The paper "Stakeholder Analysis in the Planning of a Future Music Festival" is a great example of a business case study. Stakeholder Analysis (SA) is defined as a systematic analysis of stakeholders in terms of their power and interest in a certain business, event or a process. For instance, this paper analyses the interests of stakeholders involved in the planning of a future music festival. This paper conducts a stakeholder analysis so as to represent the interests of all stakeholders involved in the best way (Freeman, 1984) A Stakeholder Analysis is basically a process of providing insights and understanding the interactions that take place between the planning of the event as well as its stakeholders.
SA is a very powerful tool as it assists event organizers to identify the various stakeholders and rank them in terms of their priorities. This means that there are some stakeholders who greatly impact on the project or event more than others. For instance, in our case of the planning of the future music festival, the sponsors and donors are very crucial since they provide the finances required in undertaking the event and thus they should be given the first chance (Getz, 2007). A stakeholder, in this case, can be defined as a person or a group that can influence or can be influenced by the event or the organization.
Stakeholders, in this case, can also be defined as those people or groups of people with a stake in the music festival event as well as its outcomes. This takes care of all the groups taking place in the participation of the event production, all sponsors and grant donors, representative of the surrounding community, as well as every person impacted by the music festival event (Reid, & Arcodia, 2002) Organizing such an event involves groups of stakeholders which include the public, private and also voluntary governmental and non-governmental organizations such as the artists involved, suppliers of materials required, public authorities, traders and the media.
The efforts made in interacting with the stakeholders together helps in building the festival and its image and this helps in attracting as many other visitors as possible. Relationship between event management and stakeholders Organizing the music festival will be executed by the many stakeholders listed above.
The efforts aimed at integrating the various stakeholders will lead to the constitution of the event as well as its image and this is expected to attract tourists and other visitors. Interactions among the various stakeholders as well as the actors always involve both competition and collaboration. In terms of competition, the various actors, who are part of the stakeholders, tend to compete with one another so as to attract visitors to their specific products and this often creates conflicts. These conflicts are in the forms of the time of performance, for instance, one may prefer an early time rather than presenting at a later time.
The conflicts may also arise from best spots since a central position is more attractive than a peripheral one. All these factors cause the differences and hence the opposing interests and conflicts. Thus it is the responsibility of the events planner to ensure that he or she understands the relationship between management of events and the stakeholders involved in the event so as to be in a position to manage them (Andersson, & Getz, 2008).
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