Influences on business stakeholders and external influences Flashcards
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What is a stakeholder
A stakeholder is someone who has and interest in the success of an orig
What is an interest of a business
Interests are what they want from the company, why do they want it to be successful
What is an influence on a business
What they can do which will have an impact on the company
What is one internal stake holder
Manager
What is another internal stakeholder
Owner
What is one external stakeholder
Customers
What is another external stakeholder
Supplier
What is an example of political influences
They can change the national minimum wage
What is an impact of political influences
The employer has to pay the staff more money
What is an example of an economic influence
There is a rising cost of living ,recession
What is an impact of economic influences
Less disposable income = less people buying luxuries
What is an example of social influences
Changing trends-more vegans/vegitarians
What is an impact of social influences
A business will loose customers if they don’t keep up with the latest trends
What is an example of technological influences
There are new machines and robots to manufacture the products
What is an impact on technological influences
Higher quality items or increased production rates
What is an example of environmental influences
Bad weather results in no deliveries of raw materials
What is an impact of environmental influences
Production stops and you have nothing to sell
What is an example of competitive influences
New competition that opens nearby
What is an impact of competitive influences
Customers go to the new store due to new competition
What is a owners internal influence
To gain high profits and to get a return on their investment
What is an owner external influence
To invest more capital into equipment
What is a managers internal influence
To grow the company and have the best business reputation
What is a customers internal influence
They want a good choice and they want good value for the product
What is a customers external influence
They can leave good or bad reviews
