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Managing Stakeholder

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Subject
Management
School
The Chubb Institute Westbury
Type
Homework
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Managing Stakeholders
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Institution Affiliation
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Introduction
Class readings and discussions focused on stakeholder management. Moreover, in his
video, “Strategies for Managing Stakeholder Relationship,” Edward Freeman explains different
enterprise strategies for creating value for stakeholders (Freeman, n.d.). Having worked in a
business school, Edward Freeman knows a lot about stakeholder management. His experience
offers managerial insights to managers. Also, he explains instances where concepts of
stakeholder management are applicable.
Analysis
Today, most organizations struggle to meet the demands of every stakeholder. Freeman’s
explanation is relevant to modern organizations because his theory may help managers address
stakeholders’ needs without compromising organizational goals. Based on the theory,
organizations should start with stakeholder management and not stakeholders themselves. This
way, it becomes easy to focus on frontline stakeholders. Hence, Freeman (n.d.) insinuates that
the struggles experienced in stakeholder management are due to the management approach used.
Apart from managerial insights, Freeman (n.d.) reveals the importance and applicability of
concepts learned in class. We learned that companies should identify and address the needs of
key stakeholders (Bourne, 2010). Freeman (n.d.) applies this idea when explaining the employee-
shareholder-customer model. He explains that managers can simplify stakeholder management
by focusing on two-to-three stakeholders. For example, a company can train employees to
improve performance and, in turn, favor shareholders.
From Heathrow Terminal 5’s case study, I learned that poor stakeholder engagement
causes project failure (Bourne, 2010). Unengaged stakeholders may not understand the process
and risks of a project. Hence, they may act blindly only to realize their failure later. Similarly,

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1 Managing Stakeholders Name Institution Affiliation Date 2 Introduction Class readings and discussions focused on stakeholder management. Moreover, in his video, “Strategies for Managing Stakeholder Relationship,” Edward Freeman explains different enterprise strategies for creating value for stakeholders (Freeman, n.d.). Having worked in a business school, Edward Freeman knows a lot about stakeholder management. His experience offers managerial insights to managers. Also, he explains instances where concepts of stakeholder management are applicable. Analysis Today, most organizations struggle to meet the demands of every stakeholder. Freeman’s explanation is relevant to modern organizations because his theory may help managers address stakeholders’ needs without compromising organizational goals. Based on the theory, organizations should start with stakeholder management and not stakeholders themselves. This way, it becomes easy to focus on frontline stakeholders. Hence, Freeman (n.d.) insinuates that the struggles experienced in stakeholder management are due to the management approach used. Apart from managerial insights, Freeman (n.d.) reveals the importance and ap ...
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