Assignment: 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.

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.

By Day 7

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