Chapter 6: Understanding the role and importance of stakeholders

Question 1

Social responsibility

Answer 1

Duties a business has towards stakeholders groups such as employees, customers and the government

Question 2

Market conditions

Answer 2

Number of features of a market, such as level of sales, the rate at which they are changing and the number and strength of competitors

Question 3

Communication

Answer 3

Exchange of information or ideas between 2 or more parties

Question 4

Stakeholder engagement

Answer 4

A process by which managers involve individuals and groups who may be affected by their decisions in those directions

Question 5

Consultation

Answer 5

Process by which 1 group discovers the views of another one