1.5 Understanding external influences on business

Question 1

what is a stakeholder

Answer 1

a stakeholder is a person or group of people that have an interest in a business

Question 2

what are stakeholder objectives

Answer 2

stakeholder objectives are the aims/ expectation that someone has of a business

Question 3

how do suppliers affect a business

Answer 3

suppliers affect a business because if there are any changes in the quality of the goods

Question 4

how could there be conflict between different stakeholders

Answer 4

there be conflict between different stakeholders because they all want different things

Question 5

what is e-commerce

Answer 5

e-commerce is the buying and selling of goods online

Question 6

what are the advantages of e-commerce

Answer 6

-Attract customers across the globe
-Sell at any time of the day or night
-Receive payments immediately
-Reduced overhead costs compared to running a physical shop

Question 7

what are the disadvantages of e-commerce

Answer 7

-More competitors from across the globe, making it harder for the business to get noticed
-Employees may need new skills, eg website maintenance
-Procedures required for how products and services will be delivered and processing returns
-A need to maintain and update technologies, including security software, which may be expensive

Question 8

what is social media

Answer 8

social media is any form of electronic communication that enables users to share ideas, content, information and messages