Chapter 5 Flashcards
What are stakeholders?
anyone who cares about the business
Who are the internal stakeholders?
employees and management
who are the connected stakeholders?
shareholders, customers, suppliers
who are the external stakeholders?
governments, community, pressure groups
who are the primary stakeholders?
have a formal contractural relationship
who are the secondary stakeholders?
have no formal relationship with the organisation
why do we need to maintain a good relationship with internal stakeholders?
employees and managers of the hotel are the main link to the guests and the service they provide is vital
why do we need to maintain a good relationship with connected stakeholders?
shareholders will be concerned about a steady income and continuation of the business.
each guest will seek good service and satisfaction
suppliers must be selected carefully to ensure services and goods provided is great
why do we need to maintain a good relationship with external stakeholders?
must maintain close relationship with the authorities to ensure they comply with all legislation
what are the conflicts between employees v managers?
jobs/wages v cost efficiency
what are the conflicts between customers v shareholders?
Product quality/service levels v profits/dividends
what are the conflicts between general public v shareholders?
effect on environment v profit/dividends
what are the conflicts between managers v shareholder?
growth v independence
In mendelow’s matrix what is High power and low interest?
Keep satisfied
In mendelow’s matrix what is High power and High interest?
Key players
In mendelow’s matrix what is Low power and low interest?
Minimal effort
In mendelow’s matrix what is Low power and High interest?
Keep informed
Who are minimal effort?
low power, low interest. can offer direction, tell them whats happening (gen public)
Who are keep informed?
High interest, low power.
Keep communicating with them e.g., retail shop closing, the employees
who are keep satisfied?
High power, low interest
Satisfied by intervention.
Who are key players?
High power, high interest. Participation or involvement, need them to participate
Give some examples of mendelow’s matrix?
Minimal effort - children, consumers
Keep informed - staff, suppliers
Keep satisfied - bank
Key players - main shareholders, large retailers
