8588303
Description
Flashcards by Ashleigh-Jade Jones, updated more than 1 year ago
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Created by Ashleigh-Jade Jones
about 7 years ago
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| Question | Answer |
| Stakeholder: | anybody affected by the business or has an effect on the business (Internal: within the business e.g. employees, External: outside the business e.g. customer) |
| Conflicting Stakeholder Needs: (Internal: Employees) | Expectations: -good wages/salary -job security -other benefits -safety and security within working conditions -promotion -bonuses -strong working environment Conflicts: with owners/shareholders -> they want higher profits for higher dividends but employees want higher wages which increases costs and decreases profits and dividends |
| Conflicting Stakeholder Needs: (Internal: Shareholders) | Expectations: -high profits -success (survival) -dividend income -a say in the running of the business Conflicts: -directors if they're not shareholders themselves -government -pressure groups |
| Conflicting Stakeholder Needs: (External: General Public) | Expectations: -consideration -concern for the environment Conflicts: -Owners -> bad morals and poor CSR |
| Conflicting Stakeholder Needs: (External: Customers) | Expectations: -good customer service -> training and more people -quality product -fair price -choice/range of products Conflicts: -Shareholders -> pricing & costs |
| Conflicting Stakeholder Needs: (External: Suppliers) | Expectations: -fair price -prompt payment -good relationship Conflicts: -Shareholders -> try to minimise price paid for lower costs and higher profits (higher dividend) |
| Conflicting Stakeholder Needs: (External: Government) | Expectations: -tax -legislation -employ people Conflicts: -Stakeholders -> greater costs means a profit impact (impacts dividends) |
| Stakeholder Mapping: | a model that analyses the key stakeholders for a business based on their power over the business and interest in the business |
| Stakeholder Mapping: | Groups of customers Individual customer |
| Why Stakeholder Mapping: | to prioritise which relationships are most important to provide focus/direction for the business |
| Influences On Relationships With Stakeholders: | -law (health & safety planning, waste disposal, employment law) -corporate social responsibility programme -recession (shareholders/customers focus) -times are good (focus on attracting and keeping good employees) |
| Managing Relationships With Stakeholders: | Communication: -advertising -pricing offers -email & social media -in person (small stores/businesses -newspapers Consultation: actively informing key stakeholder groups e.g. planning consultations with council/local residents Benefits: -gather views and opinions from stakeholder groups -customer service |
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