Shakeholder Flashcards
What are stakeholders?
A person/group that has an interest in the business or can influence how the business operates
What are the internal stakeholders?
Employees, managers and owners
What are the external stakeholders?
Suppliers, society, government, creditors, shareholders, local community and customers
What are the interests of customers? (3)
- High quality products/services
- Affordable prices
- Good after sales service
What are the influences of customers? (2)
- Choose to shop elsewhere
- Provide feedback (positive and negative review)
What are the interests of owners/shareholders? (3)
- High profits
- High return on their investment
- Growth of the business
What are the influences of owners/shareholders? (3)
- Invest more money into the business
- Withdraw investments
- Influence decisions at AGA
What are the interests of employees? (3)
- High rates of pay/bonuses
- Good working conditions
- Job security
What are the influences of employees? (2)
- Standard of work produced
- Can take industrial action (strikes)
What are the interests of managers? (3)
- Success of the business
- High sales/bonuses
- Promotion/ higher status
What are influences of managers? (1)
-Quality of the decisions they make
What are the interests of suppliers? (2)
- Regular orders
- Prompt payment
What are the influences of suppliers? (3)
- Period of credit offered
- Reliability in terms of delivery and the quality and quantity of goods sold
- Price changes
What are the interests of the local community? (2)
- Creation of jobs
- For the business to act socially responsible
What are the influences of the local community? (2)
- Can complain to the local community
- Can protest
