5 Stakeholders in a business

Question 1

Stakeholder

Answer 1

Individuals or groups who can be affected by and have an interest in, any action taken by organization.

Question 2

External stakeholders

Answer 2

Individuals or groups who are separate from the business but are affected by or interested in its operation.

Question 3

Internal stakeholders

Answer 3

Individuals or groups who work within the business and are affected by the operations of the business.

Question 4

Trade union

Answer 4

An organization of working people with the objective of improving the pay and working conditions of its members and providing them with support and legal services.

Question 5

Stakeholder concept:

Answer 5

The view that businesses and their managers have responsibilities to a wide range of groups, not shareholders (also known as stakeholders theory.)