Stakeholders Flashcards
What is a stakeholder?
A stakeholder is any person who has an interest in the success of the business
Give 3 examples of an internal stakeholder:
Employees, owners, managers, shareholders etc
Give 3 examples of an external stakeholder:
Suppliers, bank, government, pressure groups, customers, donors, local community etc
What is an interest of a stakeholder?
An interest is what the stakeholder wants from the business
What is an influence of a stakeholder?
An influence is the action of decision the stakeholder can take that will affect the business
What is the interest of an owner of a firm?
-To make good profits
-For their business to succeed
What is the influence of an owner of a firm?
-Hire and fire staff
-Extend product lines
-Determine working hours
What is the interest of a manger of a firm?
-Status and responsibility
-Their decisions to become successful
What is the influence a manager of a firm can take?
-Appraise staff
-Make important decisions
-Decide on the firms objectives
What are the interests of an employee of a firm?
-Good salaries
-Good working conditions
-Job security
What are the influences an employee of a firm can take?
-Wage demands on firm
-Their efforts control the performance of the business
What are the interests of a shareholder of a firm?
-High dividends
-Vote at AGM
What are the influences a shareholder of a firm can take?
-Vote at an AGM
-Invest more or sell shares
What are the interests of the government for a firm?
-Successful business to provide jobs
What influences can the government take over a firm?
-Provide a grant to the firm
-Set legislation controlling firm
