3.1.3 - stakeholders

Question 1

stakeholders

Answer 1

a person, group or institution with a vested interest in a business

Question 2

macro environment

Answer 2

broad operating conditions in which a business operates and has no control over

Question 3

operating environment

Answer 3

environment immediately external to a business with which it has close interaction when conducting its business activities

Question 4

internal environment

Answer 4

activities, functions and pressures that occur within a business over which it has control. stakeholders include: owners, shareholders, directors, management and employees

Question 5

external environment

Answer 5

stakeholders include: government, competitors, interest groups, customers, suppliers and communtiy

Question 6

shareholders

Answer 6

interests: profitability, receiving dividends, ensuring ethical considerations, adopting socially responsible behaviour

Question 7

management

Answer 7

interests: be involved in goal setting, achieving goals and objectives, job satisfaction, work for a business that is ethical and socially responsible, secure position

Question 8

employees

Answer 8

interests: receive fair wages and salary, job security, work in a non discriminatory workplace, opportunity for career advancement

Question 9

customers

Answer 9

interests: obtain quality goods and services at reasonable prices, high levels of customer service, ethical and socially responsible

Question 10

suppliers

Answer 10

interests: ensure that their customer’s business is profitable (so they get paid), regular orders, establish preferred suppler relationship

Question 11

community

Answer 11

interests: benefit from employment opportunities created, ensure the business is ethical

Question 12

competitors

Answer 12

interests: competitive edge, differentiate products/services, have more sales than opposition