2. Stakeholders and objectives Flashcards
What is a stakeholder?
Can be affected or affect the buisness e.g. Managers
Is a manager internal or external ?
Internal
Are competitors internal or external ?
External
Are suppliers internal or external ?
External
Is the government internal or external ?
External
Is the bank internal or external ?
External
What’s an internal stakeholder ?
People involved in the business e.g. Employees
What’s an external stakeholder?
Someone who is effected by the business and is not in it e.g. Consumers
Why would the manager be interested in a buisness ?
They run the business and they will need to solve problems make decisions motivate staff and control resources
Why would the competitor be interested in the buisness ?
They would want to know if the business is improving its product or service or changing its price so it doesn’t lose profit
Why would suppliers be interested in a buisness ?
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
Why would the Government be interested in a buisness ?
They want to receive money from the taxes when the business makes a profit
Why would a bank be interested in a buisness ?
They want the business to make a profit so it can afford to repay bank loans
What business objective what the manager benefit from?
Profit
Image
Reputation
What business objective would the competitor benefit from?
Survive
Grow
Market share
What business objective would the suppliers benefit from?
Profit
Grow
What business objective would the government benefit from?
Profit
What business objective would the bank benefit from?
Profit
What is a business objective?
A plan to achieve a specific aim
What is a mission statement?
A businesses aims and objectivists they describe the overall purpose of the business and are often aimed at customers employees and shareholders
What is market share?
The proportion of the total market sales that I made up by one company brand or product
What is customer satisfaction?
Meeting the needs of your customers and sometimes exceeding their expectations
What is a SMART objective?
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
