Stakeholders in a business

Question 1

Stakeholders

Answer 1

Individuals or groups who can be affected by, and have an interest in, any action taken by an organisation.

Question 2

External stakeholders

Answer 2

Individuals or groups who are separate from the business but are affected by or interested in its operations.

Question 3

Internal stakeholders

Answer 3

Individuals or groups who work within the business, or own it, and are affected by the operations of the business.

Question 4

Trade Union

Answer 4

An organisation of working people with the objective of improving the pay and working conditions of its members and providing them with support and legal services.

Question 5

Stakeholder concept

Answer 5

The view that businesses and their managers have responsibilities to a wide range of groups, not just shareholders (also known as stakeholder theory).