KK8

Question 1

Stakeholders

Answer 1

a group or individual that has a vested interest in the operations of the business

Question 2

Cutomers

Answer 2

Customers are buyer of goods and/or services, They are the reason why businesses exist

Question 3

Competitors

Answer 3

Competitors are the businesses that offer rival goods or services. Not only do businesses need to be aware of existing competitors, but they also must monitor the environment for potential new comers

Question 4

Suppliers

Answer 4

provide the resources that are needed for use in the production process

Question 5

Supply chain management

Answer 5

the movement and storage of raw materials , of work-in-progress inventory, and of finished goods from point of origin to point of consumption

Question 6

Interest groups

Answer 6

Special interest groups are groups of people who attempt to directly influence or persuade a business to adopt policies or procedures

Question 7

Special interest groups- examples

Answer 7

specific issue groups, business associations, unions