Content

s
Introduction........................................................................................................................2
Task 1................................................................................................................................3
Introduction of Stakeholder................................................................................................3
Types of stakeholders....................................................................................................4
Internal vs. external stakeholders..................................................................................5
External Environmental Factors of Bonia.......................................................................6
Task 2................................................................................................................................8
Evaluate your chosen organisation’s relationships with THREE different external
stakeholder groups............................................................................................................8
Types of external stakeholders....................................................................................11
Task 3..............................................................................................................................12
Assess the factors that drive customer satisfaction for your chosen organization.........12
Task4...............................................................................................................................14
Assess the advantages and disadvantages, for your chosen organisation, of using
digital and social media in developing relationships with key stakeholders....................14
Conclusion.......................................................................................................................19
References.......................................................................................................................20
Introduction
BONIA Corporation was started in Singapore in 1974 by a young man Mr. Chiang Sang
Sem. BONIA luxury brand is came from inspiration of Italy. The first boutique in
Singapore in 1979 and the first boutique in Kuala Lumpur, Malaysia in 1988 (BONIA
CORPORATION BERHARD, 2022).BONIA company have three main principals that
are Modern, Elegant and Contemporary. The company has more than 1,400 stores in
total and has exclusive outlets all over the world such as Malaysia, Singapore and so
on. 5000 people across the world are working under BONIA (Bonia Corporation Berhad,
2023).BONIA Company distinguishes under three main geographical regions of
Malaysia, Singapore and Indonesia. In 1980, BONIA has become market leader on both
Singapore and Malaysia. BONIA has also established two other in-house brand :
SEMBONIA and CARLO RINO. The Group also holds the license to distribute renowed
international brands such as Santa Barbara Polo & Racquet Club ,Valentino Rudy, The
Saville Row Company, Pierre Cardin and Renoma (Firzanah, 2021).Corporation is a
luxury brand that designing, manufacturing, retail and distribution modern luxury leather
goods such as bags, footwear, accessories, watches, eyewear and more. BONIA
Corporation targeting the wealthy elite and middle class (Nazri, 2021). BONIA have a
long history in fashion industry (S.PUSPADEVI, 2017). BONIA company has many rival
companies. BONIA’S main competitor are Gucci, Charles & Keith and Coach which
produced international luxury brand leather goods and other product include.
Comparing BONIA product with other competing product, Coach selling higher than
BONIA and quality is lower compare to BONIA.
Task 1

Introduction of Stakeholder
A stakeholder is a person, group or organization with a vested interest, or stake, in the
decision-making and activities of a business, organization or project. Stakeholders can
be members of the organization they have a stake in, or they can have no official
affiliation. Stakeholders can have a direct or indirect influence on the activities or
projects of an organization. Their support is often required for business and project
success. The International Organization for Standardization's ISO 26000 is a set
of international standards for corporate social responsibility. It offers the following
criteria for identifying a stakeholder (Fernando, 2023):
An organization is legally obligated to stakeholders.
They might be positively or negatively impacted by an organization's decisions.
They are likely to express concerns and be involved in the activities of an organization.
Based on this criteria, stakeholders often include customers, employees, investors,
suppliers, boards of directors, community members and organizations, and government
entities. Stakeholder capitalism is a system in which an organization prioritizes
stakeholders' interests.
The term stakeholder has its roots in horse racing. A stake race is one in which the
prize money is derived from the entry fees that horse owners pay to enter the race. The
entry fee is called a stake, a synonym for risk. The person or entity that takes care of
the entry fees until the prize money is awarded is called the stakeholder. Traditionally,
the stakeholder has no financial interest in the outcome of the race (Fernando, 2023).

Stakeholders
are often divided into two groups, internal and external stakeholders.
Types of stakeholders
Stakeholders can come from a variety of connections to the organization or project. The
most common types of stakeholders include the following:
Customers usually expect organizations to deliver products of value.
Employees are often project stakeholders, who want to contribute to a project that is
related to their job (Fernando, 2023).
Owners supply an organization's equity and capital and are responsible
for organizational goals.
Investors are shareholders, who invest in organizations in exchange for financial returns
and often receive regular financial reporting on the companies they invest in as well as
voting power in major decisions.
Creditors, such as banks and bondholders, lend money to an organization to be paid
back with interest. Suppliers are vendors that supply materials and products to
organizations and have an interest in their business and the projects they pursue
(Fernando, 2023)
Communities have an interest in businesses being healthy, safe and beneficial to local
economies. Businesses create jobs and business for local communities. Environment,
sustainability and governance (ESG) are increasingly important values for consumers
and investors. (Fernando, 2023)

Governments collect taxes from companies and their employees.

