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Stakeholder management strategy.
The case is related to the Kingfisher Bay Resort redevelopment. Furthermore, the Kingfisher Bay Resort Group is the major tourism business on world heritage listed Fraser Island and in the Fraser Coast, Hervey Bay region. Also, the business employs 600 people in the tourism business which focuses on the development of Fraser Island including tours, fairies, and resorts. The Ocean World amusement and the ceiling travel group believe that the redevelopment of the Kingfisher resort can provide equal diversity and will result in the successful expansion of a largely untapped region. Also, the resort will continue to focus on providing quality eco-friendly tourism and different activities. The company mainly targets domestic as well as international travellers. One of the major concerns of this project is the development of an effectual stakeholder supervision strategy. The successful implementation of the project is based on finding necessary stakeholders and their stake on the specific project. The main aim of this project is to provide adequate knowledge about stakeholder management, sustainability, and corporate social responsibility. It will further specify the strategy to manage the stakeholders to improve the overall effectiveness of the project.
Stakeholders are those individuals who can positively or negatively impact the outcomes of a project. It is essential to identify the important stakeholders during the initiation stage of the project. Stakeholder theory deals with business principles, ethics, and managing stakeholders concerned with the project or organization (Sterling et al. 2017). It seeks to optimize associations with stakeholders thereby improving the efficiency of the project or organization. One of the major benefits of stakeholder theory is that it drives more than profits and productivity. It can evaluate the position of the company, community, and financial status in the local society. When a business practices this theory it makes healthy competition among other corporations where all can flourish, help, and involve their stakeholders. The particular project is related to the redevelopment of a Kingfisher bay resort. It has been identified that the project can be influenced by the primary as well as secondary stakeholders. Also, the primary, nonsocial secondary, and non-social stakeholders influence the overall profitability of the project. The necessary shareholders of the project are investor's, employees, customers, local community, supplies as well as business partners. On the other hand, the secondary stakeholders are the government, Civic Institutions, media, trade bodies, social pressure groups, and competitors. In this project, the nonsocial stakeholders like environmental interest groups and animal welfare organizations can also play an important role.
With the help of corporate social responsibility, the company can take accountability for the impact of its actions on employees, shareholders, community, and the environment in all phases of operations. This attempt expands beyond just restricted laws as the organization willingly takes steps to progress the excellence of life for workers as well as people. Also, corporations can make communal and community impact optimistic and effective in the everyday operations of the value chain. It is necessary to understand that societies meet corporations to give their people improvement infrastructure and businesses need to help the societies to provide a capable workforce. Furthermore, the project executive can initiate Corporate Social Responsibility in their occupation and encourage social good to increase its effectiveness. if the corporate social responsibility strategy is properly understood and executed it can provide numerous benefits to the kingfisher bay resort.
Different approaches to stakeholder theories including descriptive approach instrumental and normative approaches. With the help of the Descriptive approach, the management of the Bay report can understand that every stakeholder group has an inherent value and that no group’s interest is more or less important than any other (Desai 2018). On the other hand, the instrumental approach is essential because it focuses on increasing efficiency, business performance, and ultimately higher profits. Another effective approach is the normative approach which focuses on moral and ethical issues. The approach depends on the thought that every stakeholder group has essential value and that no group's interests are more or less significant than any other. However, the evidence argued that some problems are associated with different approaches. For instance, the descriptive approach is linked with opinions and behaviour which change over time. By using the stakeholder theory the company can analyze the stakes of each stakeholder which may influence the overall development of Kingfisher Bay Resort.
