lesson 4 Flashcards
define stake holder
Any person or a group that has an interest in the company
define internal stake holder
Any person or group INSIDE THE FIRM that had an interest in the compay
Define external stake holder
Any person or a group OUTSIDE THE FIRM that has an interest in the company
who are the internal stakeholders
Owners / shareholders
Managers
workers
What are the objectives of owners/ shareholders
They want the company to make more profit and more revenue
They want the company to pay for less salaries materials and rents SO LESS COST AND MORE REVENUE
they want the compay to grow so survival is ensured
what are the objectives of the managers
they want the company to make more profit so they get BONUSES and so better standard of living
They want the company to grow so survival is ensured so they get to keep their jobs
what are the objectives of the workers
they want the company to pay them more salaries so better standard of living
they want to work for less hours so better standard of living
Who are the external stakeholders
the government
the customers and consumers
the community and society
the supplier
what is the objective of the government
it wants the company to pay for more profit so the government gets more tax so it’s able to provide better healthcare and education so Better standard of living
and it wants the company to hire more workers so higher employment rate in the country and so better standard of living
what is the objectives of the customers and consumers
they want the company to charge them lower prices
they want the company ti sell them a higher quality
they want the company to offer them a wider variety of choices
what are the objectives of the community and society
they want the company to provide more jobs for people
they want the company to make more profit so the government gets more tax so better health care and education for the people so better standard if living
what are the objectives of the supplier
it wants the company to Agree on buying supplies for materials from them at a HIGHER price so therefore the SUPPLIER will make more profit
it wants the company to Agree on buying supplies and materials from them at LOWER quality so therefore the SUPPLIER will make more profit
it wants the company to agree on buying supplies of materials from them and PAY CASH IMMEDIATELY SO SUPPLIER HAS A BETTER CASH FLOW
what is the stake holder conflict
it occurs when different stakeholders have different objectives
give examples of the stake holder conflict
the owner wants to give less wages so less cost so higher profit while the workers want higher wages so better standard of living
The owner wants to pay less price for supplies so they get more profit while the supplier wants the get a higher price for supplies so they get more profit
