dp 3

Question 1

define stakeholders

Answer 1

individuals or groups that interact with the business and have a direct or vested interest in the activities of the business

Question 2

what are owners and shareholders?

Answer 2

own part of, or all of the business. some may be part of everyday operations

Question 3

what are the interests of owners and shareholders

Answer 3

they desire for the success and profit of the business as they rely on it for their income

Question 4

who are customers?

Answer 4

the people who purchase gods and services from the business, expecting high quality goods for competitive prices

Question 5

what are the interests of customers?

Answer 5

• to be provided from high quality goods and services for reasonable prices
• customers are becoming increasingly aware of socially responsible businesses, and many will purchase products from businesses they know have acted in a socially responsible manner

Question 6

who are managers?

Answer 6

people within the business who are responsible for the success of the business by implementing strategies to achieve business objectives

Question 7

who are employees?

Answer 7

people who work for the business by providing their skills and opinions in exchange for prompt and reasonable pays

Question 8

what are the interest of employees?

Answer 8

• to be paid reasonable wages
• to be paid fairly and promptly
• to be safe and fairly treated within the workplace

Question 9

who are suppliers?

Answer 9

people who provide the business with resources which are used for the operations and productions

Question 10

what are the interests of suppliers?

Answer 10

• expect to be paid promptly and in full
• mutually beneficial relationship as the success of the business means that their supplier business will also succeed.
• the correct amount of resources are delivered within the right time frame

Question 11

what are the interests of the general community?

Answer 11

• for the business to operate or participate in community events such as fundraisers
• to comply to corporate social responsibilities
• Expect businesses to show concern for their future welfare through their own employment within businesses
  -to show care and interest in the environment

Question 12

what are managers interests?

Answer 12

-to be fairly remunerated via salaries and business incentives
- desires for the business to the socially responsible as they desire for the financial success of the business, this will lead to increased sales
- ensuring shareholder expectations are fulfilled while allowing for job security