People In Business Flashcards.

darragh fives
Flashcards by , created almost 3 years ago

Flashcards revision for People in Business

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darragh fives
Created by darragh fives almost 3 years ago
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Question Answer
STAKEHOLDER CONCEPT Stakeholder: all groups within or outside the organisation that affect or are affected by the business's actions or in-actions They have interest( hold a stake) in the company's operation
MAJOR STAKEHOLDERS 1. Shareholder's/ Investors 2. Employees 3. Employer 4. Entrepreneur 5. Producers 6. Consumers 7. Suppliers 8. Producers 9. Competitors 10. Government 11. Interest Groups 12. Service Providers
SHAREHOLDERS - Provide needed investment in businesses. -institutions that legally hold the shares in a public or private org -Important to provide shareholders a healthy return on investments
EMPLOYEES - Hired by the employer to perform specific duties which are packaged into a job -Employers must meet certain minimum health and safety requirements for employees.
Consumers -buy goods and services -expect G&S to be avail at a fair price to meet their needs -demand that products are reliable, durable and of high quality & readily used
SUPPLIERS - businesses that provide G&S for the agreed compensation -survival depends on an org. that uses their materials. - Regularities of orders which are placed, promptness of payment, stability and soundness of org are important to them.
GOVERNMENT -a body of people that sets and administers public policy, and exercises political power through laws within a country -depend on organisatons for tax revenue and economic development -has a responsibility to regulate business and ensure environment is not spoiled
Producers -Turn raw materials into finished products -They enter into contracts with suppliers -They try to make a profit by keeping costs low and prices competitive -Example – Glanbia turns milk into yoghurt and cheese
Interest Groups -Interest groups represent the interests, views or goals of the various stakeholders -They achieve results by applying pressure or lobbying decision makers Eg: IBEC, IFA
Service Providers -People or organisations that provide support services to the business Examples: -Financial institutions provide accounts, loans, etc. -Insurance companies provide insurance cover -Solicitor provides legal advice
COMPETITORS -companies in the same/similar industry which offer a similar product/service - innovation may expand opportunities for all players -may also cooperate in responding to political or social issues
Entrepreneur - An entrepreneur is a person who spots a gap in the market, takes the initiative to set up a business and takes the risk involved in setting up in business - EG: Steve Jobs Apple
Employer Hire employees to perform various tasks