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The matrix for stakeholder analysis has become an important and diverse tool in the 21st century because of the abolishment of the four Ps of marketing. Now 5 C's are defining the new dictum of the market and experts are weaving around the definition of the marketing mix in accordance with that (Kotlar, 2008). Current assignment is an attempt to decipher the stakeholder analysis matrix of a student laundry under this new framework of 5 C’s. In the first step, we will identify the stakeholders, after it, we will add functionality to it. This functioning will decide the role of various stockholders for us and then we will draw a power and responsibility matrix for the same.
A laundry for the students where they can ready clothes at an affordable price, the definition of Price has changed in the current theories completely. In this particular case, the price is not alone about money. It is equally about the consumption of time during the process of regular washing and convenience of getting it done with the help of additional hand. In its true sense now we can say that time is money. In the current marketing mixes, the importance of stakeholders is very much dependent on the communication part of the services. We can also say that effective communication is a kind of value addition into the main matrix of the consumer demands. Effective communication saves the time for a customer and this time can be counted as the effort of the customer as well (Weisis, 2014).
In order to add this convenience we are required to add two stakeholders in the laundry business, first, the person who will collect and deliver the clothes and the second person will be the person sitting at the call center to listen to the queries of various student related to the demands and supplies. On a third stage, we will have a stakeholder in the form of the person who will convert the raw materials into the finished goods, in the case of a laundry; they will wash, iron and fold clothes for the final delivery. This entire process or the functionality gives us an idea about the stakeholders in our business. This list of stakeholders may look different from the previous lists, however, we are assuming that the core process of the organizations, which is washing, ironing and folding is in place and if something goes wrong then we can cope with it with the help of monitoring. In the similar fashion, logistics and transportation are the subjects of the main business plan. The geographical boundaries of the operations are pre-defined and they can be taken care of very easily. The most important segment is the segment of client handling, it is important because the company is not dealing with the client in a lean and mean environment and they are dependent on an app or other technological tools.
We can identify at least 12 stakeholders in the process; here we divided these stakeholders purely on the merit of the task that they are handling. Sometimes a single person might have to handle multiple tasks and sometimes we can allocate a separate department for that as well.
In the above-mentioned diagram, we can clearly see that all the departments concerned with the external and internal communication of the organization are kept on a high priority. They are the stakeholders where a check and balance exercise cannot be performed easily. We cannot cover up the mistakes because they are the front of the laundry. In the current situation, it is important to understand the power of communication, it saves time which is money, it adds convenience which is value for money and thirdly it eases out the functionality of the department where a customer can get a direct access to the other departments on an operation. We can term it as the courier delivery model where a customer is a top priority and he can get a direct access to the internal system by checking the status of his parcel simply by typing an identification number. Here the human intervention is zero and output of the communication are maximum.
In traditional matrixes price and place holds more importance, however, in the current market, the customer can hire a service from a remote corner. The departments connected to the logistics and delivery is on a second priority because they are not interacting with the customer directly. Many organizations have discontinued the culture of the delivery boy and customer interaction quite considerably. The stakes of owner and marketing department are on a second priority because they can be compromised once the business will start rolling. The business model of a laundry business can be considered as a self-sufficient model.
Once a customer knocks the door of the laundry then it becomes an important job for first four departments to identify them and coordinate them with the secondary or the main system. Once it is done, things start moving on an autopilot and it becomes a routine job for the team where the primary team can monitor the proceedings in the case of dispute.
Three C's of marketing, connection, consistency, and communication plays a vital part in fixing the role, power and responsibilities of a stakeholder in the current theories. In the current case study, we can also see that it is the point of contact that really matters. It is quite a possibility that in future people might judge the worth of services because how much time they are spending in order to attain a service. It also leads us towards a sophisticated environment of business where having a nice and effective front will become an important aspect of the business.
Kotlar, K. a. (2008). The Marketing management ( Aus) .
Weisis, J. W. (2014). Business Ethics: A Stakeholder and Issues Management Approach.
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