Transparency and engagement with stakeholders are some of the most important
principles for corporate governance.
Internal vs. external stakeholders
Stakeholders are often categorized into the two main groups of internal stakeholders
and external stakeholders.
Internal stakeholders
Internal stakeholders are those within a company whose interest stems from direct
employment, ownership or investment. Internal stakeholders of a company or project
can include employees, project managers, boards of directors, donors and investors.
These individuals are often referred to as primary stakeholders, or key stakeholders,
because they have a direct stake and important role in the company's or project's
success (Barney, 2023).
External stakeholders
External stakeholders are those outside of a company who are indirectly affected by its
decisions and outcomes. External stakeholders include customers, suppliers,
government agencies, creditors, labor unions and community groups. These entities are
also referred to as secondary stakeholders because their stake in the company or
project is often more representational than direct (Barney, 2023).
Mende low stakeholder matrix of bonia company
A stakeholder analysis (Mende low Matrix) helps you visualize all your stakeholders and
determine their expectations.  You should consider both internal and external
stakeholders.  
External stakeholders: clients, industry influencers, subject-matter experts, community
leaders, suppliers (Fernando, 2023).
Internal stakeholders: staff, executives, finance departments, shareholders and
investors.

Mende low Matrix

To get a clear overview of what a stakeholder analysis (Mendelow Matrix) looks like,
we’ve created an example below based on a product development use case to prioritize
key stakeholders and communicate with them early in the project (Barney, 2023).
External Environmental Factors of Bonia
Analysis of macro environment
Political factors
The Malaysian government is taking into account political elements such as legal and
regulatory rules, such as fair trade decisions, pollution and pricing policies, to provide
protection and security to employees, consumers and the public. It also allows foreign
direct investment in the fashion sector, provides tariff relief and generates foreign
exchange, making communication with international clients and resources easier.
Additionally, the government has implemented a crime-free policy in foreign
transactions. (CFI, 2022).

Economic Factors
The fashion industry in Malaysia can sell their products to the overseas market without
setting up a physical store, but economic factors such as inflation and changes in
consumer income can affect the performance of the industry. Malaysia's inflation rate
fluctuated from 1.0 to 5.4 between 2003 and 2008, which is bad for the economy as it
encourages consumers to fall into debt and declare bankruptcy, creating uncertainty for
creditors and depriving them of their legitimate income. (CFI, 2022)
Social factor
High-profile merchants must influence customers' purchasing habits to become more
westernized, while lower income levels may prefer other brands due to lower prices.
(CFI, 2022).
Technological Factors
Social factors such as attitudes, thoughts, and lifestyle can affect the demand for
industry in Malaysia. High-profile merchants must influence customers' purchasing
habits to become more westernized, while lower income levels may prefer to purchase
other brands due to lower prices. (CFI, 2022)
 Task 2

Evaluate your chosen organisation’s relationships with THREE different external

stakeholder groups.

Many businesses have external and internal stakeholders with unique roles in a
company. Both types of stakeholder influence a company's operations, but external
stakeholders sometimes have a more indirect connection. Understanding what an
external stakeholder is can help you develop and strengthen relationships with them,
improving the company's success. In this article, we explain what external stakeholders
are, discuss the importance of these stakeholders and the different types there are, and
answer frequently asked questions you may have about stakeholders.
External stakeholders
External stakeholders are people or factors that operate outside of the internal affairs of
a business but still experience risk based on the business's performance. For example,
a creditor is an external stakeholder as the repayment of their loan depends on the
success of the business.
These stakeholders can encompass many people and factors that affect how a
business operates and that experience the effects of a business's daily operations.
Stakeholders typically gain something from the company's products or services and
often help hold businesses accountable in their industries. For example, if a production
company produces lower-quality items, their customers might complain, return, or
boycott the products (ALVA, 2021).
Stakeholder Engagement
Bonia communicates with its stakeholders via a variety of channels, including as
townhall meetings, media engagement and briefings, social media, and consumer
feedback methods. We cherish stakeholder feedback and maintain constructive contact
with them through active and open communication, ensuring that the company's
obligations are met and properly conveyed to all stakeholders. To accomplish our goal,
we think we must build strong and trustworthy relationships with our stakeholders in
order to better support our long-term success and sustainability. While keeping direct
communication with our stakeholder groups, our team also examines material themes
from stakeholder engagement sessions on a regular basis to ensure we are up to date
on global trends. In FY2022, we conducted an internal survey of our employees to
better understand a variety of factors, such as employee engagement, trust and
confidence in our leadership and management teams, and opinions/consensus on
Environmental, Social, and Governance (ESG) issues.

