Introduction
Forbes is a global media company focusing on lifestyle, leadership, business, investing, technology, and entrepreneurship. The organization works closely with stakeholders to achieve its goals. Stakeholders ought to understand the company’s vision and mission to serve the company’s success through strategic planning (Meyer-Cuno, 2021). Forbes Company’s success relies on stakeholders that make critical decisions for its strategic planning processes.
Stakeholders Involved in the Strategic Planning Process
Stakeholders are the pillars of an organization hence their involvement in the strategic planning process for an organization is crucial. Forbes can include employees, suppliers, and investors in strategic planning. Selecting the stakeholders to prioritize depends on needs and desires that foster trust and connections for growth (Sedmark, 2021). The chosen stakeholders are essential since they understand how to achieve the organization’s purpose and vision.
The Importance of Stakeholders
Careful identification of stakeholders in the strategic planning process is essential since effective stakeholder engagement allows an organization to mitigate potential conflicts and threats. Risks and conflicts may arise from dissatisfaction, misalignment, resistance to change, or uncertainty among stakeholders (Sedmark, 2021). Therefore, to avoid dangers and conflicts, an organization working with correctly identified stakeholders receives knowledge and experience from senior leaders to help the organization prosper.
Unique Insights into What the Stakeholders Offer
Stakeholders help an organization with the determination of long-term goals and the setting up of objectives to achieve the goals (Maijanen, n.d.). For instance, Forbes gets insight into the global technology networks to understand market trends, demands, and customer needs from stakeholders. The insights offer crucial knowledge on how Forbes can use social networks such as Twitter, Facebook, and Instagram to interact with customers, analyze the market, and create brand recognition.
Functional Areas Essential to the Process
Communication is one of the most critical functional processes in planning when engaging stakeholders based on their influence. With the need to maintain a competitive advantage, an organization also needs stakeholders familiar with current and future trends in business (Maijanen, n.d.). A company’s internal strength is a form of competitive advantage. Thus, clear communication allows smooth operational management, finance, marketing, and human resource management.
Functional Areas Relatively Less Critical
Marketing strategies are relatively less important for an organization. With the proper method for enhancing competitive advantage through the organization’s internal and external environment, a company does not require much planning on marketing. Techniques such as collaborations with other brands or introducing exceptional personalized customer service are internal strategies that give Forbes a competitive lead (Nakai, 2022). Therefore, with stakeholders, an organization can find creative means to cut costs in some functional planning areas and still achieve its goals.
The Most Important and Influential Decision-makers in the Strategic Planning Process
The most important and influential decision-makers in the strategic planning process are the Forbes management team, investors, and promotors. Given that the mentioned individuals have invested time and money and shared the organization’s vision, they are responsible for making crucial decisions. Investors and promotors understand the market dynamics, so they offer critical directions for the company to maneuver and manage crises (Nakai, 2022). For instance, during the COVID-19 pandemic, Forbes survived due to stakeholders that offered ways for the company to stay in business during the global crisis.
Relative Importance and their Effect on the Planning Process
Relative importance may range from financial contribution to their experience in a similar field as that of the organization. Stakeholders holding senior positions in business have a more significant effect on the planning process. Additionally, as businesses evolve, so do strategic planning modes (Maijanen, n.d.). Therefore, involving younger persons with technological know-how and a perspective of the youthful customer base forms part of the critical stakeholders.
Conclusion
Overall, stakeholders play a significant role in the success of the company. Forbes has many stakeholders, including investors, promoters, and employees. Stakeholders help organizations through their strategic planning in maneuvering administrative changes. Apart from having the right partners, effective and clear communication with stakeholders allows the company to succeed. Therefore, a company thrives with the proper support from appropriate and focused stakeholders.
References
Maijanen, P. (n.d.). Teaching the history of strategic management. PubFactory. Web.
Meyer-Cuno, D. (2021). Is a vision statement important? Business. Forbes. Web.
Nakai, A. (2022). What are Forbes five-star hotel’s crisis response strategies to retain customers in Tokyo amid the COVID-19 pandemic in 2021? Travel and tourism research association: Advancing tourism research globally, 96, pp. 2-13. Web.
Sedmark, J. (2021). What is stakeholder engagement, and why is it important for strategic planning? SME Strategy Management Consulting. Web.