Flashcards in U1- Stakeholders Deck (18):
Name the 8 stakeholders covered in the higher course
What is the influence of the owner/ shareholder?
They can purchase more shares or sell them
What is the influence of managers?
They make decisions on the future plans of the organisation
What is the influence of employees?
They can affect the quality of a product or service by working hard, or not
What is the influence of customers?
They buy the good or service/ do not if they are unhappy
What is the influence of banks?
They chose whether or not to provide finance
What is the influence of government?
Can alter legislation which affects the business
What is the influence of suppliers?
They can alter the price of supplies
They can fail to deliver
What is the influence of community?
Can petition the organisation to make a change to environmental policies
Name 3 things shareholders want
Name 4 things managers want
Maintenance of cash flow
Lower borrowing costs
Name 3 things the government want
Name 2 things customers want
Name 1 thing the bank wants
Higher interest rates
Name 2 things suppliers want
Name 3 things employees want
Retained conditions of employment
Give 2 examples where conflict of interest for stakeholders could arise
Higher profits for shareholders may mean no pay rise for employees
Employees may want a high wage for the work they do but the business owner might want to keep wage costs at a minimum