The primary and main motive of the paper is to outline and explain the key stakeholders for Snap Inc Company which is an American camera and technology company. The paper also outlines some suggestions that help in determining and analyzing each stakeholder in the organization. Along with this, effective and unique organizational model is adopted to explain the key stakeholders and accordingly classification for them is explained in the report.
Stakeholders are significant and effective for the organization because they can influence the targets and objectives of the firm. The paper also explains the generic strategies that used by the company for each and every organization. The report further discusses how stakeholders help in gaining competitive benefits in the global market. More detail of the task has been discussed below.
Snap Inc. is a multinational American corporation that deals in social media and technology in a large extent. The firm was originated in 2011 by Bobby Murphy and Evan Spiegel. The company deals in four products such as spectacles, Zenly, Snapchat and Bitmoji (Returns, 2018). Along with this, the firm engages in advertising and promotion business. It has been found that Snap Inc. works with ample of partners to verify and analyze that an advertisement was in fact offered to a given customer. Aside this, the firm also works with third parties to analyze the regularity of a campaign in the global market.
Snap Inc. renders various solutions to analyze enormous things such as application installations, sales lift, and in store visitation. In today’s era, the organization competes with LLC, Apple, Facebook, Line Corporation, Google, Twitter and Tencent holdings limited (Returns, 2018). Stakeholders play a major role in the company to provide ample of information related to market, competitors and customers. They also analyze and identify the external threats and challenges to beat the competitors widely. The success and growth of Snap Inc. depends on the effective and dynamic stakeholders. The major and primary stakeholders of Snap Inc. include customers, suppliers, media, employees, competitors and owners (Freeman, 2010).
Snap Inc.Stakeholder view of the organizational model It has been found that stakeholders play a significant and vital role in each and every company as the same way, stakeholders also a significant part of Snap Inc (Rothaermel, 2015). It has been analyzed from the organizational model that there are 6 significant stakeholder’s categories in Snap Inc. The six stakeholders include the following:
Customers: It is noted that customers are the major and unique stakeholders for Snap Inc. because they help in increasing and enhancing the sale and revenue. After the various studies it has been found that approx 188 million daily users or customers are using its applications and chats (Statista, 2018). They share videos and pictures with the help of various applications.
Competitors: There is high and intense competition existed in the global market. The main competitors of Snap Inc. include Google, Facebook and Apple that are affecting growth and success of Snap Inc. widely. The organizations that formulate with IT and other traditional companies which work in television, radio and print media sector are also giving stiff and strong competition in the international market (Lovejoy, Waters and Saxton, 2012).
Owners: It is stated that owners are considered main stakeholders for Snap Inc. Evan Spiegel and Bobby Murphy are the founder of the company. It has been analyzed that both the owners have equal equity (approx 21.8%) in the firm (Snap Inc, 2017). Along with this, the owners also have voting in the organization. They key an eye on the performance and business operations to overcome on the competitors in the market (Ackermann and Eden, 2011).
Employees: The workers play a major and imperial role in the progress of the firm and they further help in attaining desired goals and objectives. It is stated that the company hires talented and skilled workforces to lead business operations smoothly and effectively. Along with this, Snap Inc. focuses on the culture and working conditions to motivate and inspire the workforce towards attainment of long term targets and goals (Rozanski and Woods, 2012).
Suppliers: The suppliers and investors are important for Snap Inc. because investment made by them to attain maximum profits and sale. Snap Inc. get huge amount from the investors to grow and survive business in a large extent. The organization also gets fund from benchmark capital that provides support the firm to achieve high level of profitability (Snap Inc, 2017).
Media: It is one of the leading and biggest components to maximize the objectives and targets and further it also helps in determining the growth of the firm. Snap Inc. uses ample of media channels to maximize sale and outcomes. Digital media and traditional media channels are used by the firm for promoting the products and services in the competitive market. The traditional media elements include print, television and radio which are used by the company to encourage and improve its advertising aspects (Snap Inc, 2017).
It is stated that Snap Inc abide by the various laws and regulations of USA interconnected to privacy, data protection, taxation, publicity rights and consumer protection (Mueller et al, 2018).
Stakeholder analysis
The stakeholder analysis is necessary to provide rights and values to them and further it increases profitability and returns of the firm. The four selected stakeholder for Snap Inc. are discussed below.
Owners: A company is carried by its owners and they are responsible to expand and flourish the business in a large extent. They provide cooperation and support to the top management and managers to make a good image in the minds of the customers. The main motive of the owners is to be a growing and innovative technology corporation in the world. They further maintain reciprocal relationship with employees, investors and other stakeholders. Along with this, the actual behavior of the owners is to offer cost effective and user friendly apps and applications to target audience for maximizing their level of satisfaction.
Aside this, they focus on the plans, policies and strategies of the competitors to become a biggest leading company in the international market. It is noted that owners are considered main and effective stakeholders which are conducting the business functions widely for the corporation. It is evident that motives and behavior possessed by the owners are sufficient to cope up with rivalries and to accomplish the long term mission and vision (Bryson and Crosby, 2013).
Employees: It is analyzed that employee is considered the backbone of the firm. No company can survive and grow its business operations without an effective and talented workforce. The main motive of the workers at Snap Inc. is to produce and build new and innovative products for the customers and further they also want to improve and enhance the quality of apps and other products. Effective and unique policies related to incentives and rewards are implemented by the top management to inspire and enhance the workers towards the improvement of performance and productivity (Voinov and Bousquet, 2010).
