5.2, 5.3

Question 1

What do customers want and how do they influence the business ?

Answer 1

People who buy goods

They are interested in
Range of goods and services offered
Price and quality
Good customer service

Influence
Refusing to buy
Negative reviews

Question 2

What do employees want and how do they influence the business ?

Answer 2

Fair pay and treatment
Good working conditions
Job security and prospects
An appropriate range of facilities

Influence
Strike
Higher pay

Question 3

What do suppliers want and how do they influence a business ?

Answer 3

Steady orders and prompt payment
Feeling valued by the company that they supply

Influence
Quality
Price
Speed at which they supply

Question 4

What do owners / shareholders want and how do they influence a business ?

Answer 4

Money invested in business
Business success (profit)

Influence
No investing more
Selling shares

Question 5

What do trade unions want and how do they influence a business ?

Answer 5

Securing higher wages
Better working conditions
Job security

Influence
Strikes
Petitions
Negotiations

Question 6

What do local and National communities want and how do they influence a business ?

Answer 6

Provision of jobs and services
Avoiding disrupting or polluting the environment

Influence
Refuse to buy
Stop projects / expansions

Question 7

What do pressure groups want and how do they influence a business ?

Answer 7

Persuading businesses to act in a way which is in line with their view.
Friends of the Earth

Influence
Petitions
Boycotts
Negative publicity

Question 8

What do competitors want and how do they influence a business ?

Answer 8

New good and services
Prices
Advertising

Influence
Price wars
Loyalty
Advertising

Question 9

What do governments want and how do they influence a business ?

Answer 9

Taxes
Employment

Influence
Taxes
Minimum wage

Question 10

What is meant by stakeholder analysis ?

Answer 10

Can be used to identify what’s and needs of stakeholders

Name
Key interests
Actions etc

Helps business focus on different elements to understand them, reducing possible conflicts

Question 11

What are the benefits and drawbacks of meeting stakeholders needs?

Answer 11

Benefits

Builds trust between business and stakeholders

Stakeholders support the business better

Better understanding and communication

Feel heard and valued

Access to different resources / networking with other stakeholders

Drawback

Time consuming Listening to all stakeholders

If advice of stakeholders ignored lead to further conflict

Costly

Could lead to boycotts and strikes