Explainer: Understanding Corporate Diplomacy
In an interconnected and globalized business landscape, the role of corporations extends beyond profit-making. Companies increasingly recognize the significance of their relationships with various stakeholders, including governments, communities, NGOs, and international organizations. To effectively navigate this complex environment and promote their interests while contributing to society, many organizations are embracing the concept of corporate diplomacy. Defining Corporate Diplomacy: Corporate diplomacy consists of developing and maintaining dynamic interactions with traditional stakeholders like governments and regulatory bodies and with diverse components of society. It involves employing diplomatic strategies and practices to effectively manage relationships, mitigate risks, and create mutual understanding...
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