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Publisher : International Journal of Pure and Applied Mathematics
Year : 2018
Abstract : The group of people without whose support an organization cannot exist are called stakeholders (Freeman Reed, 1983). To thrive and be admissible over time, organization must keep the interests of stakeholders collaborated and progressing in the same direction. The organizations find it difficult to practice stakeholder management to manage its stakeholders in a way to meet their strategic goals. To manage its stakeholders, an organization should initially identify, prioritize its stakeholders and analyze on how the relationship between the organization and stakeholders are defined. The aim of this article is to explore stakeholder identification and prioritization by managers by using the power, legitimacy and urgency framework of (Mitchell, Wood, Agle, 1997). The research was carried out in a construction equipment industry by following a multi method case study based approach. The central stakeholder for the construction equipment industry is identified through cumulative rankings of the functional managers of the organization. The stakeholders are then identified and classified based on their possession of power, legitimacy and urgency in relationship to the firm. © 2018 Academic Press. All rights reserved.