Assignment on Stakeholder Relationship Management

Added on - 21 Apr 2020

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Running head:STAKEHOLDER RELATIONSHIP MANAGEMENTStakeholder Relationship ManagementName of the Student:Name of the University:Author’s Note:
1STAKEHOLDER RELATIONSHIP MANAGEMENTExecutive SummaryStakeholder relationship management assists and organization in maintaining positive and longterm relationship with the important stakeholder’s through meeting their core needs anddemands. Volkswagen has failed in marinating such stakeholder relationship due to their caremission scandal. Therefore, the organization needs to rethink about their stakeholderrelationship management. The study has developed effective strategies for managing relationshipwith their key stakeholders like customers, employees, community, media, government,investors and others. The study has also developed strategies for stakeholders towards buildingmutually beneficial relationship with the stakeholders. Moreover, the organization will offerdiscounts and offers on their next cars for building mutually beneficial relationship with thecustomers. The key message of the organization will be communicated through social media,mass media and others for maintaining long term relationship with relevant stakeholders.
2STAKEHOLDER RELATIONSHIP MANAGEMENTTable of Contents1.0 Introduction................................................................................................................................32.0 Strategies for Managing Relationship with Diverse Stakeholders............................................32.1 Strategies to Manage Relationship with Media.....................................................................32.2 Strategies to Manage Relationship with Employees.............................................................42.3 Strategies to Manage Relationship with Community............................................................42.4 Strategies to Manage Relationship with Customers..............................................................52.5 Strategies to Manage Relationship with Investors.................................................................62.6 Strategies to Manage Relationship with Government...........................................................63.0 Integrating Organizational Objectives into Stakeholder Planning............................................74.0 Engagement and Mutually Beneficial Relationship with Stakeholders....................................85.0 Identification and Respond to Problems and Opportunities......................................................96.0 Key Message and Message Matrix..........................................................................................126.1 Key Message........................................................................................................................126.2 Message Matrix...................................................................................................................127.0 Channels to Engage in long-Term Relationship with Stakeholders........................................137.1 Social Media........................................................................................................................137.2 Mass Media..........................................................................................................................137.3 Newspaper and Magazines..................................................................................................137.4 Corporate Sponsorship.........................................................................................................148.0 Conclusion...............................................................................................................................14Reference List................................................................................................................................15
3STAKEHOLDER RELATIONSHIP MANAGEMENT1.0 IntroductionEffective stakeholder relationship management fosters positive relationship with thestakeholders through appropriately managing their agreed objectives and expectations(Schnackenberg and Tomlinson 2016). The corporate reputation of Volkswagen has damageddue to its car emission scandal in USA (BBC News 2015). The organization needs to regain andrebuild its relationship with the stakeholders for recapturing the market. The study will developstrategies for managing relationship with diverse stakeholder groups for addressing the scandalissue. The study will integrate the organizational objectives with stakeholder plan. Furthermore,the study will also outline the way for engaging and building mutually beneficial relationshipwith the stakeholders for scandal issue. Apart from that, the study will identify and respond tothe problems and opportunities regarding the issues through environmental scanning andmonitoring. A key message and massage matrix would also be framed for Volkswagen in thisstudy for overcoming the emission scandal issue. Lastly, the study will select appropriatechannels for engaging in long term relationship with relevant stakeholders.2.0 Strategies for Managing Relationship with Diverse Stakeholders2.1 Strategies to Manage Relationship with MediaMaintaining media relation is highly important for managing the public relation of anorganization with the public as well as other stakeholders. According to AgudoValiente, GarcésAyerbe and SalvadorFigueras (2015), proper media relation spread positive image of anorganization in the market. Therefore, Volkswagen should proactively and transparentlycommunicate with the media rather than hiding their scandals. Moreover, the organization should
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