Communicating with stakeholders is very important as a big business as it shows interest but the risk/benefit of communication can vary greatly and includes building trust and consensus, creating awareness, educating, changing knowledge, influencing perceptions, attitudes and beliefs, promoting action and changing behaviour depending who Tesco is communicating to. As we are living in a modern era, Tesco would need to communicate in a modern way by using either an email or messages but also have to combine with a classical/vintage way such as letters. Thus ways are aimed at individuals/groups who doesn’t have that much power within the business. But, for those who have the most (high) power such as government, owners, managers and creditors a private meetings should be held because it has to be representable and formal.
It’s not enough to just have a plan. It is critical to seek to understand what your stakeholders desire both spoken and unspoken. The expectations must be carefully managed from beginning to end. Every team and project varies in its rate of change, so we must pick the most advantageous communication channel, frequency and make sure its effective.
Formal Methods for Communicating – Make occasions when information should be presented.
Meetings – One of the most common ways to communicate. They can vary from only 1 person to thousands based on message and audience appropriate. Make sure it is a dialogue and not a monologue. It is the best way as you have the verbal and nonverbal cues that enhance the communication and avoid misinterpretation.
Conference Calls – These days this is the most common as it does not require the time and expense of travel. The dialogue can take place though its dependant on voice intonation and clarity of the verbal message. They only require cost of phone call and there are many paid and free services that will facilitate use of a conference call line for many people to dial into.
Newsletters/ Email/ Posters – This strategy is one way communication and utilizes emailed updates, hard copy brochures, posters, newsletters mailed or emailed. One of the weaknesses is that messages are delivered and you cannot gauge if they were read and understood, deleted as sometimes there is no feedback. That immediate feedback is valuable for strengthening your message and making sure impacts and feedback are quickly received.
Informal Methods – It is important to not only rely on formal channels but to utilize informal communication as well. The impromptu channels are often more information rich and critical for relationship building.
Hallway Conversations – These meetings are great for one on one communication, but also be clear and do not establish false expectations with casual comments dropped.
Lunch Meetings, Drink at the bar after work – These casual environments can be great for connecting, getting feedback, ideas, and work to build support
Sporting events – tennis, golf, etc are an easy forum to get the input on what support exists, feedback on ideas, brainstorming to strengthen your communication and build stakeholder support
Tesco communicates differently for different stakeholders depending on the formality and how important they are.
Owners – Tesco would use a formal way to communicate with the owner such as meeting, emails and potentially private lunch/drink meetings. This is because they would normally discuss about private topic/information within their meeting. This means that it needs to be in a place where it is safe and representable as owners are the top leaders of the business. The owner has the biggest influence as they control the business. In this case, as Tesco are multinational groceries and retailers, the owner influence would be very crucial and critical towards the business. Tesco’s owners have a very complex and bold influence, they are the one who decide the business strategy, investment and enterprise
Managers – Communicating with managers also needs to be formal but it could also be informal depending how important it is and how close you are to each other. Tesco and their manager (in different segment) have different type of discussion as they have matrix structure which means that every they have chain of command as orders are delegated down to the span of control. Tesco normally would normally communicates with their managers by meetings, emails and lunch/drink meeting. Even though managers don’t have as much power as owners, managers are the one who make sure everything goes well within the business and they sets target to the employees to meet the owners want. Therefore, within a discussion with manager, it will be a detailed set of targets and aims.
Employees – Employees normally communicate with the company through a informal way and possibly a formal way. This is because employees are the one who physically runs the business in working time which means that it requires a lot of energy and time. As a result, Tesco would normally communicate with their employees by hallway conversations, email, telephones and text messages. In an extent, an employee with an excellent/negative work progress may need to have meeting with managers as they undergo their managers aims and objectives.
Suppliers – Tesco has introduced new software to improve communication with its suppliers Tesco is improving the management of information about its grocery and non-food suppliers via a new electronic data interchange (https://www.computing.co.uk/ctg/news/1832659/tesco-improves-communication-suppliers). They have done this to saves time and allows more collaboration because as a multinational business, they would have a tons of suppliers going in and out of the business which means if they arrange a meetings or using an email it will be time consuming for both sides.
Government – As Tesco a big multinational business, they could easily be impacted by the government rules, policies and law which means that a private meeting would be held nationally or locally. As Tesco is everywhere, the CEO of each county should have a meeting with the local council discussing about rules, regulations and any changes depending on the stability of the country, in recent years, UK has made decisions for BREXIT which means that there will be a lot of changes and new rules such as the trading (import and export).
