Stakeholders in strategic management Essay Example | Topics and Well Written Essays - 2000 words

Stakeholders in strategic management - bear witness ExampleIn fact any commercial organization can blueprint a rattling wide constituency of its stakeholders. Its not a misnomer to call such(prenominal) interests as stakeholders- a connotation which is far hypernym to that of a lender. In fact the term stakeholders itself indicates that the organization concerned functions with such stakes in mind. because no organization can afford to function ignoring its stakeholders. In fact it consciously builds within its policies, obectives and describe systems accountability to such stakeholders and often takes up structured reporting to communicate the extent to which such interests are protected. On the obverse side of the coin, strategic management is scientific practice of ensuring that any organization not only if functions remaining on course to achievement of its great deal and long term objectives but also that such objectives and visions can be broadened, widened and deepene d according to changing environmental realities. While stakeholders are also scattered in its environment generally most organizations view the essence of scheme formulation as coping with argument (Porter, 1979) and they formulate a strategic structure accordingly (Chandler, 1962). This is rather a narrow view of strategy making which only reckons with competition. In fact both management strategies and business strategies should coalesce to form whiz unique strategy that addresses and monitors the interests of all stakeholders as the organization competes and grows.Strategic Construct Any strategic follow out plan has to be supported on the constructional skeleton of strategies, tactics and structure. Several strategic constructs have been send forward however very few are exhaustive enough to ensure a realized environmental scan so as to consciously build stakeholders concerns. Stephen Haines Centre for Strategic Management has build a new strategic planning system based o n systems thinking and calls it the 21st ampere-second Yearly Strategic Management System and Cycle. This system moves beyond planning into implementation. It includes a Plan-to Plan form and a Plan-to-Implement phase. The steps include team building and leadership skill building as bureau of the planning. It also includes a parallel process whereby all key stakeholders are involved based on the premise that People support what they help create. This process starts with a Futuristic Environmental Scan and defines the ideal vision in terms of mission, values and end outcomes that the organization wishes to set for itself. Only after the statement of such Ideal Future a Current State assessment based on SWOT(Strengths, Weaknesses, Opportunities and Threats) is taken up to identify the gaps and make strategies to close the gap(s).As a result of their clients adopting this model it was found that clients began developing competitive limit and the organization was much clearer on wha t their competitive positioning in market place was and found themselves pitiful positively in that direction, to the delight of their customers(Haines,2004).Thus this process leans directly into the process of competitive strategy making as it includes