Summary
Summary Stakeholders in Business
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GCSE Business stakeholders notes sheet. Includes an example business and also 3x questions to try with answers attached.
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StakeholdersStakeholders are people or groups who have an interest in the activities of a business.
Stakeholders include:
Shareholders
Managers
Owners
Workers
Suppliers
Government
Customers
Local community
There is potential for stakeholder conflicts to happen, if the needs and wants of one
group are met, but the needs and wants of another stakeholder group are not met.
For example, a stakeholder conflict that might happen is that the workers want a
higher wage, but for that to happen the owner will need to increase the price of their
product or service, and customers who do not feel comfortable paying higher prices
can take their custom to a competitor firm.
Example - PRIMARK
Stakeholders of Primark Needs/wants
Factory workers Safe working conditions and a fair,
liveable wage.
Customers Good quality, cheap clothes
Shareholders A large dividend
Shop workers Good flexible hours and a fair,
liveable wage
Factory owners Lots of sales and a big profit
Manager Sensible staff and a good wage
Questions
Try to write a small paragraph for each question. Model answers are on next
page. If your answer is slightly different, do not worry as there can be more
than one explanation for one question!
1. What may happen if the wants/needs of employees are not met?
2. What is a consequence of the needs of shareholders not being met?
3. Do customers/consumers have an influence on the activities of a business?
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