Chp 1

Question 1

10 Stakeholders

Answer 1

Entrepreneur
Investor
Employer
Employee
Manager
Producer
Comsumer
Supplier
Service Provider
Interest group

Question 2

Entrepreneur

Answer 2

Person who spots a gap in the market and takes the initiative to set up a business to make money from the opportunity. Financial and personal risk. Could lose all money and self esteem. Mary Ann Obrien is an entrepreneur of lily obrien chocolates

Question 3

Investor

Answer 3

Someone who gives capital (money) to the entrepreneur to set up and run her business in exxhange for return on investment. Eg AIB is an investor of mary ann obrien as they lent her 40000 to set up her business

Question 4

Employer

Answer 4

Person who hires others to to work for her. Employer rewards employee in return for the work he does financially and non financiallly. Eg Ryanair hires pilots to fly planes

Question 5

Employee

Answer 5

Works for the employer in return for a wage. Carries out the essential tasks needed to make a business work which the employer cannot or will not do. Has certain skills and expertise
Pilot in RyanAir

Question 6

Manager

Answer 6

Runs the business and makes sure it achieves all its objectives, in the best possible way. Ceo of ryanair Michael o Learey

Question 7

Producer

Answer 7

A business that makes finished products to sell to consumers. Manufacturers. Secondary terity of economy Eg Tayto takes potatoes and turns them into crisps.

Question 8

Consumer.

Answer 8

A person who buys goods and services for his own personal use. Also provides market research information. Parents who pay for childcare for their kids

Question 9

Supplier

Answer 9

Suppliers are the other firms the business buys (eg its stock) from. Eg pat the baker supplies all supermarkets with bread

Question 10

Service provider

Answer 10

Business that offers valuable supports to the entrepreneur. Operate in the teritary sector of the economy. Eg Accountant, Solicitor, Bank of ireland, An Post provides entrepreneur with courier service. Aib enables entrepreneur to store money safely

Question 11

Interest groups

Answer 11

Organisation of ppl who come together and campaign for a common goal by pressuring thpse who make decision. They join forces to have more power money talents and are more likely to be lisyened to. They might organise negative publicity. They lobby politician to bring out laws that wil meet their demands.

Question 12

Name interest groups

Answer 12

IFA(Irish farmers association)-
ICMSA(Irish Creamery Milk Suppliers Association)
IBEC(Irish business and employers confederation)
ISME(Irish small and medium entreprises)
ICTU(Irish congress of trade unions)

Question 13

Name relationships between stakeholders

Answer 13

1.Co-operative
2.Competitive
3.Dependent
4.Dynamic

Question 14

Co-operative relationship in a business

Answer 14

Two businesses have the same objectives so they work together and help eachother in order to achieve their goals. Win-ein situatuon as the two businesses working together produces better results than if they worked alone or against eachother. EgSwatch and Mercedes Benz. Smart Car

Question 15

Competitive relationship

Answer 15

One party wants to be more successful than another. Win lose situation as only one of them can win so they fight against eachother and become rivals. Eg Coke and Pepsi are always trying to one up eachother with new products and low prices.

Question 16

Dependant relationship

Answer 16

The parties in business need each-other in order to be successful. They cant achieve their goals on their own and rely on the other party to provide them with what they need to be a success. eg Mary ann obrien wouldnt havr been able to set up Lily Obriens Chocolates without a loan from AIB. Without entrepreneurs like Mary Ann, Aib would not be able to recieve a return on investment.