Kingfisher bay redevelopment can be influenced by different stakeholder groups. Therefore it is necessary to find the overall influence of each stakeholder to design the most effective strategy. The stakeholder theory disagrees that all stakeholders and their privileges objectives are relevant to the business and this command can be satisfied by the business social responsibility approach. Als these Stakeholders can influence financial performance. Also, the primary stakeholders will anticipate the firm to offer definite benefits that contribute to the likelihood to utilize ordinary or society resources (Bellucci et al. 2019). If these hopes are not content; these stakeholders may become unsure by lawful or other ways that the firm fulfils its responsibility, therefore, making the agreement unambiguous. Also, the direct influences evidenced through primary stakeholders group which have a straight link with the corporation. The secondary stakeholder group is recognized as the individual that has no privileges to have their claim been accomplished. It has been identified that the primary stakeholders are important for the endurance of the business as they have a superior influence on the collaboration and make a straight pressure. The secondary stakeholder group is the one that is not highly important for the continual endurance of the business as it does not offer any required possessions so the pressure is indirect. For instance, the community is not imperative and pertinent for the company's future viewpoint though its displeasure about the business events may influence the stakeholder group to proceed in opposition to Corporation by making facts on media or creating an unenthusiastic community opinion (Viglia et al. 2018). The argument is based upon the fact that secondary stakeholders are concerned persons or groups who though does not consign indirect financial exchange or straight lawful power over the firm but still can be influenced by businesses' actions. Also, secondary stakeholders do not have desirable authority on the legality of their declaration to be documented. Collective actions help them to make pressure on business behaviour.
The Kingfisher Resort redevelopment must comply with the environmental protection and biodiversity conservation Act 1999. The legislation related to environmental protection can influence the overall implementation of the redevelopment of the project. It has also been identified that the company is concerned about the potential destruction of local Habitat and the exploitation of this world-class natural environment beyond its carrying capacity. Hence it is necessary to gain the support of the important stakeholders to redevelop the project appropriately.
The most important stakeholders can make or break the success of the Kingfisher Bay resort project. Furthermore, engagement is usually different as stakeholder management entails a readiness to converse issues of attention to stakeholders of the organization, and significantly the organization has to be ready to think about changes and how it acts as a consequence of stakeholder commitment (Lavery 2018). Effective stakeholder engagement focuses on sufficient investigation, research, execution, reporting, and assessment and follows up. This stage of stakeholder planning focuses on identifying the basic objectives. Kingfisher Bay Resort can use a dissimilar approach to administer different stakeholder groups whereby every stage interest of diverse stakeholder groups will not be evenly concentrate too but will be prioritized two groups that are mainly imperative at that stage. These strategies are based on collaborating, involving, defending, and monitoring. Kingfisher Bay Resort misunderstands the character of the association among different stakeholders and their interaction with the systems which includes society, power, and relations. It is necessary to understand that the pessimistic insight by stakeholders that affect the project while in a dispute administration of the distress of stakeholders often leads to disagreement and argument about the execution of the project. The management of Kingfisher Resort must focus on improving Communication and a Higher standard of living to involve stakeholders in each stage. Also, the aligning value required an active obligation to share perspectives and beliefs through conversation and effective communication and a willingness to allow collective values (Waheed and Yang 2019). Also, there must be some kind of incentive for all the stakeholders for attending the aim and purpose of a particular project.
Sustainable development of business has become a major formula in solving more social problems and problem preservation of a safe environment. Kingfisher bay resort must focus on fairness, values philosophy, and the national culture of Fraser Island (Reed et al. 2018). The business must engage in CSR activities to support communities and other major events. Also, social responsibility must be more concerned with the environment and provide the necessary support to secondary stakeholders. Also, the shreds of evidence specified that corporate social responsibility focuses on the importance of learning and accountability. Good relations with the public are perhaps the most common aspect of Corporate Social Responsibility as it helps to increase engagement with the customers, clients, and other necessary stakeholders (Civera et al. 2019).
