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CIPS L2M3 Stakeholder Relationships Assignment Sample

CIPS L2M3 Stakeholder Relationships Assignment Sample UAE

In order to be successful at procurement and supply, you need a strong network of relationships. This module will help strengthen those ties by teaching how best to communicate with your stakeholders so they feel valued while also helping ensure that all internal or external market factors related to the process are understood clearly.

Stakeholders can very quickly become an unhelpful irritation if not dealt properly but instead taken positively into consideration when managing them through proper channels because this ensures everyone’s satisfaction is guaranteed.

 

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When used properly, communication can be a powerful management tool. When misused or mishandled it can lead to frustration and confusion among the stakeholders involved. One of the biggest problems when discussing procurement is that there are various stakeholders in any competitive sourcing process including but not limited to Government officials, politicians, unions , suppliers, partners etc.

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Assignment Brief 1: Define external stakeholders in procurement and supply

External stakeholders in procurement and supply can generally be defined as any individual or organization who may have an impact on, or be impacted by, the procurement and supply process.

Some of the key external stakeholders in procurement and supply include customers, suppliers, regulators, shareholders/ Investors, unions and other employee groups. Each of these groups can have a significant impact on the procurement and supply process, making it important for organizations to understand and manage their relationships with these stakeholders effectively.

Assignment Brief 2: Identify internal stakeholders that can be involved in purchases from suppliers and supplies delivered to customers

Internal stakeholders that can be involved in purchases from suppliers include the marketing, engineering, and financial departments.

  • The marketing department ensures that a product fulfills a need for their customers while maintaining specific brand standards. That includes understanding customer needs through market research and using determined data to provide packaging, pricing, promotion plans and features of the product.
  • The engineering group is concerned with optimizing both design product lines by providing specifications on materials to use in manufacturing. This includes assessing factory production capability when contemplating switching from one supplier to another. They also focus on improving cost effectiveness by assessing different grades of materials used in production which affects durability and quality of the end product for example for welding or handling purposes.
  • Financial departments are responsible for reconciling inventory levels with prices, costs, sustainability, safety and compliance with the company’s standards.  The number of financial reports that they are required to submit is often too large for them to be able to complete in a timely manner.  

 

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Assignment Brief 3: Describe how internal and external stakeholders influence procurement and supply activity

There are a variety of stakeholders who can influence procurement and supply, both internally and externally. Internally, key decision-makers include department heads, who may be responsible for specific areas such as marketing or manufacturing, and who therefore have a vested interest in ensuring that they have the necessary supplies to carry out their operations. Middle managers may also play a role in procurement and supply decisions, as they may be responsible for managing inventory levels and ensuring that products are available when needed.

Externally, there are numerous groups that can exert an influence on procurement and supply decisions. Lenders or investors may seek to ensure that companies have adequate liquidity to meet their current obligations, for example. Suppliers may also try to exert influence over a company’s purchasing decisions in order to maximize their own profits. And, finally, customers may also have a say in what products a company chooses to offer, and how those products are priced.

Given the many different stakeholders involved in procurement and supply decisions, it can be difficult to balance the interests of all parties. Companies must carefully consider the needs of all their stakeholders when making decisions about what to buy and how much to order. Balancing the needs of different stakeholders can be a difficult task, but it is essential for ensuring that a company’s procurement and supply operations are effective and efficient.

Assignment Brief 4: Identify the key economic sectors that impact on a procurement and supply function 

The key economic sectors that impact on procurement and supply function include the following. 

  • Industrial machinery – production equipment, raw material processing equipment; motor vehicle industry, home appliance industry; paper products industry, petroleum products industry; pharmaceuticals industry, chemicals industries. 
  • Transportation of goods – transport of coal and petroleum products by sea (oil tanker); transport of coal by rail (coal car); transport for bulk-goods traffic in ports. Imports are drawn from international trade in general through shipping companies or airlines companies. Exports are drawn from international trade in general through shipping companies or airlines companies also depending on the mass or characteristic of items being exported which may necessitate shipping overseas. 
  • Commercial Construction Industry – utilizes building materials, construction machinery and technology.
  • Logistics – transportation, storage, package handling; warehousing; information systems for storing warehouses and inventory control.

