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Buisness Studies > 2. Stakeholders and objectives > Flashcards

2. Stakeholders and objectives Flashcards

1
Q

What is a stakeholder?

A

Can be affected or affect the buisness e.g. Managers

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2
Q

Is a manager internal or external ?

A

Internal

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3
Q

Are competitors internal or external ?

A

External

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4
Q

Are suppliers internal or external ?

A

External

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5
Q

Is the government internal or external ?

A

External

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6
Q

Is the bank internal or external ?

A

External

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7
Q

What’s an internal stakeholder ?

A

People involved in the business e.g. Employees

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8
Q

What’s an external stakeholder?

A

Someone who is effected by the business and is not in it e.g. Consumers

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9
Q

Why would the manager be interested in a buisness ?

A

They run the business and they will need to solve problems make decisions motivate staff and control resources

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10
Q

Why would the competitor be interested in the buisness ?

A

They would want to know if the business is improving its product or service or changing its price so it doesn’t lose profit

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11
Q

Why would suppliers be interested in a buisness ?

A

They would want the buisness to do well so they order more supplies they would also want to be paid on time and receive good communication so they can deliver the supplies at the right time

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12
Q

Why would the Government be interested in a buisness ?

A

They want to receive money from the taxes when the business makes a profit

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13
Q

Why would a bank be interested in a buisness ?

A

They want the business to make a profit so it can afford to repay bank loans

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14
Q

What business objective what the manager benefit from?

A

Profit
Image
Reputation

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15
Q

What business objective would the competitor benefit from?

A

Survive
Grow
Market share

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16
Q

What business objective would the suppliers benefit from?

A

Profit

Grow

17
Q

What business objective would the government benefit from?

A

Profit

18
Q

What business objective would the bank benefit from?

A

Profit

19
Q

What is a business objective?

A

A plan to achieve a specific aim

20
Q

What is a mission statement?

A

A businesses aims and objectivists they describe the overall purpose of the business and are often aimed at customers employees and shareholders

21
Q

What is market share?

A

The proportion of the total market sales that I made up by one company brand or product

22
Q

What is customer satisfaction?

A

Meeting the needs of your customers and sometimes exceeding their expectations

23
Q

What is a SMART objective?

A

S. It should state exactly what is to be achieved
M. It should be capable of measurement so it is possible to assess whether it has been achieved
A. It must be reachable and attainable
R. It must be realistic
T. It must have a set time frame in which it should be achieved in

Buisness Studies (4 decks)

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