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Managing External Stakeholders - Essay Example
1. With reference to one or more of the mentioned organisations Identify what you think are the key stakeholder groups relating to their core business(es), and analyse how far the organisations concerned are engaging with them, evaluating their activity.
Any businesses enterprise operates within a complex system of interests and influences…
The company management has to make a balancing assessment and evaluate all such external forces in order to adjust them with company's objectives. While taking crucial corporate decisions, it is necessary to know about the expectations of different stakeholders and to determine the extent to which they could and would exert their influence. Johnson & Scholes (1999) define stakeholder as, "Stakeholders are groups or individuals who have a stake in, or expectation of, the organisation's performance." For any organization to work, all the stakeholders have to pool their efforts. Terry & Franklin (1994) define management as 'a distinct process consisting of activities of planning, organizing, actuating and controlling performed to determine and accomplish stated objectives with the use of human beings and other resources'. Different organisations have different sets of stakeholders, whose nature and composition varies depending upon the nature of business. For example the Arsenal Football Club, besides being a soccer club is a public limited company in itself. As football club, its main stakeholders are, the players, the spectators, football fans, the club administrators etc. But as a plc, a broader array of stakeholders comes into picture. ...