1.5 Stakeholders In Business Flashcards
Why are employees considered stakeholders?
Employees are stakeholders because they can benefit from a business’s success through pay rises, bonuses, promotions, and better job security. Conversely, if a business fails, they lose their jobs and source of income.
How can employees affect a business?
Employees can affect a business by taking industrial action if they feel mistreated. This includes actions like going on strike and work-to-rule.
What are the interests of customers as stakeholders?
Customers’ interests include the quality, price, range, availability of products, and customer service that the business offers.
How can customers influence a business?
Customers can influence everything from sales and profits to reputation and overall business performance.
Why are Suppliers stakeholders?
Suppliers’ interests include the size of order (to make sales) and payment (to earn profit).
What are the interests of the Government as stakeholders?
Government interests include decreasing unemployment rates and increasing the tax paid to the government.
