exhibitors and gives wedding plan about unfair advantage. While for
observing the finishing touch at start of process of wedding planning, NACWS 2018 would give
what one is looking for.
PART B: Stakeholder analysis
Explaining concept of stakeholder theory
Stakeholder theory is conceptual framework of business ethics along with organizational
management which would address ethical and moral values. This theory holds stakeholder of
company which considers about anyone is impacted through organization along with their
workings. This theory gives suggestions that objective of business is for creating much value
with possibilities of stakeholders. In the similar aspect, to attain success and to be sustainable
over time, then executives must keep interests of suppliers, customers, employees, shareholders
and communities aligned and going in similar direction. That view is in opposition to long held
shareholder theory proposed through Milton Friedman in capitalism, the stakeholders a company
must care about its shareholders and bottom line. Generally, innovation keeps these interest
aligned is very important compared to easy strategy of trading off stakeholders interest against
each other. Henceforth, through managing for executives, stakeholders would also create
possible values for purpose of shareholders and other financiers as well.
1

Identifying minimum of five key stakeholders of NAWCS and describing stakeholders needs and
interest
Investors: These are the major stakeholder of NAWCS 2018 as they require leader to maintain
their promises, developing a compelling growth strategy, aligning core competencies which
ensure that committed people would deliver the premises. With this context, investors reward
business with high confidence level in the future which translates market value of this Annual
National African Caribbean wedding show.
Government: These are stakeholders who could devise, enforce and pass laws and regulations
that might either fulfil objectives of effort or could directly cancel them out. This also comprises
regulators as they are need of leaders for governing themselves as per high ethical principals and
in consistent manner with legal and professional standards of Annual National African Caribbean
wedding show in both place London and Birmingham.
Communities: They are in need of leaders for building this event as socially responsible and how
they treat environment and way to serve larger community.
Customers: these are in need of leaders who builds compelling services and products so that they
could trust and when they perform, customers would give share of wallet.
Promoters: In this event, they are very important as they are one who really make effort to go,
and they care about invested in particular issue. In case, they are positive, they are required to be
involved and cultivated, While, paying attention to their opinions, and acceding about
2

appropriateness as if ideas are not acted on to ensure that they know why and which alternative
seems to better course. This is with possibility for making team's integral part.
Explaining Power/Interest matrix
This is a simple tools which helps in categorising stakeholders of project with increment
in power along with interest in project. In simple words, this lays emphasis on key stakeholders
who could make or break project as well as this helps for prioritization of stakeholder. It directly
pertains to stakeholders interest in project and with its application, one could identify
stakeholders for managing stakeholders to closely manage and stakeholders for considering
minimum effort. Moreover, it helps to channel time and energy on stakeholders to have most
interest and power in success of project. This tool could be used to know that how to work
strategically with stakeholders and its degree of difficulty in easy and moderate for experience
users and facilitators.
This leads to assess feasibility of activity of intervention and shows that intervention staff
which stakeholders must be trying for empowering and vice versa. This tool could be described
as it maps power and influence that stakeholders have on an intervention and identifies that
which stakeholder must be laid focus on undertaken actions.
Carrying stakeholder analysis with application of Power/Interest matrix and influence on
NAWCS event
High power Keep satisfied Manage closely
Low power Monitor Keep informed
Low interest High interest
High power Investors Government
Promoters
Low power Communities Customers
Low interest High interest
3

High power, high interest: Fully engaged as these stakeholders spend most effort and time to
manage and organise event.
High power, low interest: Bored over communication, as these people satisfied but not at high
extent.
Low power, Low interest: Keep in contact with these people but does not bore with excessive
communication.
Low power, high interest: These stakeholders are adequately informed, communication from
time to time to ensure that no major issues cropping. These people could be helpful especially
with details of interventions.
PART C
Investigating importance of relationship marketing
Relationship marketing implies consideration of better relationship with customer
markets along with enhancement and development of relationship with recruitment, internal,
referral, supplier and influence markets. In the present scenario, it is very important as it allows
to lay emphasis on those clients which are highly aligned with business so this leads to whole
nurturing and opportunity identification process gets better (Steinhoff and et.al., 2018). This
helps to enhance customer experience as various people left their current brand due to poor
customer service. Relationship marketing via giving superior customer service or to responding
to feedback on social networking websites, gives memorable experience to customers. In terms
of sales, got increment as it keeps customer happy or to retain referrals, good relationship
building would give outcome in high revenue for business. The customers who are happy with
business then this would reward with their hard earned money and information is passed to
family and friends.
Explanation of importance of organizers adopting relationship marketing approach with key
sponsor the voice newspaper
In the present scenario, it is very important for organizers to adopt approach of
relationship marketing as it is consumer-driven and necessitating plan to be competitive. It leads
to broad or long term objectives and lays emphasis to understand individual client wants and
needs. This approach should be carried with each level of contact, through conversation of initial
agent and to customer service support as well. Simultaneously, this impacts customer service,
4

