Stakeholders

Question 1

What are the stakeholders in a business?

Answer 1

Environment
Employees
customers
shareholders/owners
managers
society/ general public

Question 2

Differentiate Internal and External stakeholders

Answer 2

Internal stakeholders: high degree of control, capacity to effect stakeholder
managers, employees, shareholders/owners

External stakeholders: little to no degree of control to effect stakeholder
environment, general public/ society, customers, competitors

Question 3

How does society influence a business

Answer 3

can influence a business to be more ethical and environmentally aware

can influence a business to be more socially responsible

Question 4

How do Employees influence a business

Answer 4

Their skills, knowledge and commitment will influence the production of the good/ service

Can influence business reputation

Question 5

How do shareholders influence a business

Answer 5

can influence major decisions that are made effecting the growth or long term expansion plans of a company (this want for growth sparks from their desire for high returns within short time)

Question 6

How do customers influence a business

Answer 6

generate positive or negative feedback and publicity effecting the reputation of business

tastes and preferences influence the goods and services

Question 7

How does environment influence a business

Answer 7

businesses that consider the impact they are making on the environment

businesses are showing greater care and preservation towards environment

Question 8

How do managers influence a business

Answer 8

make decisions that can affect the profits, reputation and success of the business

leadership stye influences the productivity and morale of employees and workplace cutlure