business stakeholders

What is a stakeholder

An individual,group or organisation that is affected by businesses and their operations

What are the five types of business stakeholders

Employees, customers, local community’s, owners and suppliers

Who is the main stakeholders of businesses?

The owners

Why do suppliers have a significant stake

Because other businesses are their customers

How can business operations affect those in the local community?

businesses can offer employment but also cause noise pollution

Why do owners have the biggest impact on businesses

Because they control operations,wages,aims and objectives of the business

Why are customers very important stakeholders?

Because they give the business profit and reputation

Why are employees also important stakeholders

Because their efforts make an impact of how businesses run and operate

What is e-commerce

Businesses selling their products online

How does e-commerce allow businesses to sell to the larger market

Before e-commerce businesses could only sell in story now businesses can sell worldwide

Why does e-commerce create more competition

Customers now have even larger range of businesses to choose from

What are 4 ways of stakeholder digitally committing in a business

Social media,websites,apps and video conference meetings

How can social media allow stakeholders to communicate

Firms have social media pages which they can interact with customers and advertise

How do websites benefit stakeholders such a customers

They can view products online,ask questions ect which provide convinience

Why are mobile apps a good way to communicate with customers

They allow customers to learn about products and order

Why are video conference meetings useful

They are useful because stakeholders from different countries can communicate

How does e-commerce effect businesses

They allow businesses to sell products online and to customers all over the world

How does e-commerce help reduce costs?

Businesses now don’t habe to open physicalal stores which means less rent ect

How does e-commerce help the marketing mix

Lowers average price for customers

What does employment laws deal with

Laws on how businesses should treat their employees

What does the national minimum wage law do

This law states minimum amount businesses csn pay their employees

What factors are taken into consideration when deciding minimum wage

Age and type of work

What are the disadvantages of higher minimum wage

Increase in costs and decrease in profits

What are benefits or higher minimum wage

Allows entrepreneurs to be productive and motivated

What does the equality act do in workplaces

Makes it that so businesses csnt discriminate on wage or employment opportunity Becuase of race,religion ect

Health and safety at work act 1974

Places duty on businesses to make sure health and safety of employees are managed

What 2 things do businesses need to do in order to make sure heslth and safety on employees are being met?

Risk assessments and good health and safety conditions

Why does the health and safety act impact businesses

Safe equipment and safety training is expensive

Consumer law

Laws designed to protect customers against unfair treatment

How does consumer law protect customers

Not fit for purpose, trade descriptions, satisfactory quality

Impacts of legislation on businesses

Increased costs and new practices

Boom in the economy

When businesses are doing well and economy is growing

What is the economy

State of country’s production and consumption of goods/products

What determines if there is a boom or recession in the economy

Unemployment , consumer spendings and consumer incomes

What are interest rates

Money charged on top of money that is borrowed