Chapter 1.4 - Stakeholders Flashcards
Conflict
Refers to situations where stakeholders have disputes or differences regarding certain issues or matters.
This can lead to arguments and tension between the various stakeholder groups
Customers
Clients of a business, seek to have value for money, such as competitive prices and good quality products
Directors
Senior executives who have been elected by the company’s shareholders to address business activities on behalf of their owners
Employees
The staff of an organization, they have a stake (interest/involvement) in the organization they work for
External stakeholders
Individuals and organizations not part of the business but have a direct interest in its activities and performance
(examples: customers, suppliers, the government)
Financiers
The financial institutions and individual investors who provide sources of finance for an organization.
They are interested in the organization’s ability to generate profits and to repay debts
Government
The ruling authority within a state or country.
As an external stakeholder group, the government is interested in businesses complying with the law with regards to the conduct of business activities
Internal stakeholders
Members of the organization, namely the employees, managers, directors, and shareholders (owners) of the business
Local community
Refers to the general public and local businesses that have a direct interest in the activities of an organization, namely to create jobs and to conduct business activities in a socially responsible way
Managers
Internal group of stakeholder responsibly for overseeing the daily operations of the business
Pressure groups
Consist of individuals with a common concern who seek to place demands on organizations to act in a particular way or to influence a change in their behavior
Stakeholder conflict
Refers to differences in the varying needs and priorities of the various stakeholder groups of a business
Stakeholder mapping
A model that assesses the relative interest of stakeholders and their relative influence (or power) on an organization
Shareholders (stockholders)
The owners of a limited liability company. Shares in a company can be held by individuals and other organizations
Stakeholders
Individuals or organizations with a direct interest in the activities and performance of a business
Suppliers
An external stakeholder group that provides a business with stocks of raw materials, component parts, and finished goods needed for production.
They can provide commercial services, such as maintenance and technical support
