impact of different stakeholders on the business Flashcards
(12 cards)
role and impact on the business - owner
have the most impact and control over a business. this is because they make decisions about the activity of the busines and are financially responsible for it, so must provide or source funding
role and impact on the business - customers
buy products and services and give feedback back to businesses on how to improve them. they can influence how successful a business is by reconmending it to other or by warning them against it. they can also drive change through their purchasing decisions and patterns
role and impact on the business - Employees
have a limited amount of influence on business decisions, departing on their role. some roles have more authority and decision-making ability than others. However all employees can affect the business directly e.g. refusing to work
role and impact on the business - suppliers
can have significant impact on a business, if there are changes in the quality of the materials they provide or the rehability of their deliveries. any problems with suppliers and the supply chain is a risk to the business.
role and impact on the business - contractors
supply services on a contract basis, completing work that cannot be resourced by internal staff. this can represent a risk to the busienss if there are issues with delivery of the contract, in terms of completion times and quality of work.
role and impact on the business - investors
can be key influencers in a business, as they are financially supporting a business with the expectations of recievong profits. they can drive forward change in the business activities, depending on their investment contract
role and impact on the business - creditors
creditors can also be key influencers as they are financially supporting the business. they may drive change in the business activites depending on the investment contract
role and impact on the business - media
key influencers, they can advertise businesses but can also report on the activities the business are carrying out. this can be positive or negative coverafe and can drive change in the customer behaviour and the businesses reputation.
role and impact on the business - communities
are affected by the social impact of the business. if the impact on the local community is negative, then people may protest or object through their local council. if it is positive they can support the business by buying products and services
role and impact on the business - trade unions
are key influencers and suport the business/sector. they can improve the working conditions for employees and help them obtain fair pay. they can also try to influence customers opinions
role and impact on the business - government agencies
key influence and drivers of change. they cna pass new laws, change tax rates and adjust levels of governemnt spending in ways that affect the business and its operations
role and impact on the business - assosiations
represent and support the business and sector. they can offer training, information and support services to their members to help with their businesses.
