StudentShare solutions
Triangle menu

Managing External Stakeholders - Essay Example

Not dowloaded yet

Extract of sample
Managing External Stakeholders

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. The Arsenal Holdings plc manages stadiums, matches, football teams, online TV channel, credit card business, sports academies, strategic partnerships with host of other organizations etc. Therefore the company has stakeholders from different corners of the society in general. The Arsenal Football Club started off when a group of workers at the Woolwich Arsenal Armament Factory decided to form a football team in late 1886. The club has now transformed into a full fledged company organizing different types of activities. The recent half yearly financial results for the company indicate an impressive growth rate with group turnover increasing to GBP100.8 million (2005: GBP57.0 million) as a result of higher gate and match day revenues at Emirates Stadium and sale of a property development site at Drayton Park1.

Similarly, British Petroleum (BP) is a leading oil and gas company. The company's operations include the exploration and production of gas and crude oil, construction and mining, manufacturing and transportation. Besides this the company also has a network of subsidiaries engaged in the chemicals, power and renewable energy sectors. The company maintains leading brands like BP, AM/PM, Aral, ARCO, Castrol etc. With operations spread over six continents in about 100 countries, the company maintains stakeholders in many forms and profiles. The humble beginning of BP can be traced back to 1901 when William Know tried to explore oil in Persia. But it was not before 1908 that the first commercial oil discovery was made in the Middle East by BP (Datamonitor, 2006). In 1935, the company prospered and was renamed the Anglo-Iranian Oil Company. Similarly, exploration expanded into North America (mainly Alaska), South America, Africa, and Europe. The war effort resulted in the British government becoming a shareholder in the company, an association which went on till 1987.

Any organization is managed by soliciting crucial support and guidance from respective stakeholders and by taking care of different factors affecting the functioning of an organization. A coordinated approach is required for taking care of all the ...Show more

Summary

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…
Author : hmarvin
Managing External Stakeholders essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Managing External Stakeholders"
with a personal 20% discount.
Grab the best paper

Related Essays

Stakeholders
I understand the penalties that apply for plagiarism and agree to be bound by these rules. The work I am submitting electronically is entirely my own work. Signed: (Please type your name) Date: 5th APRIL 2013 Executive summary The environment of conducting business today is not that stable and peaceful hence businesses have to find ways of penetrating so as to be successful.
6 pages (1500 words) Essay
Who Are Stakeholders Stakeholder Theory
Stakeholders are individuals, groups or societies who depend on the organisation to fulfil their need and of which the organisation depends on to survive (Johnson & Scholes 2007). However, the notion of stakeholders was viewed differently by Pesqueux and Damak-Ayadi (2005).
12 pages (3000 words) Essay
Stakeholders
The relationship between stakeholders and business organizations is mutually beneficial as organizations have realized that stakeholder management is an important factor in improving business performance. The stakeholder model of management theory highlights the advantages of a partnership between management and stakeholders encouraging a real and dynamic process of dialogue.
10 pages (2500 words) Essay
Stakeholders
The project presentation will be based on a unified approach aimed to address the varied interests of stakeholders. This project requires a
2 pages (500 words) Essay
Managing External Influences
Union Pacific Railroad Company is doing a great job till now to survive in the American railroad industry. Taking First plc as an example, we would look at the efforts of Union Pacific Railroad Company to maintain sustainability and their position as market leaders. Let’s carry out a PESTEL Analysis of the Union Pacific Railroad Company.
6 pages (1500 words) Essay
Managing External Influences on Local Bus Company
It will also seek to recognize the major stakeholders. Arriva plc has acquired a reputation for its enhanced transportation services in Europe. The organization has a vast fleet of buses, trains, and commercial
5 pages (1250 words) Essay
Managing external environment
avoid this, corporate planning is called for to put up a stable firm, which is able to override all upturns and downswings in an environment of business. Here, the owners of the business need the services offered by professional planners for the survival of a business.
10 pages (2500 words) Essay
Stakeholders Influence
ered by our organization because consumers’ satisfaction is a potential measure of our success as an organization, to direct the strategic planning at the well-being of the society, and to reduce the negative impacts of the activities of the organization on the environment. To
2 pages (500 words) Essay
Managing
The theories of the French postmodernist provide a platform for the analysis of individuals who apply power as a tool for coercion. Facult deviates from the discreet structures within which the
11 pages (2750 words) Essay
Internal and External Stakeholders
In order to make more buzz during the game’s release, the company had given the reviewers an opportunity to play the game that will enable them get a response from the players of the game. At the promotion of the
5 pages (1250 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation