Lecture notes
Lecture notes The Businesss Environment Cambridge Technicals Level 3 Business, ISBN: 9781471874796
This talks about stakeholders
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller owoolamaryam. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £5.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now