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Primary stakeholders and secondary stakeholders
Stakeholder analysis
Primary stakeholders and secondary stakeholders
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According to Carroll (2009), stakeholders are any individual or a group who are associated with an organization and has mutual influences. He also claims that the stakeholders can influence or be influenced by any actions, decisions, policies, and goals of the organization. Clarkson (1995) defines primary stakeholders as a group or an individual who has high level of independencies and play a essential role in the survival of the organization whereas secondary stakeholders also have interactivity with the organization; however, they are not participated in transactions and without them, the organization still can survive. From this classification, we can easily identify a range of different stakeholders as primary or secondary in terms of their …show more content…
engagement in Tamworth Country Music Festival. They are described as below. First of all, Tamworth Country Music Festival has a wide range of primary stakeholders who contribute in the success of the festival.
They are Radio 2TM, BAL marketing, Tamworth City Council, Artists and the Australia Music Industry, Telstra Country Wide brand, Toyota, and “fans”. There is no doubt that 2TM played an important role in the management of the festival, as they are the one who conceived the idea and staged the very first Australian Country Music Awards in 1973. Besides, BAL marketing also has a role in operating the event, and creating and running the promotional activities related to the festival, with 2TM. The effective of marketing strategy, operating promotion as well as the efforts of Radio 2TM and BAL marketing were element in the success of the Tamworth Country Music Festival. Both 2TM and BAL marketing could be considered as key primary stockholders.
Although the involvement of the Tamworth City Council was just an unofficial coordination, but they are still considered as primary stakeholders because they became more engaged with the festival since it grew. The city council checked all its festival activities with 2TM and BAL Marketing as a central reference point. Moreover, the council retains a public relations firm to stop national publicity from operating a media centre during the festival in Tamworth with a December launch in
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Sydney. It is really difficult to refuse the primary stakeholder role of Artists and the Australian Music Industry, because without their contribution the Tamworth Country Music Festival would not have existed today. They are the main artists who perform in the festival since Tamworth festival was an event for Australian country music and oversea artists were discourage from performing, and they play a vital role in the success of the festival, besides marketing and promotional activities. In addition, 2TM was not able to undertake the entire organization and promotion of the festival without support by numerous major national sponsors.
Telstra Country Wide brand and Toyota also considered as primary stakeholders since its contribution to the festival. Telstra has been the major corporate and naming rights sponsor of the Tamworth Country Music Festival since 2003, and Toyota also has strong links with the festival through the Toyota Star Maker.
The last primary stakeholder in this case is “fans”, or crowds, because of they are the people willing to pay for the tickets and contribute directly revenue to the festival. Moreover, almost all the marketing strategy and promotional activities run by 2TM and BAL marketing were targeted to country music fans, which means their participation is important to the success of the Tamworth Country Music
Festival. The secondary stakeholders in the Tamworth Country Music Festival include local companies and organizations, registered clubs and hotels, outside entrepreneurs, media such as Prime Television, Country Music Association of Australia (CMAA) and Seven Network; this is because they voluntarily coordinated their activities unofficially to the festival. For instance, the sideshow operators voluntarily stayed out of the city for a number of years to ensure the country music component had to be well done established. In terms of registered clubs and hotels, they provides accommodation for the “fans” who need to rest and refill energy for the next day of the festival. Furthermore, Prime Television, the CMAA as well as the Seven Network helped on broadcasting the awards nationwide that means they involved in marketing the festival and spread it out all over Australia. Although their involvements were indirect and unofficial, they still contributed to the success of the festival; however, as the definition, they are considered as secondary stakeholders since the festival could be operated well without them.
Key Stakeholders and Their Stakes A stakeholder is defined as an individual or group who has an influence or is influenced by any achievements made by an organization (Sexty, 2017). It is imperative for any business, especially in the banking industry, to be able to identify and respond to these various participants in order to remain successful. TD Bank has a myriad of stakeholders and has only recently looked to further its relationship with each of them in order to sustain a competitive advantage over other financial institutions (TD and Importance of Stakeholders, n.d.). One of the many groups that TD interacts with is the customer (Corporate Responsibility, n.d.).
The stakeholders are Raider Inc., PLB employees, Johnson printing owners and employees. Raider Inc. is a stakeholder because they must make a decision that impacts PLB. PLB employees are stakeholders because morale can be impacted by the
Sporting is one of the universal activities that brings people from different backgrounds together and is viewed as an income generating activity that creates revenue for the participants as well as the location where the activities are held. The NCAA Final Four Basketball Tournament is one of the most anticipated sporting events in the US that attracts a high number of fans in the cities where it is held. Before the Final Four is held in given location, it is imperative for the organizers to have a detailed understanding of the venue so that they can introduce marketing strategies that are in line with the demands of the fans (Snipes & Ingram, 2007). The host committee is charged with the responsibility to come introduce an exhilarating experience for the locals and visitors. Owing to the interest generated
In this essay I will be writing about the stakeholders of both The IPO and Waitrose. I will also be evaluating the impact of different types of stakeholders in one of these companies. Stakeholders can be any person or organisation that has an interest in the activities, goods and services of a business.
