Bus 2256 1 Assignment Stakeholder Summary Report Estée Laude
Bus 2256 1 Assignment Stakeholder Summary Report Estée Lauder 2020 Y
Bus 2256 1 Assignment Stakeholder Summary Report Estée Lauder 2020 Y
BUS Assignment: Stakeholder Summary Report - Estée Lauder 2020 Year in Review For this assignment, you will take on the role of a business manager who is in the planning phase of building a stakeholder summary report. You need an example from an organization in the same industry to get ideas and structure your report in the best way possible. You have identified the following report as a potential model: , and any sources should be cited according to APA style. Your assignment must be between 400 and 800 words in length.
Paper For Above instruction
Introduction
In the competitive landscape of the beauty and cosmetics industry, stakeholder management plays a pivotal role in shaping organizational success and sustainability. The Estée Lauder Companies, as a leading global player in this field, exemplifies effective stakeholder engagement, which significantly contributed to its strategic initiatives and business performance in 2020. This paper aims to develop a stakeholder summary report for Estée Lauder, inspired by exemplary models in the industry. The report will analyze key stakeholder groups, their interests, influence, and the company's strategic responses during the tumultuous year marked by the COVID-19 pandemic.
Understanding Stakeholders in the Cosmetics Industry
Stakeholders in the cosmetics sector encompass a broad spectrum, including customers, employees, suppliers, investors, regulatory bodies, and community groups. For Estée Lauder, these groups are critical in driving innovation, ensuring compliance, and maintaining competitive advantage. Their interests range from product quality, ethical sourcing, corporate responsibility, financial returns, to sustainability practices.
Customer Stakeholders
Customers are central to Estée Lauder's business model. They seek high-quality, innovative products aligned with current beauty trends and ethical standards. In 2020, amidst the pandemic, customer engagement shifted toward digital platforms, prompting Estée Lauder to enhance its online presence and personalized marketing strategies (Estée Lauder Companies, 2020). Understanding customer preferences and feedback became vital for maintaining loyalty and capturing new markets.
Employees and Internal Stakeholders
Employees are fundamental to operational success and innovation. The company prioritized health and safety protocols during the pandemic, providing remote working options where feasible and reinforcing a culture of inclusivity and sustainability (Estée Lauder Companies, 2020). Engaging employees through transparent communication and professional development reinforced organizational resilience.
Suppliers and Business Partners
Estée Lauder relies on a global network of suppliers for raw materials and packaging. The company emphasized ethical sourcing and sustainability, aligning with growing consumer demand for responsible business practices. The pandemic disrupted supply chains, but proactive supplier engagement and diversification mitigated risks (Estée Lauder Companies, 2020).
Investors and Financial Stakeholders
The company's financial health remained a priority. Despite market uncertainties, Estée Lauder demonstrated resilience, reporting strong e-commerce growth and strategic investments in digital infrastructure (Estée Lauder Companies, 2020). Transparent financial reporting and strategic communication strengthened investor confidence.
Regulatory and Community Stakeholders
Adherence to international regulations and corporate social responsibility initiatives remained integral. Estée Lauder expanded its community outreach efforts during the pandemic, supporting health initiatives and promoting diversity and inclusion (Estée Lauder Companies, 2020). Engaging with regulatory bodies and community groups helped enhance the company's reputation and social license to operate.
Conclusion
The 2020 year tested the agility and stakeholder management capacity of Estée Lauder. By effectively engaging with diverse stakeholder groups—ranging from customers to community organizations—the company maintained resilience and continued its commitment to innovation, sustainability, and social responsibility. Developing a comprehensive stakeholder summary report involves understanding these groups' interests and influence, aligning strategic initiatives accordingly, and maintaining open communication channels. Such a report supports decision-making and demonstrates the company's stakeholder value creation, essential for long-term success in the cosmetics industry.
References
Estée Lauder Companies. (2020). Annual Report 2020. https://www.elcompanies.com/en/investors—financials/annual-reports