Unit 3, AOS 1, Dp 3

Question 1

Stakeholder

Answer 1

an individual, group or organisation who have a vested interest in the performance and activities of a business, internal stakeholders

Question 2

Owners

Answer 2

are individuals who establish, invest, and have a share in a business, often with the goal of earning a profit from its operations. In public listed and private limited companies, owners are known as shareholders, internal stakeholders

Question 3

Vested interest

Answer 3

is a strong reason or connection for involving oneself with a business that can involve personal benefit and gain.

Question 4

Internal stakeholders

Answer 4

are individuals, groups, or organisations who are employed by or have a financial share in the business.

Question 5

External stakeholders

Answer 5

are individuals, groups, or organisations who are outside the business and are impacted by or interested in a business’s activities.

Question 6

Managers

Answer 6

are individuals who oversee and coordinate a business’s employees and lead its operations to ultimately achieve the business’s objectives

Question 7

Employees

Answer 7

are individuals who are hired by a business to complete work tasks and support the achievement of its objectives.

Question 8

Customers

Answer 8

are individuals or groups who interact with a business by purchasing and utilising its goods and services

Question 9

Suppliers

Answer 9

are individuals or groups that source raw materials, component parts, and processed materials and sell them to a business for use in the production of its goods and services

Question 10

General community

Answer 10

is the individuals and groups who are impacted by a business’s operations and decisions, often because they are located in close proximity to the business.

Question 11

VI: Owners

Answer 11

• Establishing and fostering positive relationships with other stakeholders to enhance business reputation and performance.
• Receiving a return on their investment, often through business growth, in the form of increases in share price, dividends, or profits.

Question 12

VI: Managers

Answer 12

• Being recognised for the achievement of business objectives.
• Having opportunities to increase their status and engage in career
  advancement and promotion.
• Receiving bonuses from business owners for achieving business objectives.
• Receiving appropriate wages and working conditions that reflect their
  managerial role and responsibility within the business

Question 13

VI: Employees

Answer 13

• Provision of long-term job security.
• Receiving fair pay and working conditions.
• Having opportunities to engage in personal and professional development,
  as well as training to advance their careers and receive promotions.

Question 14

VI: Customers

Answer 14

• Receiving high-quality goods and services at affordable prices.
• Engaging with businesses that are ethical and sustainable.
• Receiving friendly and helpful customer service and assistance.

Question 15

VI: Suppliers

Answer 15

• Increasing their revenue.
• Earning a profit from the raw materials and resources they supply.
• Having reliable and honest relationships with businesses they supply.

Question 16

VI: Community

Answer 16

• Observing business activities that lead to improvements in the community and environment.
• Increasing the local employment rate and boosting the local economy.