PBL 10/ How corporate image affects stakeholders’ relationships?

What is relationship management?

Relationship Management in Business (BRM) is defined by Wikipedia as: understanding, defining and supporting inter-business activities related to business networking.” (Wikipedia 2015). It consists of knowledge, skills and behaviour that creates a productive relationship between the business and its stakeholders. This can be identified both internally and externally inside a company. Internally it consists of for example the HR, IT and finance department as in externally it also considers the external provider and partners. BRM should not be mixed with the term customer relationship management (CRM). (Wikipedia 2015.) 

(Source: https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/introduction-to-marketing-1/introduction-to-marketing-18/relationship-building-with-various-stakeholders-111-3496/)

 

(Source: https://www.youtube.com/watch?v=IIeqIN90dK0)

Why is stakeholder relationship management so important for the company? Harrison from Cutting Edge PR writes that "Effective management of relationships with stakeholders is crucial to resolving issues facing organizations." (Cutting Edge PR  2005-2013). He clarifies that stakeholders are the ones that hold the key to the environment where your company operates and play an important role when it comes to the financial and operational factors of the business. According to him the aim of the stakeholder relationship management is to be able to influence attitudes, decisions as well as actions for mutual benefit. Both need to be able to gain from the cooperation in their own ways for it to be successful and continuous. (Cutting Edge PR  2005-2013.)

How to create and maintain trust and loyalty with stakeholders through communication?

Stakeholder engagement? (how to maintain the relationship, trust and loyalty)

Source:(Cotter 2013)

Stakeholder Conflict Resolution Styles

(Source: http://www.slideshare.net/CharlesCotter/stakeholder-relations-management-and-conflict-resolution)

References:

Wikipedia 2015. Business Relationship Management. URL:  http://en.wikipedia.org/wiki/Business_relationship_management. Accessed: 21.04.2015.  

Cotter, C. 2013. Stakeholder Relations Management and Conflict Resolution. URL: http://www.slideshare.net/CharlesCotter/stakeholder-relations-management-and-conflict-resolution. Accessed:21.04.2015. 

Cutting Edge PR  2005-2013. Stakeholder relations management is a key skill. URL: http://www.cuttingedgepr.com/articles/stakeholder-relations-management-is-key-skill.asp. Accessed: 21.04.2015.