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.

Required Readings

Dyer, J. H., Godfrey, P., Jensen, R., & Bryce, D. (2016). Strategic management: Concepts and tools for creating real world strategy. Hoboken, NJ: John Wiley & Sons.

• Chapter 13: “Corporate Governance and Ethics†(pp. 256–273)
• Review Case 03: “Intel (A): Dominance in Microprocessors†(pp. C-22–C-31)
• Review Case 05: “Harley-Davidson: Growth Challenges Ahead†(pp. C-45–C-53)
• Review Case 06: “Intel (B): Responding to the Smart Phone Threat†(pp. C-54–C-61)
• Review Case 09: “Samsung: Overtaking Philips, Panasonic, and Sony as the Leader in the Consumer Electronics Industry†(pp. C-82–C-91)
• Case 12: “Lincoln Electric: Aligning for Global Growth†(pp. C-112–C-118)

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

Note: Be sure to use the APA Course Paper Template (6th ed.), found in this week’s Learning Resources, to complete this Assignment. Also, refer to the Week 5 Assignment Rubric for specific grading elements and criteria. Your Instructor will use this rubric to assess your work. Please Note: For each page of your paper, you must include a minimum of two APA-formatted scholarly citations.

I would like the name of my company to be Virtual Business Solutions, a technology consulting firm.