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Stakeholder Engagement: A Case Study

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Stakeholders have an interest in an organisation and they are affected by all decisions and actions taken by an organisation to attain its objectives. Stakeholders can be internal or external to the organisation. Stakeholder relationships are categorised in to the following four categories participative, collaborative, informative and defending. (Anon., 2017) Stakeholder engagement is a process of engaging with the relevant stakeholders (Morphy, 2015-2017). Stakeholder engagement is about addressing problems by providing strategies, infrastructure and processes. Identifying an entity’s stakeholders is thus important in the risk assessment process. The impact that the decisions made by companies have on stakeholders should be of high priority …show more content…

Anon., n.d. The first step in the process of stakeholder engagement is to identify the key stakeholders and stakeholder groups. Stakeholder mapping is a visual instrument and process used to clarify and categorise stakeholders by depicting what groups exist, their interests and powers, their role in helping the organisation achieve its goals and objectives or the means in which they are handled. (Anon., 2017) Stakeholder mapping should be well-defined as well as its objectives. It identifies the significance of various stakeholders and is portrayed through Mendelow’s Matrix. Figure 1: Mendelow's Matrix Source: …show more content…

As a result Truworths is generous in recognising my role as an effective team member.” Truworths aim is to create stakeholder value. The stakeholders identified are as follows “shareholders, financiers, the broader investment community, customers, employees, regulatory bodies, property landlords, trade unions and the communities in which they operate, as well as their suppliers of merchandise and services.” Truworths identified three primary stakeholders namely, shareholders, customers and employees. The reasoning for engagement with these stakeholders were established in the following manner shareholders are the main provider of financial capital, customers are the source of income as they purchase products whilst employees provide their skill and

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A Stakeholder is any individual who has a vested interest in a business and is affected by the organisations decisions and strategies (Pride, Hughes & Kapoor 2015, p. 10). Therefore, the people most affected by Graeter’s decisions to take a long term view of the business rather than aim for short term profits are the family members who have a stake in the business. At the present, Richard Graeter II (CEO), Robert Graeter (vice president of operations) and Chip Graeter (vice president of retail operations) manage the business and are responsible for all the decisions regarding its operations. Graeter’s management team have chosen to forgo the opportunity for short term profits by adhering to the traditional manufacturing process used by Louis

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In this assignment I am going to discuss the stakeholders of two contrasting businesses. Stakeholders of Cancer Research- Owners- For a charity the owners of the business will eventually want the firm to expand and grow over a certain amount of years, this will lead to the firm becoming more recognised and they can offer their service not just nationally but internationally.

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A stakeholder is someone who has interest or concern for an organisation or business. Stakeholders can be affected by policies, aims and objectives. An example of stakeholders would be employees and the government. Stakeholders can be individuals, groups and organisations. Owners of a business would be concerned about profit the business or organisation makes.

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In a competitive world market, businesses must have a thorough understanding of the processes and systems used within the company in order to determine whose interests need to be taken into account when implementing policies and/or programs. This stakeholder analysis is integral to growth and development. For large corporations which have multiple divisions and companies within their corporate structure it is essential to look at all aspects of the business model to identify stakeholders. Establishing the given responsibilities of the various divisions and the direct role they play in the economic success of the firm must also be considered. Many of the largest and most lucrative corporations in the world are those related to supporting military

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In this assignment I am going to discuss the stakeholders of two contrasting business’. Sainsbury’s: One important stakeholder is owners. The owners of Sainsbury’s they have it in their best interest to make the business as successful as possible by setting aims and objectives for themselves and their employees. They want to make the most profit they possibly can whilst keeping their customers and suppliers happy.

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Know Your Business Environment Unit No. 1: The Business Environment Pervez Ghazi Shaikh Date Submitted: 31/10/2016 Carl Loraine Cruz 20154176   Target is the organization that I have chosen for this assignment. Target is a famous discount retailer in United States that was founded by George Dayton. It was formerly called Dayton’s Company in 1910.

