Positive impacts on effects of change on stakeholders

Question 1

Owners

Answer 1

• improve financial performance likely to result in increase/steady return for onwers/shareholder

-owners invilved in day to day operations will have the opportunity to learn new skills

Question 2

managers

Answer 2

-sucessful change often means managers are public knowldgeable about their leadership and are given financial rewards such as bonuses.

-changes often provide managers with opportunities for challenge and interesting work in a new areas of business and opportunities for promotions

Question 3

employees

Answer 3

-Employees often require training as part of a business change, This means employees increase their skills and can enjoy more interesting and challenging work.

-Employees should enjoy greater job security if the business has become more profitable as part of the change. They may also win performance-related pay raises.

Question 4

Customers

Answer 4

-Customers often receive higher quality products if they change results in new products or products with new features.

-Change is often implemented to reduce costs, which means customers should receive lower prices.

Question 5

Suppliers

Answer 5

-if business is more successful and increaes their profits and sales, suppliers will also enjoy increase sals and profits from providing more inputs.

-if a business requires higher inputs from suppliers, these suppliers may then also be able to gain an edge over competeors by also selling these higher quality inputs to other business.

Question 5

General Community

Answer 5

-if a business wants to promote change, or the change makes the business more sucessful, they may increase donations to lcoal comunity such as through sponsoring local sports eevents.

-If businesses expand their operations they often need new employees, creating employment for local residents.