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THE USE OF STAKEHOLDER ANALYSIS FOR ODEL

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    A stakeholder is a individual or establishment with involvements that can impact or be affected by the organisation activities. A stakeholder is usually concerned with an establishment distributing intended result and garnering its fiscal aims. In general, a stakeholder can be classified as follow:

    1. Internal stakeholders
    2. Connected stakeholders
    3. External stakeholders

    ( Freeman, Edward, Reed & A; David 2002 )

    Eg: -owner, director, stockholder, investor, employee, client, spouse and/or provider, among others.

    Following is a diagram for the three types of interest holders

    Example of Involvement

    Tax, cut down the unemployment, true coverage and etc.

    Employees

    Wagess on clip, occupation security and publicities, regard and etc. Customers Value, quality, client attention, ethical merchandise and etc. providers Equitable concern chances, provide the merchandise for clients. creditors recognition mark, new contracts, liquidness and etc. Community occupations, engagement, environmental protection, portions, true communicating and etc. Trade brotherhoods quality, Staff protection, occupations and etc.

    Investors

    Net income, futuristic of the house, regard and etc. ( Freeman, Edward, Reed & A ; David 2002 )

    A stakeholder may take portion straight or indirectly to an organisation ‘s activities. Other than concern, a stakeholder may besides be concerned with the consequence of a specific program, attempt or activity, such as a community development strategy or the bringing of local wellness services. A stakeholder normally stands to derive or lose depending on the determinations taken or policies executed.

    Stakeholder Analysis

    Talking about the Stakeholder Analysis is an attack that is usually used to place and analyze the Force Field formed by any group or person who can impact or is affected by the accomplishment of the aims of an organization. Stakeholder Analysis identifies the ways in which stakeholders may act upon the organisation or may be influenced by its activities, every bit good as their attitude towards the organisation and its marks.

    E.g.:

    Customers are of import when quality of merchandise is discussed. Employees are of import when fortunes or safety at work is discussed. Government is of import when covering with the environment or statute law.

    Stakeholder analysis is the appropriate method to gather information as an debut to planning in tactic and nonsubjective scene phase. We can by and large exemplify three grounds for why does the interest holder analysis necessary to an organization.

    Surveys are a cost-efficient manner to increase the input from a big figure of persons. Ensure that you are inquiring the right inquiry to happen out the information you need and that respondents are diplomatic. Surveys are a deficiency of hazard, low-priced get downing point and are best followed up with mechanisms for duologue, creativeness, and consent edifice.

    One-on-one meetings are a best manner to develop personal relationships while gather information. It’s indispensable to put outlooks with subscribers on how the information will be used and the scope of other people to be consulted, so no 1 is dissatisfied if all of their facts are non imitate. All make certain the information aggregation is available to the chief decision-making group.

    Multi-stakeholder treatment carries together different stakeholders in an impersonal forum and is influential tool for sharing information, edifice consent, and earlier promises to the terminal product. As the Roman philosopher Seneca said around 2000 old ages ago, “ the best thoughts are common belongings ”. Often one-year convention licenses clip for program or scheme enlargement workshops. An independent facilitator will bring forth a relief sector and procedure for the positive part.

    Internal stakeholders

    The internal stakeholders are can be working as inside the organisation, those people who are holding really involvement and attention about the organization every bit good, can straight impact or can be affected by the activities of a peculiar Organization. Generally Employees, directors, Directors and Secretary are taking topographic point as internal stakeholders. Mean while the ODEL has its internal interest holders itself.

    Employees

    Employees and their delegate groups are interested in information about the permanency and profitableness of their proprietor. They are besides concerned on the information which allows them to measure the capableness of the organisation to supply wage, retirement benefits and the other demand of an employee. ODEL accepts as true that employees are the most of import drivers of the growth for their organization. They have certain attack between the employees which is 5Ps ‘ . Such as Peoples, Pride, Passion, Process, and Performance.

    Directors

    Directors can be classified into two. Board of Directors and Non-Executive Directors. Both Directors are normally known as direction organic structure, managers have to go to the conference, fiscal analyzing, plan their duties and achieve their aims, therefore, each and every managers have to hold responsible for their duties.

    1. Eg: – harmonizing to the ODEL direction construction
    2. Mr. Ruchi Gunewardene – Chairman/Non-Executive Director
    3. Ms. Otara Gunewardene – Executive Director/CEO
    4. Mr. Paul Topping – Non Executive Independent Director
    5. Mr. Sanjay Kulatunga – Non Executive Independent Director
    6. Mr. Eardley Perera – Non Executive Independent Director

    The managers have some responsibilities towards the organization such as to be a good leader and every bit good a good pioneer to implement some new thoughts and do a perfect determination on the uncertainness of the organization for its futuristic. There for they can gain a good net income and every bit good the goodwill of clients.

