Topic 8-Stakeholders

Question 1

Stakeholder

Answer 1

A stakeholder is a person or group who has a direct influence on the business or is influenced by the business

An individual or group who is interested in or affected by the actions of the business.For example,customers,employees,local community

Question 2

Name 5 stakeholder groups

Answer 2

Owners-profits and growth of the business
Employees-higher wages,good working conditions and job security
Consumers-lower prices,wide choice and high quality
Managers-growth of the business
Shareholders-profits and higher share prices

Question 3

Stakeholders objectives

Answer 3

Each stakeholder group is likely to have their own set of objectives in relation to a business and therefore usually adopt a different perspective regarding the activities of a business,which in turn,is likely to influence the business in different ways

Question 4

How the aims of stakeholders may come into conflict

Answer 4

Owners want to make maximum profit. However,in order to do this they may try to pay lower wages which may leave workers unhappy and bring the business into conflict with trade unions