Stakeholder Responses

StakeholderResponses

Iagree on the concept but to add on it, obstacles that modernorganizations face can as well be classified as adapting to change,managing workforce shortages, organizational health, central versusdecentral, managing creativity, managing talent, masteringcomplexity, and sustainability (McDonald, 2014). These stakeholdersaffect either the internal or external operations of the business.Internal stakeholders are critical to the success of the businessand, therefore, they should be motivated to work by assuring them onthe benefits that will accrue to them as a result of innovation(Mascarenhas, Nunes, &amp Ramos, 2014).The success of a companydepends on how management has taken an initiative to communicate withits existing stakeholders regardless of whether they are internal orexternal (Bourne, 2012).

Iagree with the types of segmentations done. Similarly, segmentationof stakeholders is only possible if groups of stakeholders withcommon interests and attributes to the business are identified(McDonald, 2014). Publics can be segmented by use ofcross-situational approaches or the situational approaches. Theapproaches segment stakeholders according to consequences andresources and problem and issue respectively (Mascarenhas, Nunes, &ampRamos, 2014). These two approaches are equally important and no anyone approach that can be discriminated at the expense of the other(Bourne, 2012).

Iam in line with the idea of the influence of consumers and employeeson the financial decisions. The two have a direct contribution to thevalue of a firm (Mascarenhas, Nunes, &amp Ramos, 2014). Businessescan only last if they have the full support of the customers(McDonald, 2014). Managers should ensure that they keep close contactand continued communication with the customers of the businessbecause they provide the managers with exact information on how thevalue of the firm should be increased and the employees work on theinformation (Bourne, 2012).

References

Bourne,L. (2012). Stakeholder Relationship Management. A Maturity Model forOrganizational Implementation. Journal of Marketing, 3 (2), 1-17.

Mascarenhas,A., Nunes, L. M., &amp Ramos, T. B. (2014). Exploring theself-assessment of sustainability indicators by differentstakeholders. EcologicalIndicators,3975-83.

McDonald,D. (2014).The Firm. The Inside Story of McKinsey, the World’s MostControversial Management Consultancy. Journal of Marketing, 3 (4),67-98.