Stakeholders

Question 1

Manager and shareholder/owner

Answer 1

CONFLICTING INTEREST: Manager wants increase salaries for achieving business objectives, shareholder/owner wants to reduce manager salaries to increase profits

Question 2

Manager and employee

Answer 2

CONFLICTING INTEREST: Manger wants to reduce employees wages to increase profits, employee wants increased wages and improved working conditions for completing tasks

Question 3

Manager and customers

Answer 3

CONFLICTING INTEREST: Manager wants to increase prices to increase profit, customer wants quality products for lower prices

Question 4

Manager and suppliers

Answer 4

CONFLICTING INTEREST: Manager wants to reduce the cost of supplies to increase profit, supplier wants increase revenue for providing all materials and resources

Question 5

manqger and general community

Answer 5

CONFLICTING INTEREST: Manager wants to automate production to reduce reliance on employee labour, general community wants increased employment rates to boost the local economy

Question 6

Employee and customer

Answer 6

CONFLICTING INTEREST: Employee wants to complete less tasks and work fewer hours, customers want a higher level of product or service quality

Question 7

Employee and supplier

Answer 7

CONFLICTING INTEREST: Employee wants to work for a business that uses ethical suppliers, supplier may use unethical methods to reduce costs and increase profits

Question 8

Customer and supplier

Answer 8

CONFLICTING INTEREST: Customer wants a higher level of product or service quality at prices that offer value for money, supplier may deliver lower quality supplies to reduce costs and increase profits

Question 9

Customer and general community

Answer 9

CONFLICTING INTEREST: Customer wants quality products or service quickly at the lowest possible price, general community wants high employment rates, high wages and sustainable practices to be implemented by businesses

Question 10

Supplier and general community

Answer 10

CONFLICTING INTEREST: Supplier may use unsustainable methods to reduce costs and increase profits, general community wants no damage the environment.

Question 11

What is CSR?

Answer 11

CSR is the ongoing commitment of a business to operate in a manner that considers ethical, community and environment impact. ‘People, Planet and Profit’, also known as the triple bottom line would form one way to evaluate CSR.

Question 12

what are stakeholders?

Answer 12

Stakeholders are individuals or groups that have a vested interest in the performance and activities of a business

Question 13

stakeholder interests

Answer 13

Stakeholders are individuals or groups that have a vested interest in the performance and activities of a business.
• There are a variety of different stakeholders who have a vested interest in a business.
• The stakeholders are either internal stakeholders or external stakeholders.
• If a business performs well and acts ethically, age of the stakeholders are more likely to have their unique interests met.

Question 14

CSR considerations for stakeholders

Answer 14

A business must meet many legal obligations when it operates but it can also decide to do more than the minimum required to improve the wellbeing of its stakeholders.
• Businesses can implement CSR practices by considering the impact of their business activities on different stakeholders.
• A business activity may be beneficial for the business but may cause an inconvenience or harm to another stakeholder. In those situations, a business can decide to stop or modify that activity.
• In other cases, a business may make business decisions that improve business performance and a stakeholder’s vested interest at the same time.

Question 15

examples of CSR behaviour include

Answer 15

• Sponsoring local events
• Employing local workers
• Making donations of time or money to charities
• Recycling paper use
• Waste management
• Using only fair-trade ingredients

Question 16

A and D of implementing CSR practices

Answer 16

Advantages:
• CSR our practices improve our businesses reputation and may lead to increased sales
• CSR our practices can increase employee satisfaction as they are working for an ethical business, therefore improving employee retention
• CSR practices can lower cost of operations in the long term
• Sustainable supplies last longer compare to unsustainable supplies, reducing the time needed to source supplies repeatedly

Disadvantages:
• Can be time-consuming to practice CSR for multiple stakeholders at a time
• CS our practices can be more expensive in the short-term

Question 17

CSR from managers to employees

Answer 17

• Flexible working hours/arrangement
• Working from home option
• Access to mental health support
• Prevision of childcare