1.4 stakeholders Flashcards
What are internal stakeholders?
Individuals and groups within a business, for example employees.
What are external stakeholders?
Groups outside a business, for example people who live near to the business’s premises or the government.
Define a stakeholder.
An individual or group with an interest in a business.
What is the shareholder concept?
An approach centered on rewarding owners as the primary objective.
What does the stakeholder concept involve?
Treating stakeholders as partners for long-term benefits.
List some benefits of collaborative efforts with stakeholders.
- Better quality
- Increased loyalty
- Fair compensation
- Employees’ well-being
How can environmental concerns benefit a business?
They can save costs through recycling initiatives and enhance attractiveness to employees, customers, and investors.
What is the role of CEOs regarding stakeholders?
To represent stakeholder interests ethically, with actions subject to increased scrutiny.
True or False: Ethical behavior of employees is irrelevant to stakeholder management.
False
What is stakeholder management critical for?
Business launch and growth, as success largely depends on key groups.
What is a power interest grid used for?
To identify the viewpoints of varying stakeholders based on their power interest in a business situation.
Fill in the blank: Stakeholder management is important because it helps establish a business _______.
[presence]
Name the first step in the PIG Process.
Identify all stakeholders.
What types of stakeholders should be included in the brainstorming process?
- Shareholders/owners
- Customers
- Prospective customers
- Suppliers
- Government
- Media groups
- The public
- Management
What does it mean to prioritize stakeholders?
Identifying those who have the power to block or advocate for a situation.
What should a business understand about its key stakeholders?
How they feel or are likely to feel and how best to engage and communicate with them.
How can findings from stakeholder analysis be illustrated?
Using a stakeholder map, possibly color-coded for advocates, blockers, and neutral parties.
