Satisfactory Stakeholder Management at MaxMart, Ghana

MaxMart is a greatly recognized supermarket in the Accra region, and the company has many stakeholders. However, only some stakeholders have a highly significant impact on the company. The section below highlights the dynamics of the relationship between MaxMart and its key stakeholders and how the relationships guide the company's effort to achieve a satisfactory position in stakeholder management. 

Based on their shared interests in the company, the stakeholder groups for A & C include investors, customers, employees, suppliers, and regulatory authorities. The investor groups have the top priorities while the regulatory authorities have the least priorities in the business operations at MaxMart. Nonetheless, they are all included in the decision-making practices in the company. 

Investors: Top Priority

Their key interest is in the profits. They want MaxMart to make more profits, which translates to them receiving more earnings per share. To add on, the investors also have an interest in minimizing the operational costs at MaxMart. 

Customers: Second Priority

They have interest in affordability of goods, which entails low-priced goods of acceptable quality. 

To address these customer interest, MaxMart keeps its costs leadership generic strategy, which entails the lowest possible prices.

Employees: Third priority

I am a part of the company’s employee groups, serving the role of a supplies manager. I can identify two major interests: employment guarantee and better pay. Employment guarantee is the security that MaxMart will retain me as a part of their company. Better wages are a characteristic concern for every laborer in the company, especially considering that MaxMart offers low wages to its workers. While the company gives significant reflection to its employee's managerial decision-making system, there is a partial ineffectiveness in addressing employee interests. The firm does have employee relations policies that guarantee a significant level of job security. It, however, has maintained its position of minimizing wages, which does not meet the employees well.

Suppliers: Second least priority

Suppliers are only interested in having more other products sold profitably. Suppliers require MaxMart to sell these goods at high prices so as to reap from the profits. MaxMart does not pay more attention to the supplier needs because, being the largest retailer in the city, the company has the commercial control to influence the suppliers. Most businesses have more influence than the suppliers, which means the suppliers do not always receive what they expect ( Barnett, 2014) .

Regulatory Authorities: least prioritized stakeholders

The regulatory authorities’ primary interest is to track the sustainability and legitimacy of MaxMart operations. The regulatory authorities sit at the bottom of MaxMart priorities because their interests always conflict with the operations of the supermarket ( Barnett, 2014) . Regardless, MaxMart meets the interests of these authorities by ensuring that business operations are undertaken in compliance with the market and environmental standards of the city.

Stake Holder Register

Stakeholder Management Plan

Managing MaxMart stakeholders requires an effective communication plan as provided in the table

Reference

Barnett, M. L. (2014). Why stakeholders ignore firm misconduct: A cognitive view.  Journal of Management ,  40 (3), 676-702.