Key Stakeholders and Their Roles

Key Stakeholders and Their Roles

Recognizing the stakeholders and defining their participation within a company is essential to achieving the organizational objectives. The Stakeholders need to collaborate and interact with each other to guarantee the organization’s success. Stakeholders are defined as “influential people who are vitally interested in the actions of the business” (Pearce & Robinson, 2009). Riordan Manufacturing is a company that has well-defined its strategic direction and goals. Furthermore, Riordan Manufacturing has implemented tools for performance measurements that would control the processes ensuring effective results. In this case the Riordan Manufacturing’s stakeholders are the president and CEO, the chief operating officer, the vice president of research and development, the vice president of sales and marketing, the director of human resources, the vice president of marketing, the chief financial officer, the employees, the customers, and the managers. Every stakeholder has a very important role in the company’s strategic plan.

Riordan manufacturing’s focus is to achieve and maintain profitability while making sure that the human and financial capital is accessible for constant growth. This goal would be impossible to achieve without the collaboration and interaction of the stakeholders. For example, to ensure that the company accomplishes profitability, the CFO would need to interact with the accounting department, finance department, research and development, and other departments to ensure that they are on the same page and have the same goals in mind. Another goal mentioned in Riordan manufacturing’s mission is to offer solutions to their customers’ challenges.

To accomplish customer satisfaction, the marketing and sales department needs to work in alignment with product support and research and development to produce the best products in the market.