Other services that may impact on procurement and supply function include the following: 

  • Advertising media used by companies to promote their goods or services (e.g., TV commercials)
  • Accounting and auditing services (e.g., cost analysis)
  • Bank services (e.g., loans, financing, collateral)
  • Engineering and engineering management design and consulting (e.g., quality control of production equipment, plant layout designs; risk assessment; cost reduction; increase in efficiency)
  • Law firms that provide legal advice on the protection of intellectual property rights (e.g., patents)
  • Security and personal safety services (e.g., lock and key; security guards; building alarm systems).

Assignment Brief 5: Indicate the impact of demand and supply on markets

Demand and Supply form a powerful feedback loop in the economy. When demand at a certain price is higher than supply, this creates an imbalance, which means that either the market is heading towards scarcity (high prices) or excess (low prices). Whichever is present guides suppliers to react accordingly; by increasing production when there’s an excess and decreasing production when there’s a shortage. This helps keep price fluctuations consistent with changes in demand and supply. 

However, these mechanisms don’t always exist equally around the world: furthermore, two countries with identical GDPs may experience different levels of inflation rates because of differing inflation rates within each country. The differing impacts on their respective economies make comparisons difficult – it really depends on what bits of information you’re looking at.

Generally speaking, when an economy is doing well, prices will start to increase as demand rises faster than the available supply. This is known as inflation. Inflation occurs when there’s too much money chasing too few goods – it’s essentially a rise in prices due to over-demand. When the economy is not doing well, prices start to decrease as demand stays the same or even falls while supply rises. This is known as deflation.

 

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Assignment Brief 6: Describe how market factors impact on the procurement and supply activities of an organisation

Organisations must continually assess the market in order to determine the best way to procure and supply their products or services. The market will dictate what is available, how much it will cost, and when it will be available. Organisations must also be aware of the competition and react quickly to changes in order to stay ahead.

In today’s globalised world, organisations are constantly competing with each other to offer the best products at the lowest prices. This means that they must be agile and able to react quickly to changing market conditions if they want to remain competitive. They must also be able to efficiently procure and supply their products so that they can meet customer demand.

Assignment Brief 7: Identify the contribution that marketing makes to develop customer and supplier relationships

Marketing contributes to developing customer and supplier relationships by carefully targeting the individuals that meet certain criteria.

Marketing techniques are not just random advertising ploys, but rather carefully targeted communications that take into account an individual’s situation. This could include their purchase histories, demographics, psychographics–all of which helps to enrich customer or supplier relationships. For example, let’s say you’ve used information about your client’s company location to send them a message with some time-sensitive information related to an industry event they’ll be attending soon–or seen what other vendors they follow on social media and invited them out for lunch at one of those vendors’ locations. You might even take note of what type of clothing they wear (e.g., t-shirts, polos, dress shirts, etc.) and mail them some samples of a product that would pair well with what they’re known to wear. This is an example of how marketing techniques are applied at the relationship level to develop customer or supplier relationships.

Assignment Brief 8: Describe and explain approaches to build rapport with internal and external stakeholders

  1. Anticipate the stakeholders’ needs and address them before they do.
  2. Become competent in understanding stakeholder’s point of view, whether internal or external, by acquiring knowledge about their goals, challenges, successes and failures – what drives them to act?  
  3. Blend your company’s values with theirs so that there is mutual benefit for both parties involved.  
  4. Listen to their concerns without arguing or passively waiting for them to stop talking; remain engaged with active listening such as brainstorming points of agreement and seeking inspiration from past experiences they may have had that were beneficial for you both then build upon these strengths together with a shared vision of success where everyone wants the best outcome possible! This way, you can make a powerful connection with them as equals.
  5. Address their concerns and increase their confidence in your product by gaining transparency within your company. Here is where processes come into play for helping control the sales process from end to end without interruption or unnecessary delays that may arise from misunderstandings along the way  – this will reduce anxiety for all stakeholders.
  6. Take care of their needs by always being prepared to offer what they are asking for – whether it be a product demo, a proposal, more information or just a listening ear; go above and beyond what is asked for whenever possible  – remember, it’s the little things that count!
  7. Maintain an open honest line of communication with them by providing transparency within your company so they can trust your business dealings.
  8. Do not underestimate the value of referrals – they effectively bypass all red tape and are known to provide more sales than any other marketing method available  – that’s why it is absolutely necessary for you to deliver what’s required according to the first six tips above.
  9. Always keep your promises and be consistent in all business dealings – this will increase their trust levels with you over time; it is also beneficial for building long term relationships that provide mutual benefits for both parties involved instead of short-term ones that may cause burnout or animosity on either side.  
  10. Be passionate and enthusiastic about what you do! This will increase your chances of gaining their business, that much more – after all, who doesn’t want to buy from someone they like and trust?