Competitors – As a there is a competition between the market, this means that it is unlikely for a business to communicate between each other as they want to be the best possible. But, unless something has happened between each other inside/outside the business, e.g. Tesco’s employee having fight with Sainsbury’s employee, this means that both businesses would need to arrange a meeting to apologize and discuss further plan to make sure their business are well run without a chaos, as every business wants to implant a positive image in people’s mind.
Creditors – Towards creditors, a formal meeting and agency phone call should be needed as they would need to discuss something related to promised plan(years borrowed and paid back) and charge (interest). This means that as a creditors they would keep constantly reminds their debtors a few months away before they would need to pay back their debt/loan.
Customers – To have a good relationship with their customers, Tesco would need to satisfy and meet the customer wants and needs. This means that the way Tesco communicate towards them could be really crucial. Tesco would have a formal but also informal ways to communicate with their customers. Tesco would normally communicate to inform any news about prices, new product/s and deals. This means that things such as text messages, email leaflet and up to date website would need to be delivered to the customers so they would know what is going on.
An example of stakeholders within Tesco are customers, employees, employers, local communities. Tesco would need to maintain a good relationship towards their stakeholders in order to keep being the leader and the successful retailers and groceries in the UK and eventually in the world.
Customers – So far today, Tesco have maintained a good relationship with customers by satisfying them, meeting their wants and needs and treat them a little bit extra so that they feel special and attracted to Tesco. Their relationship between each other are so good to the point that Tesco is the current market leader for groceries and retailers in the UK. As Tesco rely their income from the customer (community/public) it is really important to have a good relationship with every customer, a small mistake from Tesco could impact them to lose customer such as being racist to customer (their race/culture).
Employees – Relationship with employees are also crucial as they physically runs Tesco by obeying their managers commands, aims and target. It is really important for Tesco to have a good relationship with employees but they would also need to have a qualified skills so that they could meet the target and aims which means that Tesco wouldn’t need to hire a lot of employees which could save up a lot of money which can be used to invest other thing or to pay out their debt.
Local communities – Tesco have a good relationship with the local communities as they participate and sponsors a local events, charity and etc. This means that Tesco are giving back to the local and also the main ideas of being close to local community is to market their business without their knowing as they local would feel so proud and blessed if Tesco helps out and sponsor local events and charities. In a long term effect, people within the local community will express their joy by telling their friends and families which means that it could attract a potential customer and made people to be loyal.
In the other hand, Cancer Research’s stakeholder are different to Tesco as they are charity based on helping those who has cancer. Cancer Research UK is a non profit organization. But that doesn’t mean that it doesn’t have stakeholders. This means that they would have less stakeholder than Tesco as their main stakeholder would be Director, Board of Trustees, employees, volunteers and donors.
Director – A Director is a person who ultimately responsible to carry out the overall wishes of the board. The director is always directly accountable for the work of the staff and supports the work of the board committees. So director is a key stakeholder for Cancer research UK. So he is very much influential stakeholder. As no one owns Cancer Research as they are non-profitable charity, a trusted DIrector with sincere and positive attitude is needed to be responsible for Cancer Research. Therefore, both Cancer Research and Director must need to have a very good and positive relationship with trust. This is really important because without a Director, Cancer research would not be organized which leads to thing such as having a chaotic structural organisation. Director could have so many impact within a non-profitable organization successes, if they aren’t trustable/reliable, a director could easily take the advantage of the organization such as corrupting the generated income from the community. Therefore, a director with a bright ideas, aims and objectives could lead to a successful non-profitable organization, in this case, Cancer Research UK could become an international charity which means that they would have a lot more community supporting them w
Employees – Employees within Cancer research would be doctors, researchers and internal staff.
Donors – Donors are the person who gives monetary and non monetary help to the organizations. In Cancer Research UK, Donors play an important role as they are the distinct from others as they give their support to an organization from which they know, they will not getting any monetary refund. So donors are influential in Cancer Research UK. Cancer research would really need to have a positive attitude which portray them as being a good non-profitable charity, this means that people would be aware and those who have the will and enough sustenance would donor a monetary (money) or non monetary (property, plant and equipment as well as intangible items such as goodwill). This donors could really saves people’s life as cancer research income comes from the community (charity, donors, individual). Therefore having a good relationship with donors are so important for Cancer research, also, to keep a in touch with good relationship towards them, Cancer research might hold a discussion/lunch/dinner.