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Lecture notes The Businesss Environment Cambridge Technicals Level 3 Business, ISBN: 9781471874796
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This talks about stakeholders
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Lecture notes The Businesss Environment Cambridge Technicals Level 3 Business, ISBN: 9781471874796
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Lecture notes The Businesss Environment Cambridge Technicals Level 3 Business, ISBN: 9781471874796
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Lecture notes The Businesss Environment Cambridge Technicals Level 3 Business, ISBN: 9781471874796
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STAKEHOLDERS● A stakeholder is an individual or group that has an interest in a business.
Stakeholders can be divided into two categories:
a. Internal Stakeholder: An individual or group who is involved in a business directly
by being or representing members of the workforce; this includes owners(sole
traders, partners), employees(chief executives, directors, managers, supervisors,
assistants), and trade unions.
b. External stakeholder: A person or group of people with links to the business, e.g
because of their personal location or that of the business they are connected with the
organisation directly. E.g shareholders, customers, suppliers, potential investors,
lenders, local community, pressure groups, and central and local
government(environmental health, planning department, etc).
Stakeholder Objectives
● Owner/Founder- For the business to succeed and remain profitable, have skilled and
hard-working employees.
● Employees- To be paid regularly and fairly, to have a long and meaningful career,
have good working conditions.
● Customers- To be treated right, to have good quality products, and have good value
for their money.
● Shareholders- For the business to remain profitable, to receive their dividends,
support the business.
● Local community- be able to purchase their products, to be respected, to be kept up
to date on any major changes that may affect them.
● Pressure groups- Monitor business activities, influence business decisions
● Suppliers- Commitment to contract, receive a payment within a given timescale
● The Government- Ensure business abides by the laws
● Trade Unions- Ensure the company is treating its members fairly, aid conflict
resolution
Stakeholder Influence
Stakeholders could influence firms decisions through:
● Negotiation- e.g employees could negotiate for better pay
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