Stakeholders in Business

Question 1

what are the internal stakeholders in a business

Answer 1

owners and employees

Question 2

what are the external stakeholders in a business

Answer 2

customers, suppliers, government, local community

Question 3

what is the role of an owner

Answer 3

provide finance to start up and expand the business, and run the business

Question 4

what is the role of employees

Answer 4

produce goods and services

Question 5

what is the role of customers

Answer 5

buy goods and services

Question 6

what is the role of suppliers

Answer 6

sell goods for resale and materials needed to manufacture goods

Question 7

what is the role of the government

Answer 7

help businesses and workers

Question 8

what is the role of the local community

Answer 8

provide workers and influence business activity

Question 9

what is an objective for owners

Answer 9

make profits

Question 10

what is an objective for employees

Answer 10

earning money and being treated fairly

Question 11

what is an objective for customers

Answer 11

enjoy the goods and services, and pay affordable prices

Question 12

what is an objective for suppliers

Answer 12

make sales and earn profits

Question 13

what is an objective for the government

Answer 13

encourage businesses as it leads to high employment and prosperous communities whilst increasing taxes paid

Question 14

what is an objective for the local community

Answer 14

have a local area which is prosperous, healthy and safe

Question 15

what is a stakeholder

Answer 15

someone who has an interest in a business

Question 16

what is a benefit of business activity for owners

Answer 16

earn profits

Question 17

what is a benefit of business activity for employees

Answer 17

employed in a job role to earn an income

Question 18

what is a benefit of business activity for customers

Answer 18

obtain products and services at good prices

Question 19

what is a benefit of business activity for suppliers

Answer 19

sell goods to businesses and earn profits

Question 20

what is a benefit of business activity for the government

Answer 20

receive tax revenue from owners, employees, suppliers and customers

Question 21

what is a benefit of business activity for the local community

Answer 21

earn money from jobs within the business

Question 22

what is a problem of business activity for owners

Answer 22

financial losses if the business fails

Question 23

what is a problem of business activity for employees

Answer 23

made redundant if the business fails, and stress from unfair employment conditions

Question 24

what is a problem of business activity for customers

Answer 24

sold poor-quality or over-charged goods and service, and experience poor customer service

Question 25

what is a problem of business activity for suppliers

Answer 25

lose money if the business doesn't pay for goods supplied

Question 26

what is a problem of business activity for the government

Answer 26

environmental impacts such as climate change

Question 27

what is a problem of business activity for the local community

Answer 27

road congestion and pollution caused by businesses

Question 28

how is business success measured

Answer 28

profit, growth, sales, returning customers

Question 29

how is business failure measured

Answer 29

losses, low sales, poor-quality goods and services

Question 30

how do owners influence business success

Answer 30

investing enough money for the business to grow and succeed

Question 31

how do employees influence business success

Answer 31

working hard to produce good-quality goods or services

Question 32

how do customers influence business success

Answer 32

purchasing goods and services, and creating a good reputation

Question 33

how do suppliers influence business success

Answer 33

providing supplies promptly and at competitive prices

Question 34

how do the government influence business success

Answer 34

giving grants to enable investments and growth

Question 35

how do the local community influence business success

Answer 35

providing the business with customers, and supporting development plans

Question 36

how can owners influence business failure

Answer 36

not investing enough and failing to change when the market changes

Question 37

how can employees influence business failure

Answer 37

disrupting production and demanding high wages leading to higher costs

Question 38

how can customers influence business failure

Answer 38

buying from competitors, and creating a poor reputation

Question 39

how can suppliers influence business failure

Answer 39

supplying poor-quality goods or services, or not supplying materials on time

Question 40

how can the government influence business failure

Answer 40

increasing taxes which can reduce the business' profits

Question 41

how can the local community influence business failure

Answer 41

opposing business plans for expansion