Key stakeholders Channel of Key topics and concerns Our responses

 communication
Employees Meetings for • Career advancement  • Key Performance
performance •Competitive Indicators ("KPIs")
Individuals employed at appraisals remuneration  for individuals and
Bonia Group, including the Intranet • Employee benefits departments
Director of Design Company • Improvement in • • Company
events performance performance • On-
the-job coaching
and mentoring
• • Opportunities for
training and career
progression
• • Thanks and
appreciation
Customers Banding activities • Quality of products • Repayment,
using both • Promotional exchange of
Existing and prospective physical and activities monies 
customers of our products digital platforms • Launch of new • Investment in
Stoe pays a visit products technology to
• Loyalty member improve customer
Channels of
events interaction and
customer service
experience
Social networking
sites
Shareholders and Annual General • Financial • Adherence to
Investors Meeting of performance  rules and
Investor Relations • Business strategy regulations 
Institutional and retail Company Reports and direction  • Accuracy of
investments Announcements • Dividend policy performance
• Website of Investo results 
Relations •
(http://boniacop.com) Transparent c
orporate
governance
practices
• Return on
investment
and dividend
distribution
Suppliers Meetings • Transparent • Clean up
procurement exercises • procurement
Active local and Business development regulations and
international suppliers who and strategy contests procedures •
provide materials and Strengthen the
services utilized in the Bonia payment approval
Group supply chain process • Market
 consolidation New
material testing
The ice limit
Partners Meetings • Transparent • Clean
Bonia Group Key Opinion Social procurement practices  procurement rules
Leaders (KOLs) are licensed, media • Market and business and procedures 
deales, and landlords. growth  • Business strategy
• Sales performance •  to meet sales
Designers (boutiques, targets
Operation coverage
product designers) • Stock monitoring 
Availability of inventory
Digital platforms (online • Band
markets, digital enablers) direction updates
Government/ Regulatory Online and • Regulatory • Complete
Authority offline observance adherence to all
Federal and state communicati Busa listing applicable laws
governments of Malaysia, ons prerequisites and regulations
as well as local councils Site visits/meetings
and regulatory agencies

Types of external stakeholders

Every business has different stakeholders. Here are a few of the common ones:
Government regulators
Every registered business in the country follows the policies and regulations of certain
government regulators, such as Bonia Company . Bonia is a federal corporate regulator
that administers the laws and regulations Malaysian follow when creating and
maintaining a corporation. They administer the following laws:
Malaysian Business Corporations Act
Malaysian Not-for-profit Corporations Act
Boards of Trade Act
Malaysian Cooperatives Act
Bonia Company is a federal regulator, but companies typically also follow provincial and
territorial regulations. Another common government regulator is the Bonia Company.
The CRA enforces tax laws that companies adhere to by paying corporate taxes, which
are separate from an individual's personal taxes. Every industry typically also has
unique regulations businesses follow or the government can fine the company. To avoid
this, many companies hire compliance managers that ensure the company and all its
employees follow relevant regulations (ALVA, 2021).
Customers
Companies must create value for their customers to make a profit, and Porter divides
strategies into cost leadership and differentiation. Companies can execute both
strategies in two different markets: broad and niche. (Topalidis, 2022).
Company partners
Business partnerships create an external stakeholder and help businesses grow and
create competition. (Topalidis, 2022)
Conclusion
Shareholders own part of a company and are often able to vote on decisions that impact
the business. For example, a business owner may ask shareholders to vote on whether
they want to merge with another business.
Both shareholders and stakeholders rely on the success of a business, but the main
difference is their viewpoints and motivations. Shareholders focus on the company's
overall financial health and profitability so the price of the stocks they own increases.
Stakeholders focus on the longevity of the business by ensuring the service and
products they offer are of the highest quality
Task 3

Assess the factors that drive customer satisfaction for your chosen organization.