People organization or groups that have a direct or indirect interest in a one particular organization or surrounding are called stakeholders.
Tamworth Country Music Festival (TCMF) is Australia’s largest music festival and one of the top ten music festivals in the world, attracting many visitors each year (TCMF 2016). This report will examine and outline the positive and negative impacts of this event and analyse the operational management to find out whether it has achieved the goals and objectives of the event and the satisfaction of stakeholders. The two methods the principles of sustainability and the triple bottom line will be use for evaluate the successful of this festival.
Because it is a music event which includes camping, so the attendees must be able to be free for less than three days. As the objective says, the attendees should better be young people so that this event could spread young culture. People who are young also will have the passion to attend music events. As the price of Glastonbury Festival is very high which could be hundreds of ponds for just three days, so the market segmentation should be people with high wage or students whose parents have high wages. To sum up, the market segmentation should be young people who have high wage or their parents have high wages, love to attend music events and may accept the way of camping for days.
Stakeholders are those groups or individual in society that have a direct interest in the performance and activities of business. The main stakeholders are employees, shareholders, customers, suppliers, financiers and the local community. Stakeholders may not hold any formal authority over the organization, but theorists such as Professor Charles Handy believe that a firm’s best long-term interests are served by paying close attention to the needs of each of these stakeholders. The modern view is that a firm has responsibilities to all its stakeholders i.e. everyone with a legitimate interest in the company. These include shareholders, competitors, government, employees, directors, distributors, customers, sub-contractors, pressure groups and local community. Although a company’s directors owes a legal duty to the shareholders, they also have moral responsibilities to other stakeholder group’s objectives in their entirely. As a firm can’t meet all stakeholders’ objectives in their entirety, they have to compromise. A company should try to serve the needs of these groups or individuals, but whilst some needs are common, other needs conflict. By the development of this second runway, the public and stakeholders are affected in one or other way and it can be positive and negative.
They have created an interactive blogging account on the popular site called Tumblr on which they can follow playlists, the latest information, interviews with artists on the line-up and much more all in one place where they can discuss, re-blog and ask any questions. This is helpful as it can solve any worries people have about festivals by discussing their own experiences and expands the hype of the festival. The festival itself also has its own brand community, a group of people attached to the festival who are loyal to the festival year in year out as they enjoy it so much and also provide great free publicity as they will talk up their experiences to their friends/family and maybe convince them to come the following year. These people also have comfort in the knowledge that the festival provides a survey after each year about the concerns and what people enjoyed about the festival so it is ever evolving and improving the festival to meet the needs of its attendants. The organisers of Latitude have also taken full advantage of the most well known social networking site of Facebook having a built in ticket seller which tends to target impulse buyers to buy their ticket on he spot when they are reading up about the latest information of the festival.
In today’s world where the number of brands and products (tangible or intangible) are growing in numbers and companies are ensuring rapid diversification, research and attempting a perfect blend of marketing and promotion, it has become a pre-requisite for any brand or product to maintain an edge over others if they have to survive competition and emerge as a “name” spoken of an remembered. One of such well known companies in the field of promotion of live events is “Live Nation”. A California based concerts promotion company which was formed in 2005 currently serves concerts worldwide and has been associated with many of the renowned international artists and bands like Madonna, Shakira, Jay-Z, U2 and owning and partnering many promotion and production companies and ticketing houses throughout a wide array of countries.
Stakeholders’ analysis is the analysis which tells that how the company is dealing with the people which are directly or indirectly related with the company’s operations. These are called stakeholder and they include the employee, society, suppliers, buyers, shareholders, got and other tax related companies.
What is a stakeholder; they are groups or individuals with a vested interest in the outcome of an organization. Anyone that has added to its success or progression and has also benefited from the organizations success. Here we have two types of stakeholders, internal and external those are within your company. The internal stakeholders are those within the company that will directly benefit monetary from their influences to the company achievement, internal stakeholders are employees, managers, and the owners. While you’re external stakeholders are those that are affected by the concerns and results from the company decisions, they are your consumers, vendor, and government, all with different responsibilities as stakeholders
The Canadian government desires to take advantage of the commercial opportunities that will arise and are working to promote awareness and education to ensure that businesses are suitably placed to profit from the world staged event. Other initiatives include programs and resources originated by Industry Canada and the Western Economic Diversification Canada. Both are promoting a variety of online tools and resources to educate businesses how to take advantage of the influx of spending the occasion brings, along with the tender process under which much of the business activity will be won and allocated. A written publication has also been produced by the organisations which illustrates the range of business opportunities available and establishes the major corporations and spenders at the event, so that business offerings can be customised to the specific requirements of these major players.
Fringe brings different people from different backgrounds, different races, and different cultures together to celebrate the arts. One community comes together to better the area by bringing in artistry of all different types. The community is made a better place by bringing in money from the festival. Fringe also gives the community something to look forward to every year and a reason to celebrate. Crime is lowered in the community because money needed is brought in to help the community succeed and people are kept out of the street and celebrating life and music.
Stakeholders refer to individuals or groups of people that have an interest in a business. Management argues that as long as there is wealth for shareholders, then anything is done in a responsible manner and things should be done to promote the interest of other stakeholders.