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Importance of Stakeholder Relationship Management

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The business of management is all about maintaining the required relationships with your stake holders. Yes! It is about the revenues you bring in, the stern management decisions that you make and all the documentation that supports it. But, these multiple activities are never going to be accomplished if you don’t have good relations with your stakeholders. Guided by this insight, the MBA in Symbiosis or any of the programs at the Symbiosis Institutes always emphasize upon the importance of holistic education wherein every aspect of managerial training is imparted with perfection.

Even at institutions like SIIB, the focus on stakeholder relations is very strong. With the establishing of the MBA in International Business program, SIIB had carved a niche for itself in the MBA in Pune category. Carrying forth the legacy of Symbiosis Institutes, SIIB has been continuing its pursuit of academic excellence with two more additions to the on-going MBA in International Business program.  Its relatively recent additions-that is the MBA in Agribusiness and the MBA in Energy & Environment have gradually picked up as popular options amongst students due to following the tradition of holistic training module.

The holistic training approach allows the students to learn better and faster. In fact, when students or prospective managers are taught the importance of a healthy business relationship with multiple stakeholders, they are guaranteed to take more responsible decisions. The crisis situations that arise unexpectedly in any business can also be curbed exercising the benefits of stakeholder relations that the manager is expected to build over a period of time. For those of you who are under the misconception that the stakeholder is restricted to the investor community in your business, its time you rectified your basics.

Every single person attached to your business in a way that it helps you accomplish the goal of reaching your revenues is a stakeholder in the business. So, your employee is a stakeholder, your investor is a stakeholder, your retailer is a stakeholder and even your customer is a stakeholder. When management programs like MBA in International Business, MBA in Agribusiness talk about stakeholder relations it implies the trust and goodwill that you build with all the people that help in streamlining your business operations. B schools like SIIB use different methods to help their MBA participants learn about the importance of stakeholder relations. Sometimes it is thorough industry interface programs, industry visits, special lectures and even live projects.

Recently, SIIB hosted a unique workshop on customer relationship management by Mr. Amar Prabhakar Bakle, Internal Sales Manager, Alfa Laval India Ltd. for all its MBA participants.   The interactive session focused on the use of CRM software tools and various methodologies that aid in fostering a healthy relationship with consumers. It was more of a case based learning where Mr. Bakle used live examples from day to day operations Alfa Laval India Ltd. and shared relevant insights with students. The session received an overwhelming response where they got enhanced their learning through relevant real time situations.

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