Stakeholder Analysis in Event Management

Stakeholder Analysis in Event Management Stakeholder Definition Stakeholders are individuals, groups of individuals or organizations that hold a special interest in an event including its operations and success. Stakeholders are a critical pillar in the success of any event. To a certain extent, stakeholders shape the manner in which event managers conduct an event.Advertising We will write a custom essay sample on Stakeholder Analysis in Event Management specifically for you for only $16.05 $11/page Learn More Stakeholder analysis is a process in which the event managers conduct a calculated effort towards understanding stakeholders and the ways in which to inculcate their demands to ensure the success of an event. Stakeholder analysis in event management is a tricky affair as this is a one-off occasion. Hence, there is no any other chance to make stakeholders happy. For example, major events such as the World Cup or the marriage of high ranking individuals (e.g. the Prince of England) call for me ticulous planning to ensure they are successful and meet the expectations of all interested individuals (Allen et al. 2011). Relationship between Event Management and Stakeholders As noted earlier, stakeholders are a crucial part of the success of an event. Certain benefits accrue from the inclusion of certain stakeholders in an event. It is also crucial to note that not all stakeholders contribute positively towards an event. It follows that stakeholders need to be evaluated to remove distracters that hide in the name of stakeholders and interested parties. It is also the cardinal responsibility of an event manager to know the various stakeholders and determine their relevance regarding the success of an event (Stanford, 2012). The following benefits may be realized through inclusion of relevant stakeholders in event management. The opinions of some stakeholders are crucial to the success of an event. For example, when planning a wedding for a high profile individual, it would be c rucial to listen to renowned designers, hoteliers, security experts, and Public Relations experts. These individuals may be interested in the event for monetary or business gains, but may provide the much-needed input to ensure that the event is a success.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, not all of the aforementioned stakeholder’s opinion may come in a manner aimed at aiding in the success of an event. Others are purely motivated by critical innuendos and it is the responsibility of the event manager to indentify right and wrong criticism (Stanford, 2012). Some stakeholders reign in great resources. Sometimes, such resources are what the event manager s requires to ensure that an event is a success. For example, if England wanted to hold the world cup, it would be crucial to engage with the renowned football clubs, which have excellent stadia to be used during the event. The event managers would also engage with the government to provide the needed security machinery to make the event a success. Hence, it is vital to indentify the stakeholders resourceful standing may be crucial in the success of an event (Allen et al. 2011). Communicating with stakeholders is part of engagement between event manager s and stakeholders. Communication of the progress and parameters of success of an event is crucial to mitigate expectations and to receive supplementary feedback. However, not all events require constant communication while others need constant and sustained communication if they are to be successful. For example, invited guests to a high profile wedding would require having the venue and schedules. Additionally, events such as world cups require prior timetables for matches prepared. This way, the stakeholders know what to expect and can therefore plan. It also forms the basis for the success of the event (Allen et al. 2011). Ris ks of Not Conducting a Stakeholder Analysis The relationship between stakeholders and the success of an event as outlined above highlights the importance of a stakeholder analysis. It also points to the risks of not conducting such an analysis. One of the major risks of the failure to conduct a proper stakeholder analysis is the possibility of not understanding the host community well. It would be disastrous to serve beef in an Indian wedding. This would also point out the event manager’s failure to understand that in Indian culture cows are worshipped as gods.Advertising We will write a custom essay sample on Stakeholder Analysis in Event Management specifically for you for only $16.05 $11/page Learn More There are certain steps that are followed in the stakeholder analysis. These steps are crucial in the identification of the stakeholders, prioritizing them according to the level of importance, and understanding them. When an event manager skips th is all-important process, the three indentified items are skipped or conducted in a haphazard manner. This may result in disastrous results (Miller, 1998). Additionally, this procedural negligence may reflect badly on the event organizers. It is crucial to note, however, that there is not any universally accepted way of approaching events management. Failure to conduct a stakeholder’s analysis may also results in an event full of hitches. Such an event will attract a lot of criticism once it is completed. For example, although this may not be the case, the Boston Marathon shooting is a negative reflection on the organizers. It will remain etched on the minds of all the other stakeholders whether they participated or learnt about it in the news. All other marathon organizers will mention this in boardrooms every time they are looking at the aspect of security. The aforementioned factors points out the risky nature of a one off event. The fact that some events take a lot of tim e before they are repeated may have some lasting reflections on an event that flops. Hence, it is the responsibility of the organizers to ensure that a proper stakeholder’s analysis is conducted before an event to ensure it is successful (Allen et al. 2011). Real-Life Event of the Concept of Stakeholder Analysis The wedding of Prince William and Kate Middleton is an example of a real life event that required a careful process of analyzing the stakeholders. For starters, the wedding was a high profile affair involving one of the oldest British families. The wedding was also touching on the very core of the British tradition. The prince of England who would take the throne if the queen were to die was marrying.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The stakeholders were numerous. The stakes were high and interests were through the sky. Managing such an event required careful planning. The stakeholders had to be meticulously filtered to retain the quite crucial ones (Capra, 2002). One such stakeholder was the governments. The United Kingdom government had to come up with a high stakes list of the high profile individuals to make the list of guests. The questions that lingered prominently in the event manager’s mind was whom do I include and who do skip from this list? Although the event was a two people affair, the ripples would be felt even in the diplomatic circles. Additionally, this may go a long way in entrenching British relationships with global partners. The other stakeholders were fashion enthusiasts. This group had their tongues wagging months before the main event. From which designer will Kate Middleton order her wedding dress? How will it look like? Is she going to disappoint? Numerous newspaper and magazine articles were dedicated towards this discussion. Engaging experts in the field would result in one of the most memorable fashion statements in the 21st century. A careless involvement may also ruin one of the major events in British history. Therefore, a middle ground had to be found (Allen et al. 2011). In light of the many guests, the high profile event, the global attention, and the fact that the event would end in a matter of hours, it was crucial to come up with a schedule reflective of protocols and comfort meticulously. To do this, the government had to be involved. Additionally, most of the guests in the list had to be informed of the events of the day to ensure they are not entangled in the intricate schedule (Allen et al. 2011). The above highlights reflect the intricacies of stakeholder analysis. Among other things, the one thing that stands out is the need to filter a large pool of interested stakeholders to a level reminiscent of the parameters of the event. The need f or communication also stands out quite starkly. Although an event may be small or big, this crucial aspect requires careful consideration. Failure to communicate may result in many hitches. It may also mean a harsh postmortem of the event once it is completed (Capra, 2002). References Allen, J. et al. (2011). Festival and Special Event Management. Brisbane, QLD: John Wiley Sons. Capra, F. (2002). Complexity and Life. Emergence, 4(2): 15-33. Miller, A. (1998). Strategic Management. McGraw Hill: New York. Stanford. (2012). Stakeholder Analysis. Retrieved from https://www.stanford.edu/