Managing Stakeholder Relationships (AQA A-Level Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Main challenge in managing stakeholder relationships
Main challenge in managing stakeholder relationships
Different groups have conflicting interests
Conflict highlighted by price increases
Conflict highlighted by price increases
Profit maximisation vs customer satisfaction
How authoritarian leaders consult stakeholders
How authoritarian leaders consult stakeholders
Make decisions independently, little stakeholder consultation
How democratic leaders consult stakeholders
How democratic leaders consult stakeholders
Actively seek stakeholder input when making decisions
What stakeholder mapping assesses
What stakeholder mapping assesses
Each stakeholder's power & interest
Effect of economic booms on stakeholder satisfaction
Effect of economic booms on stakeholder satisfaction
Greater finance & revenue allows managers to address concerns
Effect of recession on stakeholder satisfaction
Effect of recession on stakeholder satisfaction
Tighter constraints, struggle to satisfy all stakeholders
Most effective approach to managing stakeholder relationships
Most effective approach to managing stakeholder relationships
Good communication & regular consultation
Timing of stakeholder consultation
Timing of stakeholder consultation
During decision-making, not after decisions are made
Challenge employees face when costs are cut
Challenge employees face when costs are cut
Redundancies or job insecurity