Assignment Brief 9: Explain methods of negotiating with suppliers and customers

Negotiating with suppliers and customers is a part of business. It’s all about getting the best deal you can for your company while also gaining profit, so you have to strike a balance between being firm and being flexible. You may need to prioritize certain things over others, depending on what needs your company has.

 

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There are a few key things to remember when negotiating with suppliers and customers:

  1. Always keep the best interests of your stakeholders in mind. This means thinking about what’s best for your company, not just yourself.
  2. Be prepared to walk away from a deal if it’s not right for you. There’s no need to settle for less than what you deserve.
  3. Stay calm and collected during negotiations. Losing your temper will only make things more difficult.
  4. Keep an open mind and be willing to listen to the other person’s point of view. You may be able to come up with a mutually beneficial solution if you’re both willing to compromise.

Assignment Brief 10: Recognise all elements of the communication cycle

The communication cycle consists of the following steps: 

  • Data or message emerges as a concern or as something to share. 
  • Attention is drawn to the data by those involved; they may not fully understand it and need time before reacting, but it engages readers’ interest and leads them to communicate with others about it. 
  • People pass on that information and talk about what they’ve heard. This leads to other people investigating the subject more deeply and coming up with their own interpretation; this process eats gaps in understanding and clarifies issues. 
  • The increased attention often produces additional data from an interaction, so reactions become based on facts rather than feelings. At this point there’s a higher level of engagement because people feel prepared to take a stand and make their own judgments.
  • The process begins again as the participants continue to share what’s happened and engage with each other’s viewpoints – sometimes reinforcing existing attitudes and at other times challenging them. At this point, the data ceases to be something shared or engaged with and becomes part of an individual consciousness and identity.

Assignment Brief 11: Describe the key characteristics of successful and effective team working

  • Coordination and cooperation-  team members should anticipate and task and plan work out together. Communication is key to any successful team. Effective teams minimize conflicts, achieve consensus, share information openly, make clear agreements on roles and responsibilities etc.
  • Communication- The messaging channel between team members should be as efficient as possible with the fewest number of people needed to do a task or complete a goal 
  • Information Parity – team members need equal access to information for updates from other departments soon after it happens 
  • Team Members- No conflict of interest including lack of skill sets that are important for the project. Team needs everyone’s strengths but not each member’s weakness  
  • Objectives/ Goals/deadlines- Teams should have a common understanding of what they are trying to achieve and when. They need to be constantly updated on changes that could affect their goals
  • Tools- Teams should use the same tools or be working towards using the same set of tools where possible. If team members are using different tools it can lead to confusion, wasted time and lack of productivity.

A well-functioning team is a joy to be a part of. But what makes a team work well? There are many factors, but some key ones are: communication, coordination and cooperation, information parity, team members with no conflict of interest, common goals and objectives. Each of these needs to be well-honed in order for a team to work at its full potential.

Assignment Brief 12: Identify the types of information that can be exchanged between purchasers and suppliers

Purchasers and suppliers can exchange information about quality, delivery time, price, package, after-sales service, and so on. In order to build a successful business relationship, it is important for both parties to be able to openly and candidly share this type of information. This way, both parties can work together to ensure that the best possible product or service is delivered to the customer. This also allows both parties to work together to identify opportunities for improving the customer’s experience.

