5. Stakeholders Flashcards

1
Q

define a stakeholder.

A

an individual or group with in interest in the business.

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2
Q

what are the three types of stakeholders? explain them with examples.

A

internal: within the organisation.
i. e. employees and managers

external: no direct link but influenced by its activities.
i. e. community, pressure groups, government

connected: invest in or have dealings with the firm
i. e. shareholders, customers.

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3
Q

what is the difference between a primary and secondary stakeholder?

A

primary stakeholders have a contractual relationship (internal/connected) whereas secondary stakeholders have no contractual link (external).

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4
Q

what model should businesses use when conflicted about which stakeholders to prioritise?

what are the outcomes of this model? (4)

A

Mendelows power-interest matrix.

low power, low interest: minimal effort
low power, high interest: keep informed
high power, low interest: keep satisfied
high power, high interest: key players.

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5
Q

what are the three sources of stakeholder power?

A

hierarchy, influence and control of the environment

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