Theme 1.1.5 - Business Stakeholders

Question 1

What is a stakeholder?

Answer 1

Any individual or group affected by or interested in the actions of a business

Question 2

Name six common business stakeholders

Answer 2

Owners, Community, Employees, Customers, Suppliers, and Government

Question 3

What is the main interest of business owners?

Answer 3

Profit and business growth

Question 4

What do employees want from a business?

Answer 4

Job security, fair pay, and good working conditions

Question 5

What is the government interested in from businesses?

Answer 5

Tax revenue and job creation

Question 6

What happens if a business ignores stakeholders?

Answer 6

It can lead to strikes, customer loss, bad reputation, or legal issues

Question 7

How can a business balance stakeholder needs?

Answer 7

Through communication and compromise

Question 8

How can stakeholder objectives conflict?

Answer 8

Owners may want higher profits, while employees want higher wages

Question 9

Why is it important for businesses to consider stakeholders?

Answer 9

To maintain good relationships and avoid conflict

Question 10

What happens if a business ignores stakeholders?

Answer 10

It can lead to strikes, customer loss and bad reputation