Final answer:
A good stakeholder strategy involves collaborating with suppliers to ensure fair labor practices, taking into account the interests of all stakeholders and promoting ethical business practices.
Step-by-step explanation:
The correct answer is c) Collaborating with suppliers to ensure fair labor practices.
A good stakeholder strategy involves considering the interests and needs of all stakeholders, not just prioritizing the interests of shareholders. By collaborating with suppliers to ensure fair labor practices, a company demonstrates a commitment to social responsibility and ethical business practices. This strategy takes into account the interests of both the company and its suppliers, as well as the well-being of workers.
For example, a company that collaborates with its suppliers to ensure fair labor practices may implement audits and inspections to ensure that working conditions meet legal standards. They may also work with suppliers to provide training and development opportunities for workers, promoting employee satisfaction and retention. By taking these steps, the company strengthens its relationships with suppliers, fosters a positive reputation, and contributes to the overall well-being of workers in the supply chain.