Definitions/roles, expectations and interrelations of stakeholders (internal and external)

Question 1

what is an owner

Answer 1

A business owner is the legal proprietor of the business and can be an individual or group.
They own assets and profits as well as being responsible for any debts. they have ultimate control and decides roles and responsibilities within the organisation.

Question 2

what is an employee

Answer 2

is a person employed for wages or a salary, especially as a non-executive level. they undertake roles and responsibilities specified by the owner(s) of the business.

Question 3

what is a customer

Answer 3

a customer is a person or another business who buys goods or services from the business

Question 4

what is a contractor

Answer 4

a person or business that signs a contract to provide materials or labour in order to perform a service or a job

Question 4

what is a supplier

Answer 4

is a person or another business that provides goods or equipment to the business

Question 5

what are investors

Answer 5

are people or organisations that put money into a business with the expectation of achieving a profit

Question 6

what are creditors

Answer 6

are individuals or institutions that extend credit to another party to borrow money, usually by a loan agreement or contract. they are ussually classified as person or real

Question 7

what are personal creditors

Answer 7

include friends or family, or a business that provides immediate supplies or services to a company or individual but allows for a delay in payment

Question 8

what are real creditors

Answer 8

are banks or finance companies that have legal contracts and loan agreements, with the borrower that permit the lender to claim and of the debtors real assets or collateral if the loan is unpaid

Question 9

what is the media

Answer 9

includes print media, broadcast media and internet media. the media is a way that the public or customers make their views known.

Question 10

what are communities

Answer 10

businesses have a social impact and their activities may affect those living in the area where they are based.
they have an interest in a business doing well because they want employment opportunities in their local area and good transport links etc.
however

Question 11

what are trade unions

Answer 11

Are organisations that represent the collective interests of employees. they often focus on specific industries of professions, bringing together individuals who share common interests. their key functions include negotiating pay scales and employment conditions with employers. they offer legal support for issues such as discrimination

Question 12

what are government departments and agencies

Answer 12

there are over 400 government agencies and other public bodies. they are specialised and technical, delivering the executive functions of policy and resources framework set by government departments:
ROLES INCLUDE:
* delivery of a service fundamental to the policy of their department
* carrying out statutory and/or regulatory functions on behalf of ministers

Question 13

what are trade associations

Answer 13

are groups of businesses within an industry or sector working together towards common goals. They are not-for-profit organisations which ussually raise money through membership fees or subscription. they offer a range of services to their members includiing advice, training etc…