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Business AS > 5. Stakeholders > Flashcards

5. Stakeholders Flashcards

1
Q

What are stakeholders?

A

People or groups of people that are affected by and therefore have an interest in any action by an organisation

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2
Q

Who are the stakeholders?

A
  • Customers
  • Suppliers
  • Employees
  • Local community
  • Government
  • Managers/Owners
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3
Q

What is the role of customers?

A

Purchase goods and services => provide revenues for the business

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4
Q

What are the rights of customers?

A
  • To receive goods and services that meet laws regarding health and safety, design and performance
  • To be offered replacements, repairs and compensation in the event of failure of the product or service
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5
Q

What are the responsibilities of customers?

A
  • To be honest and pay for goods bought or services received
  • Not to steal
  • Not to make false claims about poor service or product
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6
Q

What is the role of the supplier?

A

Supply goods and services to allow the business to offer its products to its own customers

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7
Q

What are the rights of the supplier?

A
  • To be paid on time (either laid down by law or service agreement)
  • To be treated fairly (not to have lower prices forced on it)
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8
Q

What are the responsibilities of the supplier?

A

To supply goods and services in the time and condition as laid down by the purchase contract

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9
Q

What is the role of employees?

A

Provide manual and other labour services to the business to allow goods and services to be provided to customers

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10
Q

What are the rights of the employees?

A
  • To be treated within the minimum limits as established by the national law
  • To be treated and paid in the ways described in the employment contract
  • To be allowed to join the trade union
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11
Q

What are the responsibilities of employees?

A
  • To be honest
  • To meet the conditions and requirements of the employment contract
  • To cooperate with managers
  • To observe ethical code of conduct
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12
Q

What is the role of the local community?

A

Provides local services and infrastructure to the business to allow it to operate, produce, sell within legal limits

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13
Q

What are the rights of the local community?

A
  • To be consulted about major changes that affect it

- Not to have the community badly affected by the business’ activities

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14
Q

What are the responsibilities of the local community?

A
  • To cooperate with the business, on where to built on, expansions and other plans
  • To meet reasonable requests from business for local services. e.g. public transport
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15
Q

What is the role of the government?

A
  • Passes laws that restrain aspects of business activity

- Provides law and order to allow legal business activity to take place

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16
Q

What are the rights of the government?

A

Businesses have the duty to meet all legal constraints such as producing legal goods and pay taxes on time

17
Q

What are the responsibilities of the government?

A
  • To treat businesses equally under the law
  • To prevent unfair competition that could damage business survival chances
  • To establish good trading links with other countries to allow international trade
18
Q

What are the possible business decision that might affect the stakeholders?

A
  • Large expansion of the business. e.g. building new office or factory
  • Take over of a competing firm
  • Significant application of IT into production methods
19
Q

What are the possible impacts on employees of large expansion of business?

A
  • More jobs and career opportunities

- Disruption during building and more complex lines of communication after expansion

20
Q

What are the possible impacts on the local community of large expansion of business?

A
  • More jobs for locals
  • Wipe out local businesses
  • Disruption caused by increased traffic and loss of greenfield sites, pollution
21
Q

What are the possible impacts on the customers of large expansion of business?

A
  • Better service might be provided due to an increase in size and staff
  • Larger business could be less personal and therefore offer inferior customer service
22
Q

What are the possible impacts on the employees of horizontal integration (take over a competing firm)?

A
  • Larger business may be more secure and offer career promotion and opportunities
  • Rationalisation may occur to avoid waste and cut costs => jobs might be lost
23
Q

What are the possible impacts on the local community of horizontal integration (take over a competing firm)?

A
  • Expansion leads to increase in employment
  • Rationalisation of duplicated offices or factories might lead to some closures of job losses
  • Wipe out local businesses
24
Q

What are the possible impacts on the customers of horizontal integration (take over a competing firm)?

A
  • Larger business mean that they might benefit from economies of scale => costs of products are cheaper
  • Reduced competition => less customer choice => higher prices
25
Q

What are the possible impacts on the employees of changing the production methods using technology?

A
  • Training and promotion opportunities might be offered

- Automation => redundancy

26
Q

What are the possible impacts on the customers of changing the production methods using technology?

A
  • Standardisation of products, no human errors => improve quality and may offer more product variety
27
Q

Benefits of accepting responsibilities to customers

A
  • Customer loyalty
  • Repeated purchases
  • Word of mouth
28
Q

Benefits of accepting responsibilities to suppliers

A
  • Supplier loyalty
  • Requests for special orders
  • Reasonable credit terms more likely to be offered
29
Q

Benefits of accepting responsibilities to local community

A
  • More likely to give planning permission

- More likely to accept negative effects

30
Q

Benefits of accepting responsibilities to government

A
  • Receiving planning permission
  • Receive valuable government contracts
  • Requests for subsidies

Business AS (22 decks)

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