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Higher Business Management > UB - Stakeholders > Flashcards

UB - Stakeholders Flashcards

1
Q

Stakeholders - 5 examples

A
  • owners
  • managers
  • employees
  • customers
  • suppliers
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2
Q

Owners - interest and influence

A

INTEREST
- profits so that they receive good dividends
INFLUENCE
- invest more money

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3
Q

Managers - interest and influence

A

INTEREST
- pay rises or promotions
INFLUENCE
- can make bad decisions

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4
Q

Employees - interest and influence

A 
INTEREST
- job security
- pay rise
INFLUENCE
- affect standard of work
- industrial action
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5
Q

Customers - interest and influence

A 
INTEREST 
- high quality and value for money
INFLUENCE
- take custom to competitors
- can spread good word
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6
Q

Suppliers - interest and influence

A 
INTEREST
- continued business and debts paid
INFLUENCE
- can increase prices
- can change account terms
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7
Q

Conflicting stakeholders - 4 examples

A
  • employees vs owners
  • customers vs owners
  • suppliers vs owners
  • government vs owners
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8
Q

Employees vs owners

A
  • employees want pay rise, owners want profits
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9
Q

Customers vs owners

A
  • customers want low prices, owners want profits
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10
Q

Suppliers vs owners

A
  • suppliers want to be paid ASAP in cash, owners want maximum trade credit to keep cash flow
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11
Q

Government vs owners

A
  • government want to introduce higher minimum wage but owners want profits
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12
Q

Interdependence of stakeholders - 5 examples

A
  • owners and government
  • owners and customers
  • owners and employees
  • managers and suppliers
  • managers and employees
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13
Q

Owners and government - explanation

A
  • owners need government to lower tax and improve spending power of customers
  • governments need owners to create jobs
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14
Q

Managers and suppliers - explanation

A
  • managers need suppliers to provide quality raw materials to improve quality of product, suppliers need managers to pay on time
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15
Q

Owners and customers - explanation

A
  • owners need customers to buy their products

- customers need a good quality of product and customer service from the owners

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16
Q

Managers and employees

A
  • employees and managers need to work together to help the business to succeed in order to keep their jobs secure
17
Q

Owners and employees

A
  • owners need employees to perform their best to increase sales and profits through work rate or customer service, employees need owners to make good decisions to keep business profitable and their jobs safe

Higher Business Management (33 decks)

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