Stakeholder Relations Management as a Public Relations Tool for Socio-Economic Development in Nigeria

Abstract

No proper organization can function independent of its environment. Each is made up of an internal structure, and exists within a framework of interrelated system of relationships with key stakeholders such as competitors, donors, consumers, regulators, the media, and so on. Therefore, there is the need to depart from the traditional approach of influencing public opinion to a more modern and strategic approach of guarding public moods, disposition and judgement before even attempting to satisfy expectations. The objective of this study was to ascertain whether Stakeholder Relations Management can be used as a Public Relations tool for socio-economic development in Nigeria. The aim was to establish the veracity of the statement that stakeholder relations management is a public relations tool and if it could be used for socio-economic development of Nigeria. Data was collected from available literature on stakeholder relations management and public relations. Also the professional observations of the authors were also used. Good stakeholder relationship management which is one of the tools of modern public relations that foster a sense of joint ownership, prevents undue bureaucracy or industrial disputes, makes resources available, keeps information/knowledge and feedback flowing and enhances cooperation to achieve the desired outcome of socio-economic development. The study proposed that organizations have to evaluate the possibility of adapting and/or integrating the benefit of the emerging stakeholder management trends into their institutional framework. The management of organizations must realize that for their organizations to be competitive in the global economy, they have to leverage on these collaborative relationships with both internal and external systems in their networks to achieve results. DOI: 10.5901/mjss.2014.v5n10p21