The reason for step 7 is to attain an authorized organizational choice to adopt and continue with the strategic plan or plans. Strategic review and adoption includes the originality and freewheeling the thoughts, actions, guidelines, resource distribution, choices and agendas. Adoption of strategies concentrates primarily on handling the strategic issues and outlining the answers to the critical challenges. This might likewise take place in step 6 but will usually be required to have its own step. An organization may choose to adopt an extended term or brief term strategy.
Stakeholder engagement is about addressing problems by providing strategies, infrastructure and processes. Identifying an entity’s stakeholders is thus important in the risk assessment process. The impact that the decisions made by companies have on stakeholders should be of high priority
In Stakeholder theory, the employees are viewed as individuals with specialized skills, which provide value to the company. According to Berens (2012), the relationship between the company and employees is very important. By involving the employees in decision making process such as long term planning and short term planning provide an in depth contribution as they are working in the company, they have unparallel knowledge of the inner company workings thus have insight in to what will or won't work in the company. Example employees are the one creating a brand, respect and reputation for the company. They spend countless hours with customers thus they know and understand what they want.
These issues allowed for the loss of competitive advantage, and customers. However, these issues are challenges which can be rectified with the implementation of a methodological construct. Palmer, Dunford, and Akin argued that, “a strategist, utilizing the traditional organization development approach, along with structural activities, helps the organization employees resolve their problems” (Palmer, Dunford, Akin, 2009, pg. 194). Palmer, Dunford and Akin identified a number of action steps which must be prioritized in order to erect a change plan.
Stakeholder management is as a key part of an organisation’s effectiveness. Advocates, sponsors, and managers of change are only a few roles that stakeholder may be in. (Ipsos 2009). Building a successful brand is effective if brand value is generated. Through the relationship performance between the relevant stakeholders and the brand, brand value and equity can be created.
Internal stakeholders are the individuals or bodies within a business (e.g., employees, managers, the board of directors, investors), while external partners are elements that are not within the business but rather think about or are influenced by its execution (e.g., customers, suppliers). 2.3 STEPS IN ENGAGING WITH STAKEHOLDERS Following the (AccountAbility, 2011) model, the steps involved in engaging with stakeholders are: Recognize Stakeholders and Key Issues Profile stakeholders to perceive their interests, knowledge, and ability to engage and categorize or outline stakeholders in view of their impact on the organization. These are no impact, low impact, some impact or high impact. Alternative dimensions that can be utilized to outline stakeholders include reliance on the organization, proximity and so on. This can be refined through rating scales or different strategies proper for the organization and context.
Discussion In this study, we have argued that a detailed focus on three ways of sensemaking interaction unravels how change agents intervene in actual practice. We have further argued that these sensemaking efforts are the microfoundations of sustainability embedding. Guided by the conceptual framework, we have unraveled the many types of sensemaking efforts that the change agents deployed in an ongoing and emergent process. Especially The longitudinal setting provides unique insights in the ways that the change agents try to push forward and keep the process going, also across organizational boundaries. Also, the inter-organizational setting of the process reconstructions has added to an understanding of the dynamics of translating
A company’s strategy is management`s action plan for running the business and conduction operations. (Thompson, A. A., Strickland III, A. J., & Gamble, J. E. 2007, p.3). The performance of an organization depends on how effective it is in converting a strategy into execution. Implementation is the key to being competitive and sustainable, given an appropriate strategy.
It also depends on the circulation of marketing intelligence across various sectors and company’s acknowledgement in return. Benefits of Market Orientation • Sales growth has a direct impact on market growth. Companies which are more focused towards market orientation, encounter sales outgrowth. • Market growth is proportionally related to increase in market share. This implies that those companies which are more focused on market orientation, experience higher market share.