1.5 stakeholders Flashcards
define stakeholder
A stakeholder is any individual, group or organisations that is affected by a business and its operations.
Who are the 5 main stakeholders in a business?
owners, suppliers, customers, local community, employees
which stakeholder has the biggest impact on a business?
owners because they make decisions about an aims and objectives of the business
what impact do customers have on the business?
customers have a large influence on the business as their changing wants and needs results in businesses needing to adapt in order to be successful
Why has E-commerce made selling products more difficult for business?
there is increased competition
define e-commerce
E-commerce describes businesses selling their products and services to their customers over the internet.
what do video conference calls do?
Video conference calls can allow employees and other stakeholders to hold meetings and have important conversations while in different countries.
What are 4 new digital methods businesses use to communicate with customers?
social media, websites, mobile apps, video conference calls
What are 4 ways technology influence business?
sales, costs, production and marketing mix
3 features of e-commerce sales?
- led to greater competition
- describes business selling their products over internet
gives businesses a wider reach to customers
what are 3 key employment laws?
- national minimum wage
- health and safety at work act
- equality act
what does the national minimum wage state
States the minimum amount that businesses can pay their staff.
what does the equality act do
Protects all people from discrimination in the workplace.
what is consumer law
Laws that are designed to protect customers against unfair treatment by businesses.
what is employment law
Laws that give standards about how businesses should treat their employees.