Many companies use a quality function deployment (QFD) matrix, or “house of quality,” to help compare and study their customers’ wants/needs with the company’s products and services. The idea behind QFD is that it will increase customer satisfaction by integrating the voice of the customer into the company’s product development process. QFD is a structured method used for gathering customer requirements, organizing them, and translating them into engineering specifications.

The way it works is by identifying customers’ wants/needs with respect to products or services provided by the organization, collecting these customers’ desires in a matrix, and incorporating the matrix into product design.

 

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Assignment Brief 13: Indicate how conflict can arise in the work of procurement and supply

There are a few key ways in which conflict can arise within the work of procurement and supply. One potential source of conflict is when different departments or teams within an organization have competing visions for how inventory should be managed. Another potential source of conflict is when different suppliers are vying for the same contract or product, and there is disagreement about which supplier should be awarded the contract.

Conflict can also arise when there are disagreements about the pricing of goods or services, or when there are disputes over who is responsible for what part of the procurement process. In addition, communication breakdowns can create conflict, as can personality clashes between team members. By being aware of these potential sources of conflict, you can take steps to prevent them from damaging your procurement and supply operations.

If conflict does occur, it is important to have a process for resolving it in a fair and timely manner. This process should involve all of the relevant stakeholders, and it should be based on sound principles of conflict management. By resolving conflicts in a constructive manner, you can minimize the negative impact they can have on your business.

The bottom line is that conflict is an inevitable part of the procurement and supply process. However, by being aware of the potential sources of conflict and by having a process for resolving them, you can minimize the damage they can cause. By taking these steps, you can ensure that your procurement and supply operations run smoothly and efficiently.

Assignment Brief 14: Identify approaches to conflict resolution with stakeholders in procurement and supply

  • One approach to conflict resolution with stakeholders in procurement and supply is to develop a communication plan. The communication plan should identify the methods of communication that will be used, such as face-to-face meetings, telephone calls, emails, and letters. The communication plan should also identify the individuals who will be responsible for communicating with each stakeholder group.
  • The second approach is to develop a consensus building process. The consensus building process should identify the steps that will be taken to reach a consensus among the stakeholders. The steps may include identifying the issues, developing proposals, and voting on the proposals.
  • The third approach is to use a problem solving process. The problem solving process should identify the steps that will be taken to solve the conflicts among the stakeholders. The steps may include identifying the issues, developing proposals, and negotiating the proposals.
  • The fourth approach is to use a power and interests analysis. The power and interests analysis should identify the factors that are influencing the decisions of the stakeholders. The factors may include the power of the stakeholders, the goals of the stakeholders, and the interests of the stakeholders.
  • The fifth approach is to use a decision analysis. The decision analysis should identify the options available to the stakeholders and the consequences of each option. The analysis should also identify the risks and benefits of each option.
  • The sixth approach is to use a matrix approach. The matrix approach should identify the issues that are causing the conflicts among the stakeholders. The issues should be organized into two or more groups based on similarities between the issues. The matrix approach may use a weighted scoring system to assign points to each issue grouped in the matrix.
  • The seventh approach is to use an objective evaluation of alternatives (OEA). An OEA is used with analytic decision-making models that identify the criteria, alternatives, and standards for evaluating the alternatives. The standards may be used to assess how well each alternative satisfies the criteria.
  • The eight approach is to use an analytical hierarchy process (AHP). An AHP is a problem-solving method used in group decision-making situations. Using an AHP involves prioritizing the objectives, developing a hierarchical structure for the objectives, and assigning a weight to each objective.
  • The ninth approach is to use a fuzzy logic approach. A fuzzy logic approach is used when the situation is ambiguous or when there is uncertainty about the options available to the stakeholders. The fuzzy logic approach uses a set of rules to make decisions based on the degree of truth within a statement.
  • The tenth approach is to use symbolic logic. A symbolic logic approach uses formal notation and rules to analyze quantitative data. An advantage of symbolic logic is that it can be automated and used in situations where the consequences of choices are known.

 

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