Corporate Diplomacy

Corporate diplomacy can be described as an approach to managing the different and unique nonmarket forces with which a multinational corporation (MNC) deals. Corporate diplomacy is becoming highly relevant for organizations as they address sociopolitical risk along with the growing dependence on stakeholders in a host country. Today’s global business environment comprises a complex web of linkages across a spectrum of governments and communities. MNCs require a wider set of models of practice to engage with governments and communities in host countries. There is a need to understand how organizations manage social and political risks. The business environment can be fragmented, volatile, and even hostile at times, and hence, organizations have to make strategic choices to succeed in the nonmarket business environment. In international markets, ...