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Managing teams and ensuring better collaboration among the different departments of the organisation is not so easy. It is important for the businesses to ensure that they are having better management in the firm which allows them in managing all the different stakeholders and ensuring that all the stakeholders are getting benefitted. Businesses focuses on making use of different approaches and implementing diverse theories for managing the stakeholders and ensuring better collaboration in the teams with the help of relationship development. It can be said that it is important for the firms to understand that every single stakeholders is very important for them and needs to be managed in an appropriate manner (Albats et. al. 2020). All the important stakeholders such as employees, suppliers, customers, shareholders, investors, government authorities, etc. are equally important for managing a business in an appropriate manner.
In this report the researcher will discuss that how the businesses are making use of different approach for managing the stakeholders in the business context. Along with this benefits of cross functional working will be discussed. While working in the businesses there are multiple factors which create conflicts among the stakeholders so the report will also focus on explaining the impact of collaboration working over conflict resolution and how the disputes are being resolved among the internal and external stakeholders. Moreover different important theories related to stakeholder management and relationship development will be explored. With the help of real life examples of the businesses the report will focus on exploring that how the firms are making use of different theories in the practical world for managing the stakeholders.
There are different important theories and approaches which are being used by the businesses for managing the stakeholders and development better relationships among them. Some of the important theories which can be used by the businesses for better management of the internal and external stakeholders are being suggested below such as:
Stakeholders Theory is one of the effective theories which are required to be implemented by the complex businesses for managing the stakeholders in an appropriate manner. This theory helps the businesses in understanding the relationship among the different stakeholders and their impact on the businesses (Freeman, 2010). As per this theory it is important for the businesses to ensure that they are working for the best interest of all the stakeholders. The managers and the top executives of the company should take care of interest of all the stakeholders into account for ensuring that the needs of all the stakeholders should be satisfied in an appropriate manner. This will help them in managing the stakeholders in an effective manner.
This is also an important theory which is being used by the businesses while managing the stakeholders and developing better relationships among them. According to the social exchange theory for having better relationships among two people it is important that they should have an cost benefit analysis among them which means that the relationship should offer better benefits to both the people. When the company understand that what are the benefits they are receiving from a particular stakeholders then it allow them in working for the best interest of the stakeholders so that the stakeholders should also get benefitted. For an instance the customers are the important stakeholders of businesses as they are helping the company in generating higher revenue (Xia et. al. 2018). Due to this reason it is not important for the businesses to develop effective products which can satisfy the needs of the customer and can offer better utility of the products to them. This will develop an effective relationship among them and will help the businesses in managing stakeholders in an appropriate manner.
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