Chapter 1 C Flashcards
Stakeholders
Stakeholders
Are individuals, groups, or organizations who have a vested interest in the performance and activities of a business
Owners
Are individuals who establish, invest, and have a share in a business, often with the goal of earning a profit from its operations.
- Establishing and fostering positive relationships with other stakeholders
- Receiving a return on their investment
Internal stakeholders
Individuals, groups, or organizations who are employed by or have a financial share in the business
External stakeholders
Individuals, groups, or organisations who are outside the business and are impacted by or interested in a business’s activities
Managers
Individuals who oversee and coordinate a business’s employees and lead its operations.
- Being recognized for achievement of business objectives
- Opportunities to increase status or career advancement
- Receiving bonuses
Receiving appropriate wages and working conditions
Employees
Individuals who are hired by a business to complete work tasks and support the achievement of its objectives.
- Long-term job security
- Receiving fair pay and working conditions
- Opportunities to engage in personal and professional development, training to advance career
Customers
Individuals or groups who interact with a business by purchasing and utilizing its goods and services.
- Receiving high-quality goods and services at affordable prices
- Engaging with ethical and sustainable business
- Friendly and helpful customer service and assistance
Suppliers
Individuals or groups that source raw materials, component parts, and processed materials and sell them to a business for use in the production of its goods and services.
- Increasing their revenue
- Earning a profit
- Reliable and honest relationship with business
General community
The individuals and groups who are impacted by a business’s operations and decisions.
- Improvements within the community and environment
- Increase local employment rate