CUSTOMER SATISFACTION
Bonia's clients are critical to our company's success. Our company strategy includes
ensuring client happiness through exceptional service and rewarding them for their
loyalty as we seek to deliver on our promise of quality items. As part of our objective to
become a recognized international luxury brand, we want to make sure that every
consumer has a great shopping experience with us. To do this, we follow Bonia's
Delightful Cycle, which is illustrated in the picture below.

Customer satisfaction is an essential part of running a successful business. It's also a

critical factor in determining whether or not customers return to your store or service
center. In fact, according to research conducted by The Customer Satisfaction Index,
companies who score high on customer satisfaction tend to see higher profits.
Customer satisfaction plays an important role in a business's success and growth
process. With customer satisfaction a company enjoys myriads of benefits including;
Customer retention - a business that satisfies its customers is able to retain its clients
and thus CUSTOMER SATISFACTION (Continued)
Even as we go out to new potential consumers, Bonia recognizes the importance of
maintaining existing connections by expressing gratitude to our current clients. Loyalty
programs give great customer service by rewarding repeat purchases as well as giving
additional incentives and promotions. We discovered that our own Bonia Loyalty
Program has increased customer interaction and encouraged people to purchase things
from our boutiques rather than a rival. Since its inception in 2009, Bonia's Brand Loyalty
Programme has provided members with several incentives such as member discounts
and sales, as well as birthday privileges. Our Members Day occasion, which is hosted
annually at select boutiques around the country, is a much-anticipated occasion for our
consumers. Our Loyalty Program now has 86,296 dedicated members to whom we
continue to provide unique discounts and benefits. The level of service provided to all
Bonia clients in our retail boutiques is a source of pride for us as a Group. To ensure
that all of our retail personnel provides customer service that is consistent with our
brand values, we give extensive training to ensure that they are fully versed about all of
our goods and can educate consumers on proper leather care. Service does not end at
the moment of purchase; we also offer repair services and free lifetime polishing.
In recent years, customer expectations have shifted dramatically, and their preferred
modes of communication with businesses range from social media and apps to
traditional email and customer service lines. Bonia recognizes the need to customize
their marketing strategy to multiple platforms in order to suit their clients' specific
demands and expectations. Social media marketing gives them the ideal platform for
product releases, brand events, and partnerships, allowing them to keep their
customers informed at all times. Improving the customer experience has emerged as
one of their top strategic priorities, and to capture genuine feedback, they have
designated several different mechanisms for customers to communicate with them. For
customers who prefer the offline route, they can submit any complaint/feedback to our
boutiques where each complaint will be directed to our operations team for follow up
and/or further action. For customers who prefer the online option, they can submit their
feedback to one of our dedicated email addresses.
Growth in market share - satisfied customers always refer new clients to the business
leading to growth in market share as the business grows in its number of customers.
Brand reputation - customer satisfaction helps to build a positive brand reputation that is
a great pillar for effective marketing.
Competitive advantage - customer satisfaction is a key driver and source of competitive
advantage. Great customer satisfaction differentiates a business's products and
services which drives up the sales and overall performance of the business in the
industry.
Many different factors influence customer satisfaction. Some of those factors include:
1. The Product
Think about the benefits of Bonia product to improve customer satisfaction.
2. Price
Of course, price plays a significant role in determining customer satisfaction. But, it's not
just the price that matters; it's also the value provided. It would be best if Bonia also
considered whether the price of the product is reasonable.
3. Service
Great customer service is a key factor in customer satisfaction, but the industry
depends on the company's operations.
4. Communication
Communicate effectively with customers, listen to feedback, and respond quickly.
5. Value
Customer satisfaction can be increased by understanding what types of customers
need and offering them what they want.
Task4

Assess the advantages and disadvantages, for your chosen organisation, of using
digital and social media in developing relationships with key stakeholders
Introduction
Social Media Marketing involves using social networks to create, curate and share
valuable content with a targeted audience to increase brand awareness, build online
communities, attract leads and generate revenue.

