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(PDF) SRMM: stakeholder relationship management maturity

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Added on  2021-02-19

(PDF) SRMM: stakeholder relationship management maturity

   Added on 2021-02-19

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MANAGING THERELATIONSHIP WITHSTAKEHOLDERS
(PDF) SRMM: stakeholder relationship management maturity_1
Table of Contents1.1 Introduction:..........................................................................................................................................31.2 significance of problems in managing relationship with stakeholders.........................................51.3 aim and objective........................................................................................................................5
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1.1 Introduction:Stakeholders are the party who have invested in the company and these parties can affect the company or get affected by a company. The stakeholders of a company are mainly of two types, they are primary and secondary stakeholders (Astudi and Utami 2018). The primary stakeholders of the company are present within the company they are the internal stakeholders including managers, employees, shareholders etc. The secondary stakeholders are the external parties interested in the activities of company and include investors, regulators, consumers, suppliers, etc. The stakeholders of the company is an extremely important party affecting the success of the business as they help in building relationships with the external parties and also help in building a strong internal environment.The luxury field has a number of features that have allowed to experience a spectacular evolution over time, to acquire remarkable stability and power of recovery after adverse economic events, including world-wide. It can be said that luxury has come to be desired by almost everyone, though only some can afford it. The progressive expansion of global demand makes it possible to meet in different parts of the world various evolutionary stages of the luxury market, which creates new opportunities, as well as challenges. for example the stakeholders for luxury brands Gucci and their significance in the company are described below the main stakeholders are employees, managers, government, etc.Employees:Employees of the company as the stakeholders creates the economic well being of the company (Barnett, Henriques and Husted 2018).It is essential for the company to involve its employees as stakeholders which creates the sense of belongingness to the employees so that the employees can get motivated by compensatory packages and continues to increase the employee’s economic health.According to an Independent article Luis Vuitton employee staff are very satisfied working for the big enterprise everything is very productive with their product training and staff development that helps you in your career progression (Sara Yung, Tuesday 4 October 2016)Managers: the managers as stakeholders plays a key role in the success of the business. As the managers forms and designs the project in such a way that it increases the company value in the market (CARDONA and et.al., 2018). Managers always focuses on the management
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