1.4 Stakeholders

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9 Terms

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Stakeholders

Individuals and businesses that are affected by, and affect, a business.

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The main stakeholders in business

  1. Owners

  2. Employees

  3. Local community

  4. Suppliers

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The objectives of stakeholders

  1. Owners - high financial reward , business growth

  2. Customers - good value for money, quality products, feel they won (somehow they got bargain)

  3. Employees - fair pay, good working conditions, secure jobs

  4. Local community - employment for

    local people, protection of the

    environment

  5. Suppliers - Regular orders for good and services, payment on time and clear communication.

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Types of stakeholders

External and internal

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Internal stakeholders

These are people who work for the business. They are involved with the daily running of the business (owners, employees, shareholders, managers)

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External stakeholders

These are people who do not work for the business but the business works with (local community, suppliers)

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The impact of business activities on stakeholders

  1. Financial activities - business can force down prices by delaying payments to suppliers or invest in local community and providing jobs

  2. Production activities - positive for jobs but negative for the environment due to pollution/noise etc, working long hours, larger orders for suppliers

  3. Selling activities - prices are huge for a business success- they are under

    pressure to keep fares/prices lo

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How stakeholders can influence a business

  1. Communication - social media

  2. Direct action - go strike, boycott, rally, lobby, power and voice

  3. Using their power - against planning permissions building on green space

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Stakeholders conflict

  1. Employees vs Owners - conflict of interest . Owners want to pay lower wages for more work but employees want higher wages for less work.

  2. Customers vs Suppliers - due to negotiations customers can pay lower prices but suppliers want to keep prices high.

  3. Local community vs Owners - want jobs but don’t want any adverse affects to environment