Role of Stakeholders

Question 1

What is satisficing?

Answer 1

Settling for an adequate result rather than an optimal one revolving finance.

Question 2

What does PIGSS stand for?

Answer 2

Pricing
Increasing Market Share
Growth
Survival

Question 3

What are Two ways a business might achieve sales growth?

Answer 3

Finding new customers
Selling in new markets

Question 4

What is the link between ‘Growth’ and ‘Profit’?

Answer 4

More Growth = More Profit

Question 5

Identify two ways a business can offer good customer service…

Answer 5

Being conscious of customer feedback,
Communication

Question 6

Define ‘Stakeholders…’

Answer 6

Somebody with a vested interest within the business

Question 7

Identify 4 Potential Stakeholders…

Answer 7

Government
Customers
Suppliers
Employees

Question 8

Why would Customers and Shareholders have conflict as Stakeholders

Answer 8

Different stakeholders have different objectives

Question 9

What is a ‘Shareholder’?

Answer 9

An owner of shares in a company.

Question 10

Internal VS External Stakeholders

Answer 10

Internal; Those within the business (suppliers, employees etc.)
External; Those outside the business (customers, government etc.)