    As we take Otara Gunewardene as an illustration, she is a Sri Lankan industrialist every bit good a Model. She is the laminitis and CEO of the trade name Odel. Otara implements some new manner of the scheme in her concern to do Odel to shown as a high spot. She freshly introduced manners in Sri Lanka and making planetary highs on her ain virtue has attracted great compliment from many esteemed establishments and serve to corroborate her position as an enterpriser par excellence. Looking back at all the testimonials that have come to her manner since she established ODEL. Otara’s determined Endeavour has ever been to add value in every which manner and this has inspired all the new add-ons to Odel’s portfolio of offerings. Now Odel became a subdivision devoted to dressing clients with a gustatory sensation for high manner.

    To place good leader awards play major function. Following are some awards which are achieved by Otara Gunewardene: In 2008, Otara was awarded the ‘Retail Leadership Award ‘ at the Asia Retail Congress in India. In 2008, Otara was invited as a prima manner enterpriser and anointed ‘Woman of Saab stance ‘ by Saab Cars Singapore. In 2008, she was named as Sri Lankan Ambassador degree Fahrenheit or World Animal Day. Otara was nominated as the ‘Face of Alankara ‘ in 2007, a jewelry maker trade name that reflects modern designs for the adult female of today.

    Investors are the beginning of hazard capital and their concentrations are with the hazard inherent in and return present by, their investments. The organizations in formations help them to find whether they should purchase, keep or sell the portions. Stockholders are besides interested in information that allows them to measure the ability of the venture to pay dividends.

    Connected Stakeholders

    Supplier can be a individual or an organisation who distribute the company natural stuff or demand materials. The motivation of a provider towards an organisation is to provide to the organisation where he can work for long clip every bit good as where he can derive maximal net income.

    When we take a expression on Odel, Odel has selected each and every merchandise in really new tendency stylish manner to its clients. As it is The Colombo jewelry is one of critical provider for Odel. There began an industrial line developed in partnership between Odel and Colombo jewelry shop for the manner frontward adult females. Otara motivated design aggregations featured stylish jewelry utilizing a amalgamation of colored treasures and diamonds all set in white gold. Otara motivated the design aggregation featured stylish jewelry utilizing a merge of coloured treasures and diamonds in all set in white gold. Akram Cassim, CEO of Colombo Jewellery Stores, mentioned on the idea of physique an ‘Otara ‘ jewelry aggregation, “ Otara has been a great beginning of influence and inspiration to the manner witting people in Sri Lanka.

    The house in a peculiar industry produces similar merchandise or service is known as a rival to another house which is in the same industry. Nowadays of more rivals can cut down the monetary value of merchandise. But the heavy competition is the thing which can take the market in a healthy way. When we take a expression on the Odel, Odel follows the pricing scheme. But there are several houses which are holding the same advancement as Odel has itself. Romafour is a good illustration for the heavy rival of dressing portion of Odel ‘s portfolio.

    Romafour is a interior decorator shop which offers the best in high manner radical vesture like Odel. They are following the same pricing selling scheme that Odel follows. They maintain their manner of selling manner which helps to capture the market portion in order to be a successful house in the same industry. So in order to pull the clients from this heavy competition, Odel has to implement some new advanced vesture manner which does non be yet to the market.

    TASK-3

    Environmental audit for ODEL.

    TASK-5

    Strategic program for ODEL

    End TAXT REFERENCES

    1. Freeman, R. , Edward, R. , David, L. , 2002, “ stakeholder direction and organisational wealth ” , California Management Review, Spring83, Vol. 25 Issue 3, p88-106.
    2. hypertext transfer protocol: //www.otara.lk/welcome/achievements.
    3. hypertext transfer protocol: //www.axi.ca/tca/Nov2004/associatearticle_2.shtml.
    4. hypertext transfer protocol: //print.dailymirror.lk/life/132-life/30441.html

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    Frequently Asked Questions

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    What is the purpose of using a stakeholder analysis?
    The goal of stakeholder analysis is to develop a strategic view of the human and institutional landscape, and the relationships between the different stakeholders and the issues they care about most.
    Why is it important to do a stakeholder analysis for your project?
    Clearly understanding your project stakeholders can help you gain buy-in and execute your project more effectively. In addition, a stakeholder analysis can help you: Gain more support and resources. Increase project visibility, especially to executive stakeholders.
    Why is stakeholder analysis important in healthcare?
    Stakeholder analysis is a potentially useful tool in health policy and systems research to improve understanding of policy stakeholders and increase the likelihood of knowledge translation into policy and practice.
    Why is stakeholder analysis important in international business?
    Stakeholder analysis helps for deciding which stakeholders might have the most influence over the success or failure of your business, which might be your most important supporters, and which might be your most important rivals.

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