STAKEHOLDERS

STAKEHOLDERS

INTERNAL STAKEHOLDERS

n Employees of the Firm: Maintaining the morale of the employees and showcasing them for the efforts. Done through organizational newsletters, notices on bulletins, award ceremonies, direct mail, annual reports. Personal methods are social events such as corporate games, picnics, etc.

n Stakeholders and Investors: Annual reports not only used to give financial information, informing audience on y the firm is not doing well, outlining future plans, the CSR schemes.

Use of stakeholder meetings, video conference meetings. For example GM presents in its Annual Reports the standards of CSR, a sustainable report to interested parties. This group is important coz they generate additional investment, to get more stocks company controlled, produce funding.

n Suppliers and Customers: It is necessary to maintain the good will of suppliers as well as consumers. Customers and suppliers tend to keep loyalties to companies that they see as socially conscious. Sponsoring public events is a good thing to do.

n Community members : People who live and work in the community where the firm is located are important. PR activities towards them involve activities through ads, meetings, etc that make the community aware of the activities of the firm. Also if there is a crisis in the community the firm should lend a hand.

EXTERNAL STAKEHOLDERS

n The media: This is the most critical external public and has the broadest reach because….. blah blah blah. The media informs everyone of its actions and hence it is important. PR activities associated are press releases, press conference, interviews, etc

n Educators: This refers to scholars and academicians. These people have a certain control over the flow of information, (coz they write in magazines, paper etc) and so are important. Association are formed that pay special attention to these people. These organisations inform them of latest developments, and even offer them to come over to the firm.

n Civic and business organisations: These refer to other business organization and NGOs and social organizations. Sponsorship, financial contribution at fund raisers will create goodwill. Corporate presences on NGOs boards also are involved.

n Government: The Government has a set of laws that must be followed. This is where lobbying comes in. PR should be able to have enough influence to control law making in their favour. This can be done by financial contributions. Or gaining support of Public (for example if Tata raises an objection, Lawmakers will listen coz of Tata’s image and popularity. )

n Financial Groups: This refers to shareholder, potential investors and lending institutions. Financial Groups are important because they provided loans and investements that run a firm. Through press releases and corporate reports play they can be informed of the developments.