Answer to Question #264503 in Marketing for Akhona Klanisi

Question

Discuss the importance of stakeholders when setting organisational strategic intent when formulating an organisation’s vision, mission and long-term objectives. use any company as an example.

Answer 1

Key stakeholders to be involved in strategic planning are those having a vested interest in the success of the organization. They include employees, unions, customers, vendors, shareholders, regulatory agencies, owners, supply chain partners, community members, and others who depend on and/or serve the organization. Each has a unique perspective about what it will take for the organization to succeed. In the coca cola company for example, all projects in spite of its size, needs to have a clear cut idea and agreement about: who will decide the requirements of the project, the budget, resources, and standards and in case of any change in the project, which will do the authorization of the changes and so on. Although a project manager could independently decide all these factors, unless and until the key stakeholders agree to the decision made, the project will not be able to progress and will have no scope for success. Stakeholders brought into any decision or project development from the get-go are able to help provide ideas and help create potential solutions. Often, stakeholders come from varying backgrounds, and so they look at issues from differing perspectives. This enables opposing viewpoints to get expressed and discussed.

Finally, without commitment, you cannot ensure that your stakeholders will move in the direction you need to go. Building commitment through broad stakeholder engagement is an increasingly important element of the strategic planning process.