stakeholders Flashcards
what are the 6 main stakeholders of business? (6)
- employees
- the government
- suppliers
- the community
- customers
- owners e.g shareholders
what is a stakeholder?
an individual or organisation that is affected or affects the activities of a business
what is the owners role in being a stakeholder?
if they are the companies shareholders they may want to be paid high dividends
(high dividends and share price)
what are the two things employees aim for when being a stakeholder? (2)
- more reward for their effort, usually money or a pay raise
- the business to grow so they can get more promotion opportunities
(secure jobs higher earnings)
what do suppliers want when being a stakeholder? (2)
- to be paid on time, therefore, businesses may have a set period of time to pay bills
- kept updated about any big or small changes in the business
(paid on time and to be kept informed about any changes to the business)
what part does the local community play in being a stakeholder? (2)
- the business to behave responsibly e.g recycle, waste reduction, as little noise as possible
- employing local people
(local jobs and minimise environmental impact on the community)
what part do the costumers play in being a stakeholder? (3)
the business relies on the costumers to keep running therefore, making the costumers very important and the business will aim to keep as many costumers happy and coming back as they can
(useful and accurate information on the product, good service and value for money)
what does the government want when being a stakeholder? (3)
- making sure the business is keeping within the laws and acting accordingly
- to make sure that the business pays the bills they need to pay on time
- the business to grow and earn more
(legal behavior, taxes paid and growth)
negotiation
when two sides of a debate want two different things and they try to reach an agreement
