staleholder interests

Question 1

stakeholder

Answer 1

an individual or group that has a direct or vested interest in the activities of a business

Question 2

owner (either as a sole trader or partner)

Answer 2

invested money into the business and owns a portion (partnership) or the whole business (sole trader)

Question 3

interests and issues of owners

Answer 3

• to aim for the profitability of the business
• to have a loyal customer base
• shareholders: to receive dividends and see share prices increase

Question 4

managers

Answer 4

a person responsible for controlling or administering an organisation or group of people

Question 5

interests and issues of managers

Answer 5

• to gain personal power and status by being promoted
• to be involved in setting goals and objectives
• to be well remunerated

Question 6

employees

Answer 6

complete work within the business in exchange for a wage or salary

Question 7

interests and issues of employees

Answer 7

• to receive a fair wage or salary
• to have the opportunity for career advancement
• to have work life balance
• to have job security
• to gain job satisfaction

Question 8

customers

Answer 8

those who purchase goods and services from a business

Question 9

interests and issues of customers

Answer 9

• to obtain high quality goods or services for a reasonable price
• to receive high levels of customer service
• to potentially establish a long term relationship with the business

Question 10

suppliers

Answer 10

businesses that provide resources to a business

Question 11

interests and issues of suppliers

Answer 11

• to ensure that their customers’ business is profitable
• to develop a long term relationship with their customer to create a steady revenue stream
• to be paid promptly

Question 12

general community

Answer 12

group of people that live in the same area which the business operates

Question 13

interests and issues of the general community

Answer 13

• to benefit from employment opportunities created by the business
• for the business to engage with the community
• to ensure the business operates are sustainable in the local community

Question 14

competitor*

Answer 14

a business rival in the same market for products or services

Question 15

interests and issues of competitors*

Answer 15

• to ensure they have a competitive advantage over the business
• to differentiate their product or service from other competitors
• compare and evaluate performance against other businesses

Question 16

trade union*

Answer 16

organisation of employees who have joined together to achieve common goals such as higher pay, better working conditions and job security

Question 17

interests and issues of trade unions*

Answer 17

• ensure that employees receive fair wages and work conditions
• be involved in decision making related to employees in the workplace

Question 18

environmental lobby group*

Answer 18

a group of people who promote environmental issues to the government, the public and businesses

Question 19

interests and issues of environmental lobby groups*

Answer 19

• ensure that businesses act in a sustainable manner