stakeholders Flashcards
stakeholder influence
not all stakeholders are equal
amount of power/influence affects
owner objective and influence
survival profit and independence
major decision making
shareholder objective and influence
high dividens,growth
limited unless many shares
managers objective and influence
career progression and good salary
some input into decisions
employees objectives and influence
job security and satisfaction,salary
limited-trade union
customers objectives and influence
good quality,value for money
varies
suppliers objectives and influence
regular orders
varied according to market
government objectives and influence
tax,compliance,job creation
very influential
communities objective and influence
job creation,environmental
limited influence
stakeholder map
suggests how to interact with stakeholders
keep satisfied-stakeholder map
They have power to influence , but their lack of interest usually means that they will not look to interfere unless they
become dissatisfied.
GOVERNMENT
manage closely-stakeholder map
CUSTOMERS COMPETITION
monitor-stakeholder map
Whilst these stakeholders shouldn’t be completely ignored, the business doesn’t need to waste too much time and energy engaging with these
stakeholders.
LOCAL COMMUNITY
keep informed-stakeholder map
although they have
Monitor little power to influence them, it’s worth taking the time to keep them informed. Otherwise, their opinions could start to influence those stakeholders who do
EMPLOYEES
conflict resolution steps
1.identify cause of conflict
2.identify possible solutions
3.negotiation
4.agree on solution
benefits of meeting stakeholder needs
positive reputation
mitigating risks
trust and goodwil
drawback of meeting stakeholder needs
multipule priorities
competing interests
pressure groups
Pressure groups are organisations set up to try to influence what we think about the business and its environment.
how do stakeholder influence
1.employees refuse to work overtime
2.trade unions call a strike
3.customers decide to boycott the business
4.pressure groups hold a protest
