Discussion Stakeholder Engagement in Business Strategy Development
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 "Case 12: Lincoln Electric: Aligning for Global Growth," provided in this week'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 strategy'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 "what's in it for them" regarding the upcoming initiatives
· A description of the communication channels you will use as the CEO to ensure the company will gain "buy-in" to this initiative system-wide
Discussion Role of Stakeholder Engagement
To prepare for this Discussion, review the strategy practice case you analyzed in the Week 3 Discussion, "Getting the Most Out of a SWOT Analysis," and the Mapping Stakeholder Influence figure provided on page 262 of Dyer, Godfrey, Jensen, and Bryce (2016).
Be sure to also review the video "Effecting Change Through Active Engagement With Stakeholders," provided in the week's Required Media.
Consider how you can leverage communication strategies to motivate the different stakeholder groups to engage in strategic change within an organization.
Post an analysis of the role of stakeholder engagement in strategic planning. Your analysis should include the following:
· A brief description of your chosen case, including context such as industry and stakeholder groups
· An analysis of one stakeholder group that you feel is more valuable in engaging toward the strategic plan. Be sure to answer the following with supportive examples:
o How does this stakeholder group impact the business?
o What motivates this stakeholder group to engage with the organization, and why is this motivation valuable for strategic planning?
· A detailed explanation of communication strategies that could engage this group of stakeholders effectively. Provide a rationale and supportive examples of how these strategies will engage and motivate change with the chosen stakeholder group.