Stakeholders, Technology, and Laws in Business

These flashcards cover key concepts from the lecture notes on business stakeholders, technology, and relevant laws affecting business operations.

Stakeholder

Any individual or organization who has a vested interest in the activities and decision making of a business.

Owners

Individuals or entities that have a financial stake in the company; they benefit from the success of the business.

Objectives of Managers/Employees

Job security, working conditions, profitability growth, ethics, and job satisfaction.

Suppliers

Parties providing goods or services to businesses, aiming for continued profitable trade.

Local Community

Groups or individuals living near a business, interested in job creation and environmental impacts.

Government Agencies

Entities responsible for legal and regulatory compliance, impacting business operations through taxation and legislation.

Consumers

Individuals or groups that purchase goods and services, seeking quality and value.

Pressure Groups

Organizations that advocate for specific issues to influence business practices for the betterment of society.

Banks/Financial Providers

Institutions providing loans and investment capital, evaluating a business's cash flow and profitability.

E-commerce

The buying and selling of products and services through the internet.

Digital Communication Technologies

Tools for electronic communication such as emails, apps, and video calls.

Consumer Rights Act

A UK law protecting consumers from unfair practices and ensuring products meet quality standards.

Economic Climate

The overall condition of the economy, affecting business operations, employment, and consumer behavior.

Inflation

An increase in the price level of goods and services, affecting consumer spending and business costs.

Exchange Rate

The value of one currency in relation to another, impacting international trade.

Employment Law

Legislation ensuring the rights of employees, including pay, discrimination, and health and safety regulations.