Disadvantages of Social Media

Advantages of Social Media Marketing
Marketing

Ubiquity among Users Difficulty in Measuring ROI

Mobile-First Social Networks Control Handed Over to Consumers

Slow to Achieve ROI yet Time-

Less Technically Challenging
Consuming

Relatively low to no cost (compared to other digital

Easy to Start – Difficult to Master
marketing strategies)

Government influence on social

Relatively untapped in Singapore
media

Recurrent algorithm changes on

Gain market and audience insights
social networks

Great for brand awareness and consideration Tight Competition

Complements off-page SEO efforts

Ability to trigger social sharing and virality

 Ability to build brand affinity and thought leadership

Ability to foster brand advocacy and build

community

Able to engage friends and family of users

Multimedia content formats (especially videos) help

to improve brand storytelling

Simplify Complex Concepts with Visual Storytelling

Good for contests and other promotional

campaigns

Ability to Deliver Customer Service

Social media has transformed the way individuals connect, consume, and cooperate,
giving companies with an agile, low-cost, quick-response, and dependable tool. (2018)
(Meratian Esfahani and W. Johnson). To effectively manage the changing landscape of
social media, organizations must understand stakeholder participation. This
necessitates gathering information and understanding various points of view from both
enterprises and stakeholders. (Meratian Esfahani & W. Johnson, 2018).
Organizations’ Challenges in Engaging Stakeholders on Social Media
Organizations need to focus on creating new relationships between stakeholders, not
just technology deployment, to manage social media effectively. (Meratian Esfahani &
W. Johnson, 2018).
Bonia’ Stakeholders in Social Media
Stakeholders are any group or individual who can affect or be affected by the
organization's objectives, and are identified by their interest in the corporation.
Understanding their expectations and needs in social media is essential for long-term
success of the organization. (Freeman & McVea 2001). Organizations must have a
clear perspective about their stakeholders to create content for them. (Parmar et al.,
2010).
Social Media Management
Social media management refers to high-level strategies of organizations to organize,
govern, fund, and evolve their social media capabilities (Aral et al. 2013). It is
specifically about the ways organizations interact with their various constituencies in
social media. It includes the way organizations realize the different purposes of using
social media and identify their salient stakeholders for each of these purposes, and also
how they develop their strategy to explore the proper social media platform for those
purposes and the process of creating content and attracting the attention of different
stakeholders. Thus, the intention of social media management is on how organizations
should use social media to engage interactively with various stakeholders. (Parmar et
al., 2010)
User Engagement in Social Media
Customer engagement is a customer's behavioral manifestation toward a brand or
organization, resulting from motivational drivers. Stakeholders' engagement is the
interaction of stakeholders with one another or with an organization, and is manifested
in consuming User Generated Content (UGC). Social media engagement is a process
that involves three types of users: lurkers, content contributors, and active participants.
Organizations should inform stakeholders of their platform and understand the
motivational drivers of stakeholders to engage in social media. (Freeman, 1984).
Motivational Drivers of Various Stakeholders for Using Social Media
Zyglidopoulos and Phillips (1999) suggest that managers can identify stakeholders'
concerns and take appropriate actions by analyzing their conversations in social media.
However, many organizations fail to extract information about different stakeholders'
needs and concerns from social media and mislead their stakeholders. Miller and
Tucker (2013) found that employees play a more active role in creating active social
media content than clients in a healthcare system. Participation in social media is
voluntary and individuals can use it to communicate with organizations and other
stakeholders (Freeman, 1984). in Table 1.
Table 1: Individual motivation to participate in organizations’ social media

Individuals’ Motivation Description References

Individuals have desire to

disclose and reveal themselves to
others in cyber space. This can
include disclosing some DeVito, Birnholtz &
information like name, age, Hancock 2017;
gender, occupation. They also Djafarova & Trofimenko
can express themselves by 2017; Kaplan &
posting UGCs, responding to Haenlein, 2010; Schau
Self Presentation and others and participation in & Gilly, 2003; Tang, Gu,
Self Disclose discussion board. & Whinston, 2012

