A corporation’s reputation will weigh heavily on the overall performance of the company as the various stakeholders will interact or transact purchases from the company base on their reputation. Essentially the reputation will determine the flow of business for the company. Customers and/or clients will prefer a company with a positive reputation and will likely remain loyal to the company. The company will also have a competitive advantage with a positive …show more content…
2. Assume you have just become CEO at Coca-Cola. Outline the strategic steps you would take to remedy the concerns emanating from the company’s board of directors, consumers, employees, and business partners; governments; and the media. What elements of social responsibility would you draw from in responding to these stakeholders?
The first strategic step to resolving the concerns from the various stakeholders is to first understand their concerns through internal research to provide some confirmation of their claims. Then after acknowledging their concerns an internal investigation would be launched to determine if there is any merit to their concerns. If no cause for the concern is found then the stakeholder would be advised to provide evidence as to their claims. If evidence can be shown then an external agency would investigate the company to determine if the concern is valid. If the concern is valid then the company is now aware that a problem exists. During the course of the investigation it would be determined if the company had prior knowledge of the problem before it surfaced to one of its stakeholders.
In the event that a problem does exist or the company had prior knowledge then corrective