BP Stakeholder and Reputation Management Research Paper

BP Stakeholder and Reputation Management - Research Paper Example Stakeholder management helps a business to achieve the desired goals more efficiently by maintaining the investors’ satisfaction levels. It also enables the organizations to retain the existing investors and recruit new ones in an ethical and responsible manner. Stakeholder management forms an important part of business through which an organization can develop its goodwill. Every sound organization needs to satisfy the stakeholders in order to sustain in the business (Carroll and Buchholtz, 2014). Reputation management involves activities that a business must perform in an attempt to create or upkeep goodwill in the eyes of the public (Argenti and Druckenmiller, 2004). It involves identification of the individuals’ expectations from a business and taking necessary steps to ensure that the general consensus is in parity with the organizational goals. This term was originally used to denote public relations that are necessary for a company in order to sustain in the market. The disaster turned out to be an issue of search result over the web, following the advancement made in social media, computing, and internet. There are various ethical forms of reputation management such as responding to the customer complaints, restraining sites from displaying incorrect information and utilization of the online feedback to influence the process of product development (Argenti and Druckenmiller, 2004). BP is a multinational oil and gas company that is headquartered in London. It is the fifth largest company in terms of revenue and ranks sixth in terms of production. BP operates in nearly 80 countries.  Therefore, considering the recommendations mentioned, BP can derive greater benefits as well as regain the lost status in the oil and gas industry. Implementation of the suggestions provided can considerably help other oil and gas companies, such as PBGC, to rebuild lost integrity and reputation.