stakeholder engagement in business strategy development
Stakeholder engagement can mean the difference between success and failure for a particular project or for an entire organization. Ample research has been presented in the field of business on the benefits of stakeholder engagement in strategy development and management. By developing a foundational understanding of stakeholder engagement, strategic planners can be prepared for challenges and opportunities within an organization.
To prepare for this Assignment, consider the following scenario:
You are the CEO of a technology firm that is eager to produce innovative products required to perform well against the fierce competition. Your board of directors has requested that you prepare the firm for a new strategic plan that will incorporate dramatic shifts in organizational structure and business unit systems. It is your job to think about how the stakeholders in the organization might respond to these new initiatives. Be sure to consider the information presented in â€œCase 12: Lincoln Electric: Aligning for Global Growth,â€ provided in this weekâ€™s Required Readings, as well as examples from your professional experience.
Submit a 5- to 7-page briefing that details the new strategic plan. Your plan should include the following:
- The name, mission, and vision of your fictitious company
- The strategy name for the new product launch, including the strategyâ€™s theme or marketing slogan
- Who in the organization needs to be involved for this strategy implementation to be successful
- How you will communicate to your stakeholders â€œwhatâ€™s in it for themâ€ regarding the upcoming initiatives
- A description of the communication channels you will use as the CEO to ensure the company will gain â€œbuy-inâ€ to this initiative system-wide
Case 12: â€œLincoln Electric: Aligning for Global Growthâ€ (pp. C-112â€“C-118)