Stakeholders Flashcards
Who are the external stakeholders?
Immediate community/society at large, Competitors, Special interest groups, Government
What does the P in PESTLE stand for?
Political
What does the first E in PESTLE stand for?
Economic
What does the S in PESTLE stand for?
Social
What does the T in PESTLE stand for?
Technological
What does the L in PESTLE stand for?
Legal
What does the second E in PESTLE stand for?
Ethical Factors
What is PESTLE analysis used for?
Helps guide professionals and/or senior managers in strategic decision making
Who are stakeholders?
A person/persons who have an interest in the organization
How do you communicate with stakeholders?
Financial Institutes - Reports (yearly, monthly, quarterly)
Local Communities - Surveys (monitoring quality), news letters
Define primary stakeholders
Those affected directly by a decision - e.g. owners, managers and staff
Define secondary stakeholders?
Those indirectly affected by a decision but may still have some influence over the company
Who are the Internal stakeholders?
Corporate management, Employees
Who are the connected stakeholders?
Shareholders, debt holders (bank), intermediate (business) and final (consumer) customers, suppliers
