1.4 stake holders

Question 1

Definition

Answer 1

Any person, group or organization who affects or can be affected by an organizations actions.

can be internal - employees, shareholders, directors

Can be external Not part of the firm but have a direct interest or involvement in the business 
Pressure groups 
Suppliers 
Competitors 
Customers 
Government

Question 2

stakeholder conflict and mutual benefit

Answer 2

By meeting the needs of many stakeholders there can be mutual benefits for each party as well as the business itself

Hard to reach agreements in the short term, but long term agreements benefit the business more.

Employees with management
customers with business ‘shareholders with board of directors
suppliers with management
senior managers with employees