LO5 - Understand the relationship between businesses and stakeholders Flashcards
1
Q
Define
Internal Stake Holder
A
People inside a business which directly impact the operations of the business
2
Q
Define
External Stake Holder
A
People outside a business which are affected by the business
3
Q
Examples of who are they and what do they want
Internal
A
- Owners: maximise profits
- CEO and Directors: growth and achieving goals
- Managers: Improve productivity
- Supervisors: Oversee daily operations
- Assistant: To receive adequate pay
- Trade Union: Employee rights, good working conditions, and fair compensation
4
Q
Examples of who they are and what do they want
External Stake Holders
A
- Shareholders: Return on Investment
- Customers: High quality product for low price
- Suppliers: Reliable partnership
- Potential Investors: Return on Investment
- Lenders: Repayment security
- Local Community: Low pollution
- Pressure Groups: Push for ethical practices in businesses
- Central and Local Government: High amount of tax
5
Q
5.2 the ways in which different stakeholder groups attempt
look in business book
A
6
Q
How does a business respond to conflict between stakeholders
A
