Stakeholders

Question 1

I understand what is meant by a stakeholder and who the main stakeholders of a business are - I can name 6 stakeholders

Answer 1

Definition -Individuals or groups affected by or affecting a business’s operations.

Main Stakeholders - Owners, Employees, Customers, Suppliers, Government, Local community

Question 2

I understand the main objectives of stakeholders - I can choose 4 stakeholders and say what they want from the business.

Answer 2

Owners - Profitability and return on investment.

Employees - Job security, fair wages, and good working conditions.

Customers- Quality products/services at fair prices.

Suppliers - Long-term contracts and timely payments.

Government - Tax revenues and compliance with laws.

Local Community - Job creation and environmental responsibility.

Question 3

I understand the impact and influence stakeholders have on businesses and their objectives - I can choose 3 stakeholders and explain how they can influence the way a business acts

Answer 3

Owners - Influence major decisions through voting rights.

Employees - Impact productivity and company culture through performance and morale.

Customers - Drive demand through purchasing behavior and feedback.

Question 4

I understand how businesses may face conflict between stakeholders - I can give an example of stakeholders who want different things.

Answer 4

Employees may want higher wages, while owners aim to reduce costs for higher profits.