Relationship Between Stakeholders And Stakeholders

751 Words4 Pages
In the modern era of marketing, brand management has proved its importance by being a widely discussed topic. While brand value was primarily connected with customers only, its importance into non-customer areas has been acknowledged. Brand equity and brand value are argued on their relation with relevant stakeholders. In this assignment I am reflecting on the importance of managing these stakeholder relationships. Stakeholder management has been recognised as a central part of an organisation’s effectiveness. Stakeholders play important roles as advocates, sponsors, partners and agents of change. Much has been written about stakeholder relationships in the private sector and many companies now have dedicated relationship managers and strategies in place to improve and develop external relationships. However, stakeholder management in the brand management still lags some way behind (Ipsos 2009). Building a successful brand is effective if brand value is generated. Through the relationship performance between the relevant stakeholders and the brand, brand value can be created. Jones (2005) suggests, that one should acknowledge two key points while accessing the stakeholders: 1. Network of relationships / dependency upon multiple stakeholders, 2. Value assessment on the basis of each individual…show more content…
Reputations are crucial. While they are hard to win, they are equally easily lost. Understanding stakeholders helps to build stable relationships and, ultimately, to accomplish your objectives (Ipsos 2009). Research shows that strong reputations, i.e. trust and good communications are key for consumers to listen and follow companies. This is clearly demonstrated by well-known companies that create strong reputations based on clear values and cultures: innocent drinks, Coca-Cola and Toyota, to name just three (Ipsos
Open Document