which of the following describes How a firm can successfully 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
The correct answer is: by identifying important stakeholders and their expectations.
The correct answer is:
- by identifying important stakeholders and their expectations
Successfully managing relations with external stakeholders involves identifying who the stakeholders are (such as customers, suppliers, investors, employees, government agencies, etc.) and understanding their expectations. By doing so, the firm can align its strategies and practices to meet these expectations, fostering positive relationships with stakeholders. This approach includes open communication, transparency, and responsiveness to stakeholder concerns.
The correct answer is "by identifying important stakeholders and their expectations."
In order for a firm to successfully manage relations with its external stakeholders, it is crucial to identify who these stakeholders are and understand their expectations. This involves actively engaging in stakeholder analysis to determine which groups or individuals have a vested interest in the firm's activities.
Once the stakeholders are identified, it is important to understand their expectations. This can be done through various means such as conducting surveys, interviews, or focus groups. By understanding what the stakeholders expect from the firm, the organization can tailor its strategies, actions, and communication to meet those expectations.
Simply giving all stakeholders everything they need may not be practical or feasible. It is important to prioritize resources and efforts based on the significance and influence of each stakeholder. Additionally, concealing key information or defending the company from stakeholders can be counterproductive in building and maintaining positive relationships.
Therefore, the most effective approach is to identify important stakeholders and their expectations. This allows the firm to proactively address their needs and concerns, build trust, and foster mutually beneficial relationships.