Identifying Stakeholders and Issues

Flashcards covering key terms and concepts related to identifying stakeholders and issues in a business context.

Stakeholder

An individual or group who is influenced by or influences an organization’s activities.

Pluralistic Society

A society where influence or power is decentralized among a variety of institutions.

Owners

Individuals or groups that have invested in the form of equity or shares.

Directors

Individuals elected by shareholders to represent their interests in a corporation.

Employees

Individuals who work for the corporation and include both white-collar and blue-collar workers.

Customers

Consumers and other corporations that purchase goods or services from a business.

Lenders/Creditors

Individuals or institutions that lend capital for long-term (bonds/debentures) or short-term (trade credit) purposes.

Suppliers

Corporations that provide raw materials, component parts, or finished goods.

Service Professionals

Individuals providing services on a fee-for-service basis, influencing through advice.

Dealers/Distributors/Franchisees

Entities that distribute a firm’s products, operating within a supply chain.

Competitors

Firms that sell the same products, classified as direct or indirect competitors.

Non-Governmental Organizations (NGOs)

Groups outside of the public and private sectors that advocate on certain issues.

Government

Various political levels including local, provincial, and federal that influence businesses.

Primary Stakeholders

Groups who have a direct stake in a firm's operations, like employees and customers.

Secondary Stakeholders

Groups that do not engage directly but are influenced by or can influence a company's actions.

Ethics in Business

The moral principles guiding a business's behavior towards stakeholders.

Crisis Management

The process of preparing for and managing crises to minimize impact.

Issue Life Cycle

Stages of an issue from awareness to decline, including time for emerging issues to develop.