need reply on these 2 post based on stakeholder management approachAPA
reply_1.docx
reply_2.docx
Unformatted Attachment Preview
Post 1
The stakeholder management approach is a way to develop an appropriate strategy to efficiently
engage with stakeholders, based on the scrutiny of their desires and interest, which should
influence the success in a positive manner (the “win-win” collaborative outcome). “The aim in
using the stakeholder approach as communication strategy is to change perceptions and ‘rules of
engagement’ to create win–win outcomes” (Weiss, 2014). Although the majority of examples
stem form a crisis, this approach can also be used as a planning method to predict and assist with
business decisions, events, and even policy outcomes (Weiss, 2014). The approach is typically
initiated by asking what external forces affect the organization. The stakeholder analysis is used
to identify strategies, actions, and policy results of firms in their approach with
stakeholders. The primary stakeholders of a firm typically include: owners, customers,
employees, and suppliers, whereas secondary stakeholders typically include: all other interest
groups (ie. the media, consumers, courts, governments, competitors and society) (Weiss,
2014). Finally, the approach has underlying imperatives that mandate businesses in their
fiduciary relationships to their stockholders: “(1) act in the best interests of and for the benefit of
their customers, employees, suppliers, and stockholders; and (2) respect and fulfill these
stakeholders’ rights” (Weiss, 2014).
The Cummins Engine Company, Inc. was found in 1919 by bank owner W.G. Irwin, in
Columbus Indiana. In 1999, the CEO, Tim Solso, set a new vision and mission for the
company. “Solso’s goal was to align Cummins employees, who were becoming more global,
behind a single company culture and purpose” (Berte, 2014). To me, this was a very good
stakeholder management approach, and one I would have made as well, because it involves
aligning employees with the vision and goals of the company. This ultimately affects the end
result and goals of the company in a positive manner, which, to me, makes this a strong
stakeholder management approach. I believe this effort creates a “win-win” outcome because it
positive influences the company when employees buy into the vision of the company, which is
one win, while also positively affecting the outcome and effectiveness of the company, which is
the second win.
References
Berte, E., & Vujovich, C. (2014). Balancing Stakeholder Interests and Corporate Values: A
Cummins Strategic Decision. 34(3), 139-153. Retrieved April 12, 2017, from
https://cb.hbsp.harvard.edu/cbmp/content/63655358.
Weiss, J. W. (2014). Business Ethics: A Stakeholder and Issues Management Approach
(6th ed.). San Francisco: Berrett-Koehler Publishers, Inc.
I believe the general idea of the case study was how to make everyone happy all at
once. To summarize the case study, an EPA was signed to add to the existing engine
technology and only a certain amount of time was given for the companies to make the
changes. The main company, Cummins, then had to decide whether they were going to
confirm or whether they were going to do the best for the consumer and the
stakeholders in their business.
According to the Association for Project Management, “Stakeholder
management is the systematic identification, analysis, planning and implementation of
actions designed to engage with stakeholders” (Stakeholder Management, n.d.). As an
organizational leader trying to implement this type of management approach, I would
start with keeping everyone involved in all aspects of the project. I believe collaborating
all together would give me as the leader a better understanding of what everyone is
looking for and then we can come up with the best solution to fit everyone’s needs and
benefit the company. While I was meeting with all of the stakeholders, I would also
make sure that everyone was on the same page with what the company’s core values
are and how we are expected to uphold them. By keeping everyone in the loop and
emphasizing what we are trying to do, we should be able to move forward in a matter
that helps all parties involved.
Berte, E. (2014). Balancing Stakeholder Interests and Corporate Values: A Cummins
Strategic Decision. Case research journal, 34(3), 139-153.
Stakeholder management. (n.d.). Retrieved April 12, 2017, from
https://www.apm.org.uk/body-of-knowledge/delivery/integrativemanagement/stakeholder-management/
…
Purchase answer to see full
attachment
Recent Comments