Competitors: It has been found that competition may affect overall performance and profitability of the firm. The rivalries like apple, Facebook and Google are biggest threat for Snap Inc. in today’s modern world. The main aim of the firm is to strive and cope up with rivalries by introducing and developing new and innovative products and technologies. The organization also is making strategies and policies to improve and enhance the quality of apps and products. Snap Inc. further makes strategies to stand out against the rivalries in the international market (Caniato et al, 2014).
Media: The social media channels like Instagram, Facebook and You tube are largest threats and challenges for the firm because they affect the growth and targets of Snap Inc. adversely. It is evident that the company uses traditional media components to promote and encourage its advertising attributes in the global market. Media is a fundamental stakeholder for the organization to attain strategic targets and objectives in the competitive market. Traditional and digital media channels are used by the company to maximize and improve the customer’s satisfaction and experience (García, Gómez and Molina, 2012).
Stakeholder category identification and generic strategic programs
The generic strategic programs for stakeholders have been detailed below.
High power/high interest: It is one of the significant stakeholder categories in the business activities and operations of Snap Inc. This stakeholder category deals with needs and requirements of the business and further they work effectively and efficiently to enhance the progress and success. The offensive strategy should be handled for this category as this increases their influence in the firm by minimizing threat element to other stakeholders (Pacheco and Garcia, 2012).
Higher power/lower interest: It is noted that the stakeholders can also be further categorized under the category of high power but they posses low interest in their business functions. The generic strategy initiated for this group is that this needs to keep satisfied the clients to maximize production and effectiveness. It is noted that offensive strategy is unique and enough for such type of stakeholders. They further focus on the goals and objectives of the company to meet long term requirements and needs of the business.
Low power/high interest: The stakeholders posses high interest and lower power while performing business activities and operations of Snap Inc.This category is essential to enhance and improve the marketing strategies for the firm. Swing strategy is initiated by the company for this category of stakeholders. Snap Inc. uses this category of stakeholders to enhance and increase productivity and business operations in a large extent. They also focus on the threatening capacities and work to maximize the outcomes in the marketplace (Crane and Ruebottom, 2011).
Lower power/lower interest: This stakeholder could be categorized under the name of lower power and low interest in the business functions and activities of Snap Inc. Such type of stakeholder monitors on the performance and effectiveness of the business and they put less effort as compared to other effective stakeholders in the corporation. Defensive strategy is adopted by the company to handle and manage these stakeholders. This generic strategy also helps in preventing threat of competition or rivalries in the global market (Keller, Parameswaran, and Jacob, 2011).
Recommendations
It is noted that top management and managers are responsible to analyze and identify the best effective and unique strategies for each and every stakeholders that also depends on the level of interest and power of the stakeholders. The open and dynamic communication plays a vital and effective role to maintain reciprocal relationship with stakeholders. Some of the recommendations for each stakeholder have been discussed below.
Conclusion
It concludes from the above mentioned analysis that organizational view model helps the company to determine and analyze the stakeholders in the competitive market. The above analysis provides a brief information about major and effective stakeholders and their roles in Snap Inc. It is noted from the above mentioned analysis that stakeholders play a major role in uplifting and enhancing the profitability and outcomes in the competitive market. At the end, some recommendations have been given for each stakeholder after taking consideration of generic strategies.
References
Ackermann, F. and Eden, C., 2011. Strategic management of stakeholders: Theory and practice. Long range planning, 44(3), pp.179-196.
Bryson, J.M. and Crosby, B.C., 2013. Managing stakeholders in the change and innovation process. In Handbook of Innovation in Public Services. Edward Elgar Publishing Ltd..
Caniato, M., Vaccari, M., Visvanathan, C. and Zurbrügg, C. 2014. Using social network and stakeholder analysis to help evaluate infectious waste management: A step towards a holistic assessment. Waste Management, 34(5), pp.938-951.
Crane, A. and Ruebottom, T., 2011. Stakeholder theory and social identity: Rethinking stakeholder identification. Journal of business ethics, 102(1), pp.77-87.
Freeman, R.E., 2010. Strategic management: A stakeholder approach. Cambridge university press.
García, J.A., Gómez, M. and Molina, A., 2012. A destination-branding model: An empirical analysis based on stakeholders.Tourism Management, 33(3), pp.646-661.
Keller, K.L., Parameswaran, M.G. and Jacob, I., 2011.Strategic brand management: Building, measuring, and managing brand equity. Pearson Education India.
Lovejoy, K., Waters, R.D. and Saxton, G.D., 2012. Engaging stakeholders through Twitter: How nonprofit organizations are getting more out of 140 characters or less. Public Relations Review, 38(2), pp.313-318.
Mueller, D.S., Sisson, A.J., Kempker, R., Isard, S., Raymond, C., Gennett, A.J., Sheffer, W. and Bradley, C.A., 2018. Scout, Snap, and Share: First Impressions of Plant Disease Monitoring Using Social Media. Plant disease, 102(9), pp.1681-1686.
Pacheco, C. and Garcia, I., 2012. A systematic literature review of stakeholder identification methods in requirements elicitation. Journal of Systems and Software, 85(9), pp.2171-2181.
Returns.2018. Snap Inc (SNAP.N) [Online].
Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education.
Rozanski, N. and Woods, E., 2012. Software systems architecture: working with stakeholders using viewpoints and perspectives. Addison-Wesley.
Snap Inc .2017. Company Profile. [
Statista.2018. Number of daily active Snapchat users from 1st quarter 2014 to 2nd quarter 201
Voinov, A. and Bousquet, F., 2010. Modelling with stakeholders. Environmental Modelling & Software, 25(11), pp.1268-1281.
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