Chapter 2 - Business Objectives and Strategy Flashcards
1
Q
What are Stakeholders?
A
Stakeholders is a person or party with an interest in the success of a business 👨🏼💻👩🏼💻
2
Q
Who are the Stakeholders?
A
- Employees👷🏻♀️
- Suppliers📦
- Owners👩🏻💼
- Lenders🏦
- Customers👜👛
- Local community👥
3
Q
What do the owners want from a business?
A
- they want the best possible return on the money that they have invested 💷
- they want to see the business grow and increase in market share ⬆️
4
Q
What do employees want?
A
- they want the highest wage 💷
- a bonus if possible💎
- job security 🚨
- legal entitlement to holiday✈️
- sick pay 💰😷
- health and safety 🏥
5
Q
What do customers want?
A
- best quality product💍
- product innovation, they want the next product to be better than the last e.g. iPhone 📱
- good customer service🤝
- they want credit facilities if the product is expensive🛋
It is important for the business to keep customers happy as they could complain 😡
6
Q
What do suppliers want?
A
- they would like profit 💰
- it would like repeat orders rather than one offs🔄
- it hopes the customers business grows larger so that it can increase its own sales to them⬆️
- they want to be paid on time 🗓💷
- they want to be treated well by customers🤝
7
Q
What do lenders want?
A
- they want the agreed amount owed to it to be paid at the agreed time 💷🕒
8
Q
What do the local community want?
A
- they want jobs👨🏻⚕️
- community involvement 🤝
- responsible attitude e.g. To the local environment🌲🦅
