Stakeholder and community engagement walmart

Document Type:Thesis

Subject Area:Business

Document 1

This goes without saying that the significance of the community engaging itself in the business environment of Walmart will also be discussed with attention similarly focusing on the strategies of communicating, which will maximize the stakeholders’ purpose. This report will also sum up the need for Walmart to review its stakeholder’s list and how they communicate with them. This report is based on a thorough review of the literature regarding stakeholders of companies. The information obtained by other scholars, which is proved to be working is applicable in the case of Walmart Incorporation. Stakeholders are important because they play a big role in influencing the prosperity of the business. The significance of Walmart Incorporation community engagement will equally be outlined. It is important to understand that reviewing the stakeholders’ list is vital and this can be done through monitoring their behavior to understand how much interest they have in the business, and how much they can actually influence. This helps to manage the risks of stakeholders shying away from the business in the future. Introduction Stakeholders are a vital part of any business because they influence the operation of the activities therein, indirectly or directly thereby creating an environment where the business can grow. Walmart is one of the many retail stores, which have benefited from the presence of stakeholders. Once in a while, Walmart outsources human personnel and resources in order to help in the realization of the deliverables of the store. Hence, having stakeholders who can positively impact on the business is vital, just as it is to evaluate their behavior and review the company’s stakeholders list together with engaging the community in the business projects.

Sign up to view the full document!

There are a number of possible stakeholders that Walmart can have ranging from investors to suppliers. There is also the employees and the customers who contribute in various ways to its prosperity. These are important groups of people to Walmart because each of them plays a crucial role in making sure that they complete the jigsaw that constitutes a cycle of business activities. Without any one of the above-named stakeholder then Walmart will experience problems in trying to make sure it sells its products. Engineering and technology firms are also vital stakeholders for this retail store because of the role they play based on their specialty. It is important to understand that predicting the stakeholders’ behavior is the key to knowing which one of those is really rooted to helping the retail store on a long-term basis and those who are just there for their own personal interests that are not the company’s.

Sign up to view the full document!

Other than the stakeholder, the community from where Walmart operates is very important. It provides a source of labor to the retail store as well as customers who purchase items from it. Applying the Business Process Management Stakeholder Matrix The business process management stakeholder matrix emphasizes on the abilities of the stakeholders to influence the project at hand, against their view of the same. Johan Nelis and John Jeston are the two people who came up with this matrix and its essence is to prioritize that stakeholder who has a negative view but greater ability to influence the project. According to Milani (2019), this is important because such a stakeholder can be engaged in matters concerning the strategy of the project. Those who have less ability to cause an influence on the project but have a greater positive view of it can be used in the delivery of the project and spreading the information about its benefits.

Sign up to view the full document!

On the other hand, the stakeholders with a positive view and the ability to impact on the project are the idea ones who can be considered as the sponsors. For Walmart to identify its stakeholders in a project then it has to be sure if they are able to how decisions are going to be made on matters concerning finances. Once the people or entities that make decisions about the finances of a project are identified then they fit to be a stakeholder in that particular project. This is a significant aspect because it influences the chances of successful completion of the project. Hence, Walmart retailers can use this approach to identify who to include in their stakeholder list. Based on the business process management stakeholder matrix, a retail store needs to identify who the supplier of the materials required to complete the project is.

Sign up to view the full document!

Rahman and company (2017) outline that the business process management stakeholder matrix also explains the importance of considering an individual or firm that can potentially solve the problems that are associated with the project at hand. When Walmart identifies a stakeholder the issue that is kept in mind is the challenges that it faces in making sure the task at hand is completed successfully. When an interested party is not in a position to solve the problems of the project then it becomes difficult for the retail store to consider them as stakeholders. It is vital to understand that problem solving is an important aspect because every project is bound to experience challenges. Leventon (2016) argues that resource procurement is a very significant aspect of a project because it ensures that the required materials are available for the commencement of work.

Sign up to view the full document!

As soon as they get what they want the company become of very less importance to them. On the other hand, those who see their future in the projects they invest in, have all the reasons to remain loyal to the retail store because their interest in the company is long-term. This explains the need for Walmart Incorporation to consider predicting stakeholders’ behavior in an effort to understand who they can rely on for a long-term business relationship. According to Fombrun and company, there are three classifications of stakeholders’ behavior; cooperative potential, competitive threat, and observed behavior. All these categories represent a means through which a firm can predict the behavior of its stakeholder and hence know whether they are dependable or not. This clearly indicates that such a stakeholder’s interest has changed from just being part of the projects of the firm into a possible business competitor.

Sign up to view the full document!

Walmart’s case was characterized by other organizations including religious groups and labor unions, which are also stakeholders of this retail store. The opposition brought about by other business organizations regarding the practices of Walmart was a sign that the probability of this retail store falling out of the market had begun becoming realistic. This would have meant that other retailers would have found a chance to prosper if Walmart actually ran out of business. There is the aspect of cooperative potential, which implies that a stakeholder does not want to cooperate with the retail store in carrying out a project, for example. Walmart also participates in disaster relief activities where it makes available services to help different communities worldwide, whenever there is a tragedy. This is important to the retail store because the community members get to gain confidence in this company and as such, they are able to help it out in as many ways as it may be possible.

Sign up to view the full document!

For example, a community that has been helped by Walmart entails members who can decide that their shopping is done strictly in this retail store because of it being there for the people when they need it most. Similarly, the community also benefit by virtue of receiving aid when there is a disaster. Herremans and company (2016) explains that community engagement helps a firm appeal to its potential stakeholders. Project reports are ideal in communicating with the stakeholders as they show the progress of the tasks together with gaps that require to be addressed. Face-to-face mode of communication is equally perfect, especially if what is being put across is urgent regarding the progress of the project. Conference calls also work when the situation involves the retail store officials being miles away from the stakeholders.

Sign up to view the full document!

It is important to note that reviewing the stakeholders’ list is necessary because somewhere along the way they may change mind and lose interest in the firm’s projects. Similarly, they may find interest in other projects of other retail stores, which better suit them thereby leaving their original company as soon they get what they want. Using the various modes of communication discussed in this report, the stakeholders become satisfied because of receiving the information they need in good time. In as much as stakeholders are vital, community engagement is also significant in helping the retail store have a good reputation. All the above ideas relate to business as a whole in the sense that they create a conducive environment where projects can be carried out successfully. References Adam Cobb, J.

Sign up to view the full document!

How firms shape income inequality: Stakeholder power, executive decision making, and the structuring of employment relationships. Springer, 2017. Fombrun, Charles J. Leonard J. Ponzi, and William Newburry. Stakeholder tracking and analysis: The RepTrak® system for measuring corporate reputation. Walmart and its employee relations: organizational stance-taking and legitimacy.  On the Horizon 23, no. Le Feuvre, Meryl, Dominic Medway, Gary Warnaby, Kevin Ward, and Anna Goatman. Understanding stakeholder interactions in urban partnerships.  Cities 52 (2016): 55-65. Ginsburg, Karl M. Hess, Pamela M. Moye, Patrick Nelson, and Jeffrey O. Ekoma. Report of the 2017-2018 Strategic Engagement Standing Committee.

Sign up to view the full document!

From $10 to earn access

Only on Studyloop

Original template

Downloadable