It is always a good business strategyto have a scenario plan in place, to prepare for any future endeavors.According to the text, scenario planning is an act where managers look outsideof the box and envision what could happen in the future and design a plan (Rothaermel,2017). Amazon has been in the press recently because they have moved toward cashierfewer stores, these stores allowcustomers to set up accounts and just walk in the store scan it and walkout. The scenario plans her is to create a relaxed shopping environment without longlines. The what-if comes into play if prices are incorrect,products are not scanned incorrectly,etc.
There must be a plan in place to combat these issues. Question 2.4 A firm that provide product overservice the manager’s actions may not be such a huge influence.
The externalfactors would be dominant and have a more important effect than the manager.This can be seen more in firms that are smaller and that is not top heavy. Thesmaller the business the more focus they are on customer service, because thecustomers is what keep them in business. When firm effects are more importantthat is a statement showing that the manager’s actions has a huge influence on the firm’s overall performance. When thishappens the profit margins are lower and there is a higher return on the firmeffect. External environment at thispoint would play a very small role in determining the firm’s performance. Question 1.3 BP can benefit from some advice onhow to manage their stakeholders and rebuild the relationship.
Just like anyother relationship BP has to regain the trust of the stakeholders and assurethem that they will not be negligent in their works. Some significant changemust take place. BP is at a point that they need to revisit policy, training,and management. This can be done by recognizing their social responsibility. BPlost their competitive advantage during this time of uncertainty, but can regain it if they put rules in place and makesure that all of the laws are followed.
Rothaermel (2017) prioritizing and addressing concerns and responding ina timely manner is another way that BP can gain an ethical edge over itscompetitors. Question 1.2Everycompany must find what makes them competitive and stand out from thecompetition. In today’s society companies must understand the importance oftheir stakeholders and how they play a huge role in the success of theircompany.
Target’s stakeholder’s relationship is a well -organized plan, and itshows the excellence in service they have been recognized for. .Target gainvalue from its employees, customers, local communities, and vendors byproviding programs that bring insight on and give back to the stakeholders(Rothaermel, 2017). The AFI framework shows how each stakeholder contributes tothe organization and the rewards that areexpected in return. Target must firstdetermine its main stakeholders and find out what their interest is, find outif the stakeholder is a benefit or a threat, what power does the stakeholder have, and what can be done aboutthe issues of the stakeholders.
Target managers can collect important data fromits employees and other stakeholdersabout the specific areas that may be a concern to them. Target can reach out via email, or links and numbers to web andphone surveys. In past instance, Target has rewarded its stakeholders for theirfeedback.