set 4

Question 1

What are stakeholders?

Answer 1

People who have interested in a business

Question 2

what are 7 stakeholders + what do they want?

Answer 2

1.customers= good value for money

2.suppliers= want business to buy their raw materials + make payments on time

3.employees= want fair pay and good working conditions

4.managers= good salary and make decisions

5.owners= want their company to be profitable

6.local community= minimal noise and air pollution and want business to have positive impact

7.bank manager= to be paid on time

Question 3

What is stakeholder mapping?

what are stages?

Answer 3

how much interest and power different stakeholder have over the business.

• those with high levels of power and high levels of interest need to managed closely and satisfaction is vital to business. requires most effort.
• stakeholder with little power and little interest in the business require more monitoring but are less important to the business.

Question 4

what are 3 possible conflicts stakeholders have?

Answer 4

-Customers vs employees
-Owners vs managers
-Local community vs suppliers

1.Customer vs employees
customers want = longer opening hours
employees = want to go home and spend time with their families

2.Owners vs managers
1.owners= want to be paid dividends
2.managers =concern with long term profitability

3.Local community vs suppliers
Local community =want minimal noise disruption
suppliers=deliver goods and services around the clock

Question 5

Ways to manager relationship 6 stakeholders

Answer 5

1.customers = market research, advertising + delivering on promises

2.suppliers =payment on time

3.employees = social events

4.owners = listing to their concerns + paying dividend

5. Local community = maintenance of site and surroundings
6. Bank = pay them on time