BUS 206 Activity 3: Reflective Feedback Summary
Collectively, we have learnt a variety of innovative concepts during the course, many of which
have applications in everyday business settings. However, following a consensus and deliberate
discussion, we have determined that the following principles—which will be covered in detail
below—were effective throughout the stakeholder analysis course: Numerous topics addressing
the strategic handling of stakeholder interactions have indeed been explored. For a business to
operate effectively, stakeholder connections must be recognized and managed. This is because
stakeholders frequently have a stake in the corporation's operations. As a result, the relationship
between the company's numerous stakeholders is essential and must be properly cultivated.
The business should also be aware of how to sustain a successful stakeholder connection.
It is important to emphasize the stakeholder connection's potential to have both positive and
negative effects on the corporation's actions. Furthermore, as stakeholders play a crucial role in
the functioning of a corporation, developing a stakeholder engagement strategy plan is
essential. An organization, for instance, cannot ignore the presence of its nearby stakeholders,
such as its customers and suppliers. The establishment of a strong relationship increases the
corporation's profitability and the efficient conduct of commercial operations.
The fundamental responsibilities for each link are another element that has to be well
understood. Understanding the roles that each link performs will help with the strategic
management of pertinent stakeholders. The requirements for guaranteeing that stakeholders
support a company's survival are also defined by strategic management. Additionally, the
negative consequences on stakeholders are much reduced. The management of such
interactions has benefited businesses in creating opportunities to gain from their surroundings
about overall performance toward achieving their goals. For instance, a stakeholder may inform
a company about subpar services.
Following are three elements from the list above that we believe are effective: 1. Content
analysis and topic knowledge 2. Assistance with course materials, activities, and course review
to improve learning 3. Successful stakeholders course delivery methods After giving careful
thought to the course's lessons on stakeholders and the entire process, the committee has
decided that the aforementioned three comments are worth highlighting. First, stakeholder
identification, next stakeholder analysis, and finally, stakeholder engagement strategy employing
a variety of communication channels, were used to initialize important lessons acquired from the
beginning. Given that everyone in the group said they learnt a lot, the course has been among
the most enjoyable, fruitful, and successful ones, as was already said. A problem was
addressed, nevertheless, as part of the reflective thinking and feedback process. What are the
best strategies to maintain stakeholders' interest in the company given the expanding
technology and the always changing business environment? The group feels that in order to
save time, we should have possibly addressed this topic.