Individuals like to use social

media as a channel to Enders, Hungenberg,
communicate. Conversation can Denker, & Mauch, 2008;
Using Social Media as lead to friendship and relationship Kietzmann et al., 2011;
a Means of between strangers that would not Meijer & Torenvlied
Communication with otherwise happen and between 2016; Michaelidou,
Organization and other ‘latent ties’ who may have some Siamagka, &
Stakeholders offline connection. Christodoulides, 2011
 Social media is a source of
collective knowledge and
information because it generates Ahmed et al., 2014;
new sources of online information Grovera & Froesea
about users’ experiences. Users 2016; Kietzmann et al.,
can get information/knowledge 2011; Lu &
through content created by Stepchenkova
Using Social Media as organizations and content 2015; Leonardi 2017;
a Source of created by other stakeholders Malthouse et al. 2013;
Knowledge/ Information (UGC). Song et al. 2016

 Culnan et al., 2010;

Goh, Heng & Lin 2013;
Hajli 2014; Kietzmann et
People can form communities in al., 2011; Lin,
social media. Feeling of being Featherman & Sarker
Creating Sense of part of community encourages 2017; Xu, Ryan,
Community and Social users to interact and exchange Prybutok, & Wenb,
Capital their knowledge and information. 2012;

Individual expect to receive social

rewards such as approval and
respect by participation in social
interaction. Thus, the perception
that contributing UGC will
enhance user’ reputation in the Forte, Larco, &
Building Professional profession will motivate Bruckman, 2009; Lin,
Reputation individuals to share their values, Featherman & Sarker
personal knowledge to others in 2017; Wasko & Faraj,
  the network. 2000; Tang et al., 2012;
 Helping others is an intrinsic
motivation for individuals because
they feel good to help other
people. Social media use is Lin, Featherman &
Enjoyment of Helping sometimes considered as an Sarker 2017; Wasko &
Others and Hedonic enjoyable way to connect with Faraj, 2000, ; Xu et al.,
Use of Social Media organizations and other users. 2012

Shared revenue provides an

extra incentive for contributors
who have joined revenue-sharing
Revenue Sharing programs. Tang et al., 2012

Understanding the motivation behind using social media by individuals is useful to

explain how social media engagement is working. Once an organization understands
these motivations and behaviors, it can develop appropriate strategies in order to
develop better social media engagement by tailoring the right messages for the right
stakeholders to impart at the right time in the right social media platform to convert the
individual to become engaged in the Bonia ’s social media (Powell, Groves & Dimos
2011).
Contribution to Practice
The Bonia Company has a close relationship with the government, offering quality foods
at affordable prices, and quick response to customer needs, creating a good image.
(McLachlan, 2020). Bonia's networks and networking have helped to develop
stakeholder relationships with society, providing opportunities to assist them in
enhancing their quality lives. It has also helped to satisfy customer needs and respond
to their grievances, and has enabled easy access to new government regulations,
improving the relationship with the government. (McLachlan, 2020). Bonia uses digital
and social media to build relationships with stakeholders, but has both advantages and
disadvantages. (McLachlan, 2020).

Conclusion
Social media is a dynamic environment where organizations' stakeholders are active.
To get value from social media use, organizations need to engage stakeholders in
social media. However, there is a lack of support in the existing literature about these
issues. Most academic research about how organizations are managing social media
has been conducted on large organizations in the Fortune 500 or multinational IT
organizations like Infosys, and does not have a holistic view. There is a need to
examine practices in non-IT/IS organizations. As an evaluation of strategies in Mc
Donald, It is important to monitor stakeholders to ensure McDonald’s involvement in the
purpose of the development process. Organizations need the contribution and support
of stakeholders, so they face problems in maintaining their position in the market. Their
idea and feedback help the organization achieve its goals and gain a high position in the
market. Monitoring is essential to the interests of the organization as suppliers and
creditors are involved with other companies for personal benefit. That makes them
McDonald’s suspicious. In order to ensure the engagement of the stake, the Holders
Company must maintain a good relationship and monitor them in order to obtain support
to achieve the goal. Reviewing the involvement of stakeholders is important to change
the decision-making and policies to improve business size and share. As summarise, I
will write down stakeholder relationship are very eminent part of the planning for the
organization change and also the company is using different strategies to maintain their
stakeholder’s relationship. Apart from this, they also give feedback on the particular so
that the company can experiment the project and allow taking some triggers which are
occurring during the decision making and implement the alternatives according to the
barriers.

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