The most effective way for a firm to successfully manage relations with its external stakeholders is by identifying important stakeholders and their expectations. This involves understanding who the stakeholders are, what they need and want from the company, and ensuring that their expectations are met to the best extent possible. This can be done through regular communication, feedback mechanisms, and building strong relationships based on trust and mutual understanding.
Giving all stakeholders everything they need is not always feasible or realistic, as resources and capabilities may be limited. However, the firm should strive to prioritize and address the most important needs and requirements of its stakeholders.
Concealing key information from stakeholders is not a recommended approach, as transparency and open communication are crucial for building trust and maintaining good relations with stakeholders. Sharing relevant information in a timely manner helps stakeholders make informed decisions and understand the company's actions.
Defending the company from stakeholders can be necessary in certain situations, especially when facing external criticism or challenges. However, it is important to strike a balance between protecting the company's interests and addressing legitimate concerns or feedback from stakeholders. Effective stakeholder management involves actively listening, addressing concerns, and finding mutually beneficial solutions.
Overall, successful stakeholder management requires a proactive and comprehensive approach, focusing on understanding and meeting stakeholders' expectations, maintaining open communication, and building strong relationships based on trust and mutual respect.
How can a firm suscessfully manage relations with its external stakeholders
by giving all the stake holders everything they need
by concealing key informaton form stake holders
dy defending the company form stakeholder
by identifying important stakeholders and their expectations
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