There are basically six steps to utilize in managing stakeholders. These steps are: assess he environment, identify the goals of the principal actors, assess your own capabilities, define the problem, develop solutions, and test and refine the solutions. I believe that Rolls Royce should develop strategic partnerships with other jet engine manufacturers. This alliance or consortium would benefit Rolls’ bottom line for years to come.
Rolls has projected a 20-year window of growth in the jet engine industry of a potential market demand for 70,000 engines with a value of over $400 billion in civil aerospace alone. If Rolls was to spearhead the consortium and present the plan in such a way that all parties would reap huge benefits, all parties would be happy and agreeable. The major drawback I foresee is that world tensions could affect alliances and upset trade agreements. This would adversely affect the alliance and cause the companies to suffer major losses.