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The report is developed in concentration with stakeholder analysis in which information related with the stakeholders attached with the company will be shared. It is a well-known fact that stakeholders are the most valuable aspects attached with the organization and for the company working in the competitive market it becomes necessary that it should provide proper support to the stakeholders. Stakeholders are the most important aspects attached with the organizations, it is necessary that organizations working in the competitive environment having various interested parties should work towards to protect their interest. With the help of this report a proper framework will be provided which will provide a direction to the company of why stakeholder’s analysis is required at the workplace and what are the benefits that a company gets with the help of such activities. For better understanding Edinburg Festival Fringe Society is taken as the company example. This society was established in 1958 so that it could provide centralized information and box office services for fringe. Company is one of the world’s largest festivals organizing organization which ensures to deliver the most effective services to the people available in the market.
Edinburg Festival Fringe Society is recognized as the world’s favourite company to organize the festivals and various other events. Company has many of the stakeholders attached with it. For such company it becomes necessary that it should provide effective set of services to the people available in the market and should ensure that its processing should not affect any of the stakeholders attached with the company ("About the Fringe Society", 2017). This is the company which ensures to provide quality services to the people available in the market and believes in keeping the people happy by providing those services.
Stakeholder’s analysis is termed as one of the most important aspects for every company working in the competitive environment. But before indulging in stakeholder’s analysis it is necessary to understand who the stakeholders are and why it is important to provide them proper set of services for the company?
Stakeholders:Person or the group who has interest in the organization is known as the stakeholders of the company. Any person who has interest in the process of the organization is termed as the stakeholders of that company (Allen, et. al., 2011).
Stakeholder’s Analysis:The conflict resolution in which business analyse various aspects related with the stakeholders and gather the information related with the stakeholders which could affect the image of the company or its processing is known as stakeholder’s analysis. There are various factors available in the market which could affect the company, in such cases it becomes important that companies should indulge in the stakeholders analysis and should prepare proper set of strategies so as to manage the stakeholders in an effective way.
Various Stakeholders Attached with Edinburg Festival Fringe Society
There are various stakeholders who are attached with Edinburg Festival Fringe Society, these stakeholders provide effective set of support to the company so that company could grow and develop. There are independent supporters and funders; there are non-funding supporters of the company and grant funding supporters who ensures to provide better and effective set of services to the company (Thomas, et. al., 2015).
Company has certain external stakeholders also like government, customers, shareholders, society and travel and tourism agencies which provide business to the company. It becomes necessary that the company should provide effective set of support to these stakeholders so that it could manage to process the work in an effective manner and could gain trust of the parties attached with the company.
Stakeholders Analysis Matrix
Edinburg Festival Fringe Society is the company which indulges itself in the analysis of the stakeholders so as to gain proper set of information related to them. Company has a stakeholder’s analysis matrix which helps it to understand various aspects of the stakeholders and develop the strategies so as to fulfil the needs and wants that they have.
Company has bifurcated the stakeholders in this matrix they are bifurcated on the basis of the stakeholders whose needs are to be meet and are to be kept of the priority will fall under the meet their needs section, there are certain stakeholders which plays a very vital role in the process of the company they falls under key players section, certain stakeholders are there who are not so valuable for the company they falls under the category of least important and lastly there is a section of show consideration in which company provide support to the stakeholders so that they could grow and develop.
Independent sponsors and funders:These are the stakeholders who provide funding to the company and sponsor their events (Coffin, et. al., 2013). Company keeps such type stakeholders on priority as they help the company to manage its capital and revenue generation aspects. Company ensures that proper funding should get availed from these stakeholders and it should provide several benefits to the sponsors and funders.
Virgin Money and Caladonian Brewery were the sponsors of Fringe Festival in 2016 who provided effective set of support to the company. These two were the main sponsors which helped the company manage the requirements of the events. There were certain other supporters available in the 2016 festival of Festival Fringe these supporters are The Scottish Government, Edinburgh The City of Council, Creative Scotland, Event Scotland, British Council, Scottish Enterprise and Arts &Business Scotland. These were the supporters of the Festival Fringe who supported the company to organise the festival event and help it to attain success in the market.
Non Funding Supporters:There are stakeholders who do not provide funding to the company but they ensure to provide effective support to it. Such type of stakeholders is kept in the section of show consideration as their valuable support helps the company to grow and develop in the competitive market.
Grant Funding Support:These are the stakeholders of the company which grants the funding; these stakeholders do the market surveys and help the company to find out the funders who can help the company to organize the events. These are the key players of the company as without them company cannot organize the event in a proper way. Company insures to provide proper commission to these supporters so that they could remain with the company and help it to grow in the competitive market of event management (Cadle et al., 2014).
Coming on to the external stakeholders of the company for which it is required that the company should provide better services and could deal with them in an effective way.
Government:Edinburg Festival Fringe Society is the company dealing in the international market. Different countries have different set of government and legal policies which are required to be focused upon by the companies. To ensure that company could provide better support to the government, it has developed the policies and frameworks which are related with the policies and frameworks of the government. Company ensures to pay all the taxes so as to support the government in a proper manner. Company put government in the section of meet their needs so that it could ensure to provide effective set of support to them (Bouzon, et. al., 2017).
Shareholders:Shareholders are the people who invest their money in the shares of the company and help the company to raise its capital. Company has the policy to provide better support system to its stakeholders and ensures to provide valuable amount in return of their shares that are being purchased by it. Shareholders of the company are kept under meet their need section so that it could provide proper returns to them ("About the Fringe Society", 2017).
Customers:Customers are the external stakeholders of the company and are kept on the priority. Customers are the key players of the company because without them it will not be able to sustain in the market. Without customers company will not be able to sustain in the market so as to fulfil the needs and wants of the customers company ensures to provide a full package of entertainment to them and organizes the events which helps in rejuvenating them.
There are certain internal stakeholders of the company which ensures to provide effective set of support and help the company to manage its internal processes.
Employees:Employees of the company are termed as the most valuable assets for it. It is being taken into consideration by the company that it should provide proper support to its employees working in it. Employees of the company help it to manage its processes. Employees of Edinburg Festival Fringe Society are kept in the key players as they help the company to process out its work in an effective way. Company ensures to provide effective support by availing the appropriate salary and position to all the employees. There are various motivational techniques that are used by the company so as to help its employees to grow and develop in a proper manner (Allen, et. al., 2011).
By analysing the stakeholders of Edinburg Festival Fringe Society, it could be concluded that company has adopted effective set of strategies so as to provide effective set of services its stakeholders. Company provides equal support to both external as well as internal stakeholders attached with the company. Company has the policy of keeping its stakeholders on priority and helping them to grow in a proper manner. Company is working in the international market in which there are various competitors available, competitors of the company are also termed as its stakeholders for which company prefers to develop the competitive strategies with the effect of which company attain competitive advantage in the market. Fair and effective strategies are developed by the company so as to remain in the market and attain the advantage from the competitive market.
About the Fringe Society. (2017). edfringe. Retrieved from https://www.edfringe.com/learn/fringe-society
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