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Every stake holders has its own needs and demands from the organization. Every stakeholder which are directly attached to the company requires the information as it required and his role. These are the persons, groups or other company which have legitimate interest in the company and its functions. These persons or the group directly or indirectly communicate with the company. Stake holder analysis is done below to understand the needs and demands of the stakeholders.

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The Stakeholder Salience Theory, created by Mitchell, Agle and Wood, are based upon the combination of the three relationship attributes to generate general types of stakeholders. These attributes include: Power; Legitimacy; Urgency. “Stakeholder salience” is defined as the degree to which managers give priority to competing stakeholder claims. Therefore if a stakeholder consist of all three attributes, he/she/it will be of most importance and will have more rights and privileges than a stakeholder that consists of only one of the three attributes. As seen in the picture on the right, you can differentiate between the different types of stakeholders, according to where they get placed given the attributes they consist of.

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Stakeholder analysis Stakeholder are entity that will affect the organization actions, objectives and policies. There are two types of stakeholder which is internal stakeholder and external stakeholder. The McDonald’s stakeholders are customers, suppliers, employees, managers, government, local communities and pressure groups. Customers Customers are the external stakeholders of the company, no customer mean zero profit.

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Obtain internal and external stakeholders’ commitment to the strategy and its implications Stakeholders are people who are invested in a company (time, money, employees). Internal stakeholders are directly connected to the company, like employees, owners and investors (Boundless, 2015). Employees: who have to be totally implicate in the company’s strategy, in the Ritz-Carlton this employee’s commitment start before to be selected for a job, the managers are looking for individuals with customer service talent and not skills. Since they are in contact with the guests, they are the image of the company, it highlight the importance of hiring a good team which will be in accordance with the company’s standards. Their goals are to make the budget objectives and to keep their post.

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Introduction This case study explores the acquisition of the Body Shop, which is one of the largest franchise cosmetics companies in the world, by L’Oreal. The main concentration of the case study aims at investigating the impact on business ethics and corporate social responsibility by the concentricity of the Body Shop and L’Oreal and how the general attitude and buying behaviour is distorted in the course of this acquisition. L‘Oreal being the big conglomerate in the cosmetics industry acquired the Body Shop International which is comparably small but having iconic brand of environmental and socially responsible concerns, on 17 March 2006, through a covenant of $1.2 billion. The combination of two brands in a newly formed conglomerate implies a combination of values, principles and associations that might affect a company’s appeal. The verity that L 'Oreal 's acquisition of the Body Shop provides plenty of potential growth opportunities is undeniable; nevertheless the question of how well the acquisition sits in the group of the world 's largest cosmetics company is another matter.

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Stakeholder define as a person, group or organization that has interest or concern in an organization. Some examples of key stakeholders are shareholders, employee, suppliers, customers and government. Not all stakeholders are equal. A company 's customers are entitled to fair trading practices but they are not entitled to the same consideration as the company 's employees.

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3. Stakeholders: Definition:A person, group or organisation that has interest or concern in an organisation. Stakeholders can affect or be affected by the organisation 's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources. Not all stakeholders are equal.

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Human Relation Management in Tesla Human relation management is a belief that individuals desire to be part of a supportive team that encourages growth and development (Business.com). Human relation management focuses on employee 's feelings, career enrichment, induction procedures, encouragement of teams, stability and motivation. The benefits of human relations management theory are rises in employee productivity, employee consideration, employee recognition, relationship building between employees and managers. Disadvantages are unpredictable workplace conduct, strategies based on behavior in the workplace and one method works for everyone. "Tesla is consciously creating a benefits structure that is different from what other companies

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The History of Business Ethics and Stakeholder Theory in America Ethics play a huge role in the global business field, since considerations have to be made on moral practices, values, and judgments that govern the direction and overall success of the company. Consequently, over the progression of history, managers, entrepreneurs, and stakeholders at the helm of organizations have always had the mandate of making moral resolves on matters of ethics. According to Hunter (2003), such an approach to ethical behavior prompts a substantial growth in the organizational corporation, as well as maximizing business profits, and creating a reputable company image (Cutler, 2004). Notably, the overall performances of organizations that take part in unethical

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