(Ashley & Amir, 2010) Intermediary stakeholders are not directly related to the organization but may have an interest in the organization. E.g. - government. The list of stakeholders of any company are-
The stakeholders have many expectations and it can be categorized as satisfied, exceeded, created or eliminated. The success of the organization depends if the expectations are met or not met. The expectations of the stakeholders can be overlapping and there are various operational and management goals are designed to satisfy the different stakeholder expectations. The expectations of the customers will be to get the better quality service and low costs and the expectations of the management and the company is to improve the return on investment, increase profit margins and control operational expenses. (Kumar, 1998)
There are different ways of achieving the stakeholder expectations. Defining standards for input, process and outcomes are very essential for meeting the requirements. The standards laid by the organization must be realistic, reliable, valid, clear and easily measurable. Firstly, the organization needs to analyze the stakeholders and understand their interest and impact in the organization. The organization then needs to develop a strategy that provides guidance to communicate and interact with the key stakeholders. The strategy developed need to be implemented across the organization to achieve the desired results. The stakeholder strategy should incorporate the following elements-
These results have to be periodically checked and monitored to access the results. This helps the organization to evaluate where they stand and what are the additional strategies that need to be adapted in order to improve the results with the organizations stakeholder. (Lauri, 2009)
It is very essential for the organization to organize regular meetings with the key stakeholders and involve them in every meeting. Review process should be initiated and approval of ...
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