STRATEGIC MANAGEMENT OF STAKEHOLDER RELATIONSHIP

It is defined as a plan of action taken to achieve objectives.

According to David (2017), the process of the strategy involves three steps and these are:

• Formulation, Implementation, & Evaluation

• Definition, Implementation, & Evaluation

• Initiating, Monitoring, & Control

• Formulation, Monitoring, & Evaluation

This is initially performed by creating and/or clarifying your business vision/mission and identifying goals/objectives.

• Formulation

• Scan Environment

• Establish Goals

• Initiation

This is performing a thorough analysis and assessment of the internal and external environment of the company.

• Formulation

• Scan Environment

• Establish Goals

• Initiation

This develops top-level strategies that can be trickled down to the rest of the organization.

This executes developed plan by providing detailed objectives and action plans.

This measures and assess results, and recommends changes for improvement if necessary.

These are individuals or groups of people who can be affected by the activities engaged in by corporations in achieving their goals.

This theory according to Freeman (1984) states that companies are responsible for generating reasonable profits for their shareholders but should also be responsible for their stakeholder's well-being.

It is vital that focusing on particular objectives in consonance with corporate strategy will yield the best results: a growing and profitable business and satisfied stakeholders.

• Leadership

• Value Creation

• Collaboration

• Alignment of CSR w/ Business Strategy