5. Stakeholders In Business

Question 1

Define stakeholder

Answer 1

Individual/group with interest in business.

Question 2

What are types of stakeholders and what are their influence ? (3) give examples

Answer 2

Internal-strong influence in org.(director)

External- no direct link but can influence (gov) eg. Tax need to be paid

Connected - invest or deals with org. (Customers) eg. Supplier needs to be paid

Question 3

Primary vs secondary stakeholders

Answer 3

Primary have contractual relationship ( internal, connected)

Secondary - no contract (external)

Question 4

What is the function of power-interest matrix ?

Answer 4

How to deal with stakeholders, ex.
Low power high interest - keep informed

Question 5

What are the sources of power for stakeholders? (2)

Answer 5

Hierarchy (formal power over others)

Influence (from personal qualities)