List internal stakeholders [2]
- Employers/Managers
- Owners
List external stakeholders [5]
- Suppliers and creditors
- Society
- Government
- Shareholders (int/ext)
- Customers
List the stakeholder objectives of employers/managers [3]
- Pay/job security
- Promotion opportunities
- Job satisfaction
List the stakeholder objectives of owners [3]
- ROI and profits
- Dividends
- Success and growth of the business
What is ROI?
Reward for having a share in the business
List the stakeholder objectives of suppliers and creditors [2]
- Continued, profitable trade
- Financial stability
List the stakeholder objectives of society [2]
- Jobs
- Comply with law
List the stakeholder objectives of the government [2]
- Correct tax payment/growth
- Comply with law
List the stakeholder objectives of customers [2]
- Fair price
- quality
Who would support the business decision to cut jobs to reduce costs [3]
- Owners
- Shareholders
- Banks
Who would oppose the business decision to cut jobs to reduce costs? [2]
- Employees
- Society
Who would support the business decision to add extra shifts to increase factory capacity? [3] Who would oppose it? [1]
SUPPORT
- Management
- Customers
- Suppliers
OPPOSE
- Society
Who would support the business decision to increase selling prices significantly to improve profit margins? [2] Who would oppose it? [1]
SUPPORT
- Owners
- Shareholders
OPPOSE
- Customers
Define Corporate Social Responsibility
CSR is a business’s ongoing commitment to act ethically, support economic growth, and improve the well-being of stakeholders
List two ethical issues
- Tax
- Zero hour contracts
Explain the ethical issue of tax [2]
- Tax evasion is illegally failing to pay taxes that are due
- Tax avoidance is finding legal ways to reduce taxes
Explain the ethical issue of zero hour contracts
- Means staff only work when needed, often at short notice
List the employer’s pros of zero hour contracts [2]
- Flexible staffing at busy times
- Only paid for hours worked
List the employer’s cons of zero hour contracts [2]
- Unpredictable staff availability
- Harder to build staff loyalty
List the employee’s pros of zