Businesses should take a stakeholder management approach to strategy formulation and implementation.

Question

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A stakeholder management approach acknowledges the importance of considering the needs and interests of various stakeholders, including employees, customers, suppliers, shareholders, and the community, in the strategic decision-making process. It involves identifying and prioritizing stakeholders, engaging in open communication and collaboration with them, and incorporating their feedback and concerns into the formulation and implementation of business strategies. This approach can enhance the company's reputation, increase stakeholder trust and loyalty, and ultimately lead to long-term success and sustainability.

Businesses Should Take a Stakeholder Management Approach to Strategy Formulation