Stakeholders Flashcards
What is a stakeholder?
Anyone who has an interest in a business and is affected by its actions.
Who are the main stakeholders in a business?
Owners, employees, customers, local community, and suppliers.
What are the objectives of business owners?
To make a profit, get a good return on investment, and ensure business survival.
Why are employees considered stakeholders?
They rely on the business for wages, job security, and career growth.
Q: What do customers expect from a business?
A: Quality products at low prices, value for money, and innovative goods.
How does the local community interact with businesses?
They seek job opportunities, ethical business practices, and minimal pollution.
What do suppliers want from businesses?
Fair pricing, repeat orders, timely payments, and larger contracts.
How does business activity impact stakeholders?
Expanding into new markets can create more jobs but may also introduce new regulations.
How do stakeholders influence business decisions?
They can pressure businesses to change prices, wages, or environmental policies.
What is a common conflict between stakeholders?
Owners seek profit while employees want higher wages, which increases costs.
Q: Why do customers and shareholders often have conflicting interests?
Customers want low prices, but shareholders prefer high prices for better profits.
How can local communities and businesses have conflicts?
Businesses may pollute, while communities want a cleaner environment.
