External influences (Edexcel GCSE Business): Flashcards
📚Flashcards
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12 cards from this deck
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Practise the cards
12 cards from this deck
Definition of stakeholders
Definition of stakeholders
Individuals/groups with vested interest in a business
What is stakeholder management
What is stakeholder management
Managing relationships & balancing competing demands of stakeholder groups
What do owners/shareholders seek
What do owners/shareholders seek
Profitable returns on investment & long-term financial success
What do managers desire
What do managers desire
Performance bonuses & career advancement opportunities
What do employees prioritise
What do employees prioritise
Fair wages, job security & positive working conditions
What do customers expect
What do customers expect
Good value for money, quality products & excellent service
What do suppliers want
What do suppliers want
Consistent, regular orders & long-term business relationships
What does government aim for
What does government aim for
Low unemployment rates & competitive markets
What does local community value
What does local community value
Local investment, job creation & limited environmental impact
What do pressure groups focus on
What do pressure groups focus on
Social, environmental or ethical issues
What are stakeholder chain reactions
What are stakeholder chain reactions
Actions affecting one group create ripple effects on others
Why is satisfying all stakeholders difficult
Why is satisfying all stakeholders difficult
Stakeholder interests often conflict with each other