branding, community/media relations, newsletter, referral programs, blogs and many more. If
organizer interact with their client then there is exchange of data as this seems very insignificant,
then this develops relationship with various marketing strategies especially with sponsor The
Voice Newspaper (Abeza, O’Reilly and Seguin, 2019). This would lead to communicate their
events stories with interactive features on their blog articles and even at their Facebook pages as
well with customers observing the commentary as key source of criteria. In the same series, its
plan should optimize and align every channel among customer and empower agents to virtually
interact with their clients.
The modern relationship marketing is to create two way conversations among brand and
its clients. This is all about listening needs and wants of consumer, tracing its activities and
responding with customised services which addresses unique health interests and for building
community.
Outlining examples which illustrate that organisers met or aimed to accomplish need of
stakeholders
The clear set of event's aim and objectives for event in terms to attain what is censorious
for host of different reasons. It is very important that objectives and aim of event is agreed and
defined at outset. The events could deliver multiple beneficial outcomes and impacts both for
organisers and its stakeholders as well such as community, customers, government, employees
and promoters. These different groups are borne in mind to develop and plan events for
increasing positive benefits arise through event and this would facilitate stakeholder support.
For instance: With context to its stakeholders are community and customers so on basis
of community, there would be adoption of eco-fiendly products in there event and waste would
be transferred for recycle or reuse. This is indirectly replicated as aimed to attain needs of
stakeholders and gaining competitive edge as well.
In the same series, the organisers provide customised products as per needs and demand
of their client and especially on timely aspect. It could be elaborated that, if customers are
satisfied then this will be one of the best aspect for attaining success and profit margin as well.
Henceforth, providing customised products shows that organisers has aimed to accomplish needs
of there stakeholders.
5

Importance of building trust and loyalty with all NACWS sponsors and examples how to attain it
Trust and loyalty is replicated as building block of strong customer base as it is very
essential to earn long term customers and could create numerous variations in success of
NACWS. It is very important to build relationship with NACWS sponsors as trust is known as
secret ingredient for sales and ultimate brand loyalty. In this organization, sponsors are very
important as if organiser forget to check with sponsor, then they will not deliver as per their
words and eventually, sponsor moves up. For fostering relationship with NACWS sponsor,
building trust and loyalty is very important so it initiates with planning, implementing and
creating sponsor support plan prior to signing first sponsor and its detail description is stated
below:
Steps Details
Creating plan Write and share plan with staff and allocate steps to team ans
these should work with every sponsor
First things first Thank to sponsor for being in team with card, gift and email
Designing a day of checklist Checklist for every sponsor for this day of the event and ensure
to deliver each aspect which was promised. Creating assignments
which would ensure that sponsor must have taken care if
everything falls apart on day of event.
Connection with sponsor Setting up phone call, so this will lead to better relationship and
to find about their interest. There are various chances that this
conversation will enable sponsor added value.
Introducing team members
with sponsors
Ensure that every team member known NACWS sponsor and
avoid to give negative details. Make some members as
representative for the day then this will lead to retain sponsor for
next year's event.
Monthly sponsor email Creating this would lead to sponsors updated with event and
keeps it as top of mind. Using email for welcoming new sponsors
and link to their products and service and sharing news about
registration numbers and detail about big improvements made in
6

plan.
Nice to have is better than
must have
Going beyond and above would make stand out and this will
make sponsor remember. For instance, can you have breakfast at
booth on registration morning, offering case of water.
Reflecting outcome Show numbers about event attendees, checklist and how every
thing was delivered as per promise.
Final touch Fostering relationship with NACWS sponsors as key is to keep
customer service as strong relationships.
7

REFERENCES
Books and Journals
Abeza, G., O’Reilly, N. and Seguin, B., 2019. Social media in relationship marketing: The
perspective of professional sport managers in the MLB, NBA, NFL, and
NHL. Communication & Sport. 7(1). pp.80-109.
Rose, J., Flak, L.S. and Sæbø, Ø., 2018. Stakeholder theory for the E-government context:
Framing a value-oriented normative core. Government Information Quarterly. 35(3).
pp.362-374.
Steinhoff, L. and et.al., 2018. Online relationship marketing. Journal of the Academy of
Marketing Science. pp.1-25.
Online
Power grid matrix. 2019. [Online]. Available through <https://www.brighthubpm.com/resource-
management/80523-what-is-the-powerinterest-grid/>.
The national Africa & Caribbean show. 2018. [Online]. Available through
<http://www.nationalacweddingshow.com/>.
8