Kingfisher bay resort must focus on implementing corporate social responsibility by increasing profit, making use of different strategies. The activities of Kingfisher Bay Resort were based on transparency and ethical behaviour. However, management must identify environmental concerns on focusing or raising employee welfare to increase the chances of success of the particular project. Also, the organization must behave honestly with partners, the state employee, and take care of the Welfare to gain the necessary support and funding from the stakeholders (Calvo and Calvo 2018). Also, the factor of planning and engagement with stakeholders can increase the success of Kingfisher Bay Resort and provide various benefits and long-term success in the most effective manner. The profile of stakeholders can provide the opportunity to operate expand and innovate the project in the most effective manner. It is also necessary for the Kingfisher Resort to abide by all the environmental regulations to avoid any protests or pressure from the regulatory bodies (Shackleton et al. 2019). The overall strategy must be focused on developing an effective relationship with stakeholders to achieve the necessary outcomes. Proactive environmental strategies can help the kingfisher bay report to make the redevelopment effective and successful. Also, there must be a necessary linkage between stakeholder’s engagement and environmental strategies.
It has been identified from the overall analysis that Kingfishers bay resort must focus on developing effective strategies to carry out necessary redevelopment. Furthermore, it must focus on making effective relationships with the stakeholders to attain the outcomes and profitability. It has been identified that the primary and secondary are playing an important role in the redevelopment of the kingfisher bay resort. Also, the business must focus on understanding the factors that may affect its overall redevelopment. The regulatory bodies and environmental legislation can influence the operations so it is necessary to employ effective strategies. It is necessary to identify the important stakeholders during the initiation stage of the project. It has also been identified that the primary stakeholders will anticipate offering certain benefits involvement on the opportunity to use natural or community resources. It has also been identified that the Kingfisher bay resort must comply with the necessary environment legislations to protect the natural habitat of the Fraser Island. The secondary stakeholder group is the one that is not highly significant for the continued endurance of the business as it does not give any essential capital so the influence is indirect. The overall case highlighted that the stakeholders play a crucial role in directing the managers to perform the right operations. With the support and involvement of necessary stakeholders, the business can effectively complete the project.
Bellucci, M., Simoni, L., Acute, D., and Manetti, G., 2019. Stakeholder engagement and dialogic accounting. Accounting, Auditing & Accountability Journal.
Calvo, N., and Calvo, F., 2018. Corporate social responsibility and multiple agency theory: A case study of internal stakeholder engagement. Corporate Social Responsibility and Environmental Management, 25(6), pp.1223-1230.
Civera, C., De Colle, S., and Casalegno, C., 2019. Stakeholder engagement through empowerment: The case of coffee farmers. Business Ethics: A European Review, 28(2), pp.156-174.
Desai, V.M., 2018. Collaborative stakeholder engagement: An integration between theories of organizational legitimacy and learning. Academy of Management Journal, 61(1), pp.220-244.
Lavery, J.V., 2018. Building an evidence base for stakeholder engagement. Science, 361(6402), pp.554-556.
Reed, M.S., Vella, S., Challies, E., de Vente, J., Frewer, L., Hohenwallner‐Ries, D., Huber, T., Neumann, R.K., Oughton, E.A., Sidoli del Ceno, J., and van Delden, H., 2018. A theory of participation: what makes stakeholder and public engagement in environmental management work?. Restoration Ecology, 26, pp.S7-S17.
Shackleton, R.T., Adriaens, T., Brundu, G., Dehnen-Schmutz, K., Estévez, R.A., Fried, J., Larson, B.M., Liu, S., Marchante, E., Marchante, H. and Moshobane, M.C., 2019. Stakeholder engagement in the study and management of invasive alien species. Journal of environmental management, 229, pp.88-101.
Sterling, E.J., Betley, E., Sigouin, A., Gomez, A., Toomey, A., Cullman, G., Malone, C., Pekar, A., Arengo, F., Blair, M. and Filardi, C., 2017. Assessing the evidence for stakeholder engagement in biodiversity conservation. Biological Conservation, 209, pp.159-171.
Viglia, G., Pera, R., and Bigné, E., 2018. The determinants of stakeholder engagement in digital platforms. Journal of Business Research, 89, pp.404-410.
Waheed, A., and Yang, J., 2019. Effect of corporate social responsibility disclosure on firms' sales performance: A perspective of stakeholder engagement and theory. Corporate Social Responsibility and Environmental Management, 26(3), pp.559-566.
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