Stakeholder Management

The following case study interprets the importance of good decision making and balancing the interests of stakeholders: Balancing Stakeholder Interests and Corporate Values: A Cummins Strategic Decision.

Read the case study and respond to the following question: How would you, as an organizational leader, apply and use the stakeholder management approach as a means for planning and implementing collaborative relationships to achieve win-win outcomes among stakeholders?

It is imperative that businesses implement strategies that satisfy the market needs as well as the interests of its stakeholders.  In this context, stakeholder includes the shareholders, workers, investors, suppliers, and consumers. Resultantly, the management is tasked with coming up with objectives that guarantee profitability and sustainability of the company and that are supported by the stakeholders (Carter & Greer, 2013). The engagement of a social performance agenda in the corporate undertaking has been highlighted by various scholars of the stakeholder theory. In this context, the stakeholder theory is addressed as the most appropriate forum that can be used by an organization to ensure that ethics are upheld in a way that they positively correlate with the strategies designed to boost performance. The highly competitive markets such as that Cummins Engine Business was operating in, requires consensus among the stakeholders and the management of the most appropriate decision to be made. From this perspective, communication is a key factor in strategic stakeholder management…

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