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1 Identifying Stakeholders:

Ispahani Group is a very large & old company comprising over 10 separate companies
engaged in various business activities including tea, travel, security, foods, media, real estate,
textile, jute, shipping and so on. Such huge involvement in the market let's Ispahani Group
engage with a great variation of stakeholders. Some of the major stakeholders of the Ispahani
Group in Bangladesh include:

Customers:
Individuals and organisations who purchase the group's products or services. E.g:
Shopkeepers, end users.

Employees:
Individuals who work for the group in various capacities, including management, operations,
and other supporting roles.

Shareholders:
Individuals or organisations who hold shares in the Ispahani Group, they too are owners of
the company in some capacity. E.g: Investors, shareholders etc.

Suppliers:
Individuals or organisations who provide raw materials, goods, or services to the group. e.h
Different raw material suppliers etc

Regulators and government agencies:

Bodies responsible for regulating and overseeing the operations of the group, ensuring
compliance with applicable laws and regulations e.g. the government and other regulatory
bodies

Communities:
People who live and work in the areas where the group operates, including neighbouring
communities, and other stakeholders who may be affected by the group's activities.

Environmental groups:
Organisations focused on environmental protection and sustainability, who may be interested
in the group's environmental impact and sustainability practices.
(NGOs):
Non-governmental Organisations focused on social and environmental issues, who may
collaborate with the group on various initiatives related to social responsibility and
community development.

The Ispahani Group recognizes the importance of engaging with its stakeholders and building
positive relationships with them. The group's commitment to stakeholder engagement has
helped it build a strong reputation as a socially responsible and sustainable business in
Bangladesh.
1.2 Stakeholders’ influence in the company’s decision making process:

Every stakeholder of the Ispahani group has their significant influence in the company’s
decision and policies. The company tends to engage with its stakeholders, including
customers, employees, suppliers, communities, and investors. The group believes that
maintaining positive relationships with stakeholders is key to its long-term success and
sustainability.

The group also values its employees and provides them with a safe and healthy work
environment, opportunities for professional development, and fair compensation. The group
regularly conducts employee satisfaction surveys to assess their satisfaction levels and takes
necessary actions to address any concerns.

The Ispahani Group works closely with its suppliers to ensure timely delivery of high-quality
materials and services. The group has established a code of conduct for its suppliers to ensure
compliance with ethical and environmental standards.Shopkeepers, investors, end-users, and
government can all have a significant impact on the decision-making process of an
organization.

Shopkeepers can influence a company's decision-making process by providing feedback on

product demand, pricing, and market trends. For example, if a shopkeeper notices that a
particular product is not selling well, they may communicate this to the manufacturer or
distributor, which could lead to a decision to adjust the product, reduce its price or
discontinue it.

Investors can also have a significant impact on an organization's decision-making process by

providing funding for expansion, new projects, or research and development. In exchange for
their investment, investors often have a say in major decisions, such as mergers and
acquisitions, new product launches, and hiring key executives.

End-users play a crucial role in shaping an organization's product and service offerings. By
providing feedback, reviews, and ratings, they can influence product design and
development, pricing strategies, and marketing efforts. End-users can also act as brand
ambassadors, helping to spread the word about a company's products and services through
word of mouth.

The government can also impact an organization's decision-making process through laws and
regulations. For example, new tax laws, environmental regulations, or labor laws could affect
a company's operations and profitability. The government may also provide subsidies or
grants for specific projects, which could influence an organization's decision to invest in
certain areas.

To summarise, every stakeholder can have a significant impact on the decision-making

process of Ispahani Group by providing feedback, funding, market data, regulations, and
incentives. As such, it is important for organizations to consider the interests of these
stakeholders when making key decisions, similar to the way Ispahani did.
1.3 Communication between the Ispahani Group and its different stakeholders:

The Ispahani Group engages with its customers through various channels, including social
media, customer service centres, and feedback mechanisms. The group places a high priority
on customer satisfaction and strives to meet their needs and expectations.

The group is committed to contributing to the communities in which it operates. The Ispahani
Foundation, established by the group, is involved in various social welfare activities,
including education, healthcare, and disaster relief. Finally, the Ispahani Group is transparent
in its communication with investors and shareholders. The group regularly publishes financial
reports and conducts investor relations activities to keep them informed of its business
performance and prospects.

General communication styles, such as conferences, company-sanctioned chatting networks,

and in-person meetings, are essential for ensuring organizational transparency among
stakeholders.

The company also hosts bi-yearly conferences between major stakeholders to ensure
transparency so that any conflict may not arise. Bi-yearly conferences between major
stakeholders can be very helpful for an organization in several ways.

One of the most significant benefits is that it helps to ensure transparency, which is crucial
for maintaining positive relationships with stakeholders and avoiding conflicts. By bringing
together key stakeholders, such as investors, customers, suppliers, and employees, an
organization can provide updates on its progress, plans, and challenges. This helps to build
trust and credibility with stakeholders, as they have a better understanding of the
organization's goals, strategies, and performance.

Regular conferences also provide an opportunity for stakeholders to provide feedback and ask
questions, which can help the organization to identify and address concerns before they
escalate into conflicts. For example, if customers are unhappy with a product or service, they
can raise their concerns during the conference, and the organization can take steps to address
those concerns before they become a larger issue. In addition, regular conferences can help
to foster collaboration and innovation, as stakeholders can share ideas, best practices, and
industry trends. This can help the organization to stay ahead of the competition and remain
relevant in the market.

Overall, bi-yearly conferences between major stakeholders can help an organization to

improve transparency, build trust, prevent conflicts, and foster collaboration. By keeping
stakeholders informed and engaged, the organization can create a positive environment for
growth and success.

The stakeholders of any business or organization are interconnected, and it is important for
them to stay informed of their rights and obligations. Two bi-yearly conferences between the
major stakeholders is an effective way to ensure transparency, so that no conflict arises as
well as creating a better understanding of how decisions are made.

These conferences will provide an opportunity for stakeholders to stay connected with each
other and learn more about the company. They can share their insights and concerns
regarding any issue in order to come up with solutions. Stakeholders can also keep abreast of
updates on company policies and remain updated on any potential changes that might be
taking place. By convening these bi-yearly conferences, all major stakeholders can remain at
the top of their game in order to benefit everyone involved.
1.4 Information management of the Ispahani Group:

Managing information is essential when working with multiple stakeholders because it helps
to ensure that all stakeholders have access to the information they need to make informed
decisions. Here are some reasons why managing information is important when working with
multiple stakeholders:

When working with multiple stakeholders, it is important to ensure that information is

accurate and up-to-date. Also consistency in information is important to ensure that
stakeholders have a shared understanding of the organization's goals, strategies, and plans.
Effective collaboration between stakeholders requires that everyone has access to the same
information. And managing information helps to manage expectations among stakeholders.
By providing accurate and consistent information, stakeholders have a clear understanding of
what they can expect from the organization, which can help to build trust and credibility.

The Operations department plays a critical role in maintaining a well-functioning information

recording system in the Ispahani Group. Here are some ways in which the Operations
department of the company works every day to achieve this:

● Document management: The Operations department ensures that all documents and
information are properly managed, stored, and organized. This includes maintaining
accurate records of all transactions, invoices, contracts, and other important
documents.

● Quality control: The Operations department is responsible for ensuring the quality of
the information that is recorded. This includes verifying the accuracy of data,
identifying and correcting errors, and ensuring that the information is complete and
up-to-date.

● Information security: The Operations department ensures that the information

recording system is secure and protected from unauthorized access, theft, or loss. This
includes implementing security measures such as firewalls, access controls, and data
encryption.

● Training and development: The Operations department provides training and support
to staff members who are responsible for recording information. This ensures that all
employees understand the importance of accurate and timely information recording,
and are equipped with the skills and knowledge needed to do so effectively.

● Continuous improvement: The Operations department is responsible for continuously

improving the information recording system. This includes identifying areas for
improvement, implementing process changes, and monitoring performance to ensure
that the system is operating efficiently and effectively.
1.5 Building relationship with stakeholders:

Investing effort in identifying and building stakeholder relationships can increase confidence
across the project environment, minimise uncertainty, and speed up problem solving and
decision-making. Taking stakeholder feedback seriously and striving to integrate their
suggestions in the business's daily operations can have a significant positive impact on the
organization's success. Here are some ways by which the Ispahani Group builds and
maintains strong professional relationships with their stakeholders:

● Improved customer satisfaction: By listening to customer feedback and integrating

their suggestions into daily operations, the company can improves customer
satisfaction. This leads to increased customer loyalty, repeat business, and positive
word-of-mouth referrals.

● Enhanced innovation: By soliciting feedback from stakeholders, the organization

gains insights into new ideas, opportunities, and trends. This helps the organization
stay ahead of the competition and drive innovation.

● Stronger relationships: By showing stakeholders that their feedback is valued and

integrating their suggestions into daily operations, the Ispahani Group builds stronger
relationships with them. This leads to increased trust, collaboration, and cooperation.

● Improved reputation: By incorporating stakeholder feedback into daily operations, the

company demonstrates its commitment to meeting stakeholder needs and
expectations. It helps to enhance the organization's reputation and improve its
standing in the market.
1.6 Information security and distribution among the stakeholders:

Identifying what details to share with stakeholders during a project is critical to ensure that
they are kept informed and involved in the project. Here are some steps an organization can
take to identify what details to share with stakeholders:

Determine who the stakeholders are:

The organization needs to identify who the stakeholders are and what their needs and
expectations are. This includes identifying internal stakeholders such as employees, as well as
external stakeholders such as customers, suppliers, and regulatory bodies.

Define project objectives:

The organization needs to clearly define the objectives of the project and what it aims to
achieve. This helps to ensure that stakeholders have a clear understanding of the project and
what they can expect from it.

Identify information needs:

The organization needs to identify what information stakeholders need to know to make
informed decisions about the project. This includes identifying what data, reports, and other
information should be shared with stakeholders and how frequently.

Prioritize information:
The organization needs to prioritize the information based on its relevance, importance, and
impact on stakeholders. This helps to ensure that the most critical information is shared with
stakeholders first.

Define communication channels:

The organization needs to define the communication channels it will use to share information
with stakeholders. This may include email updates, meetings, progress reports, or project
dashboards.

Establish feedback mechanisms:

The organization needs to establish feedback mechanisms to ensure that stakeholders can
provide input and ask questions about the project. This helps to ensure that stakeholders are
engaged and have a voice in the project.

In summary, the organization can identify what details to share with stakeholders during a
project by determining who the stakeholders are, defining project objectives, identifying
information needs, prioritizing information, defining communication channels, and
establishing feedback mechanisms.

By doing so, the organization can ensure that stakeholders are kept informed and involved in
the project, which can lead to better outcomes and greater stakeholder satisfaction.