The Power of Stakeholders

The video discusses the importance of stakeholder engagement, highlighting the power and influence stakeholders have on a company's brand image. It emphasizes the need for businesses to understand stakeholder perspectives on sustainability and adapt accordingly. A case study in the retail sector illustrates how companies can be held accountable for supply chain issues beyond their control. The video underscores the value of collaboration for long-term success.

Why is stakeholder engagement more powerful today than it was 15 years ago?

• Stakeholders have less influence over brand image.

• Companies have become more transparent.

• Social media allows for rapid global communication.

• Stakeholders have more financial resources.

What is a key factor businesses must consider when engaging with stakeholders?

• The stakeholders' geographical location.

• The stakeholders' financial status.

• The stakeholders' age group.

• The stakeholders' definition of sustainability.

What should companies understand about their stakeholders to align their efforts effectively?

• Stakeholders' travel preferences.

• Stakeholders' favorite products.

• Stakeholders' social, environmental, and financial concerns.

• Stakeholders' social media habits.

In the retail example, why were customers holding the retailer accountable?

• The retailer had no stores in Bangladesh.

• Customers expected high standards regardless of control.

• The retailer had control over the supply chain.

• The retailer manufactured the products.

What can understanding stakeholder perspectives help a company identify?

• Future product lines.

• Competitors' weaknesses.

• Opportunities and vulnerabilities.

• New marketing strategies.