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AQA AS Business > 3.2.3 > Flashcards

3.2.3 Flashcards

1
Q

What are the 3 internal stakeholders?

A
  1. Employees
  2. Managers
  3. Shareholders
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2
Q

What are the 4 external stakeholders?

A
  1. Suppliers
  2. Customers
  3. Local Community
  4. Government Agencies
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3
Q

What 3 things do employees want?

A
  1. Good income
  2. Job security
  3. Safe working conditions
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4
Q

What 3 things do shareholders want?

A
  1. Return on investment
  2. Increased value of shares
  3. Growth of company
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5
Q

What 3 things do suppliers want?

A
  1. Regular trade
  2. Fair prices
  3. Paid on time
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6
Q

What 3 things do customers want?

A
  1. Reliable products
  2. Good services
  3. Value for money
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7
Q

What 3 things does the local community want?

A
  1. Employment
  2. Investment in local area
  3. No pollution
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8
Q

What 3 things does the government agencies want?

A
  1. Abide by legislation and rules
  2. Fair and open trade
  3. Tax
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9
Q

what are 6 Features of a stakeholder map?

A
  1. Power on y axis
  2. Interest on x axis
  3. A - meet their needs
  4. B - key players
  5. C - least important
  6. D - keep informed
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10
Q

What does A mean on the stakeholder map?

A

High power but low interest,satisfy needs and try to increase interest and involvement

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11
Q

What does B mean on the stakeholder map?

A

High interest and power. Keep happy, consult and involve in key decisions

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12
Q

What does C mean on the stakeholder map?

A

Low interest and power. Ensure information is available to them

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13
Q

What does D mean on the stakeholder map?

A

High interest and low power. Consult on low impact decisions

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14
Q

What are the 5 different stakeholder engagement from high to low power?

A
  1. Partnership
  2. Participation
  3. Consultation
  4. ‘Push’ Communication
  5. ‘Pull’ Communication
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15
Q

What are the 3 things involved in stakeholder engagement, partnership?

A
  1. Joint decisions
  2. Implement action together
  3. Shared responsibility
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16
Q

What are the 2 things involved in stakeholder engagement, participation?

A
  1. Extensive two-way communication

2. Given responsibility for certain decisions

17
Q

What are the 2 things involved in stakeholder engagement, consultation?

A
  1. Collect views and opinions

2. Share ideas and proposals

18
Q

What are the 3 things involved in stakeholder engagement, ‘push’ Communication?

A
  1. Inform
  2. One-way Communication
  3. Emails, newsletter, mailshots
19
Q

What is involved in stakeholder engagement, ‘pull’ Communication?

A

Information available for stakeholders of they chose to access.

20
Q

What are the 3 internal factors that can influence stakeholder relationships?

A
  1. Management and Leadership
  2. Objectives
  3. Size/Ownership
21
Q

What are the 3 external factors that can influence stakeholder relationships?

A
  1. Market Conditions
  2. Stakeholder Power
  3. Government Policy
22
Q

How can management and leadership influence stakeholder relationships?

A

Different styles view different stakeholders, like employees, differently

23
Q

How can Objectives influence stakeholder relationships?

A

Profit objectives make be more aligned to shareholders. Growth would be aligned to employee interests.

24
Q

How can size/ownership influence stakeholder relationships?

A

Sole traders will not have shareholder pressure and will have less of n impact o the community

25
Q

How can market conditions influence stakeholder relationships?

A

Changing demand and competitiveness

26
Q

How can stakeholder power influence stakeholder relationships?

A

Stakeholders with higher power and influence will be focused on more than thoes with lower power and interest

27
Q

How can Government policy influence stakeholder relationships?

A

Legal requirements will have to be met not matter the impact.

AQA AS Business (25 decks)

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