Chapter 5: Stakeholders in a business

Question 1

stakeholders

Answer 1

individuals or groups who can be affected by, and have an interest in, any action taken by an organisation

Question 2

external stakeholders

Answer 2

individuals or groups who are separate from the business but are affected by or interested in its operations

Question 3

internal stakeholders

Answer 3

individuals or groups who within the business, or own it, and are affected by the operations of the business

Question 4

trade union

Answer 4

an organisation of working people with the objective of improving the pay and working conditions of its members and providing them with support and legal services

Question 5

stakeholder concept

Answer 5

the view that businesses and their managers have responsibilities to a wide range of groups, not just shareholders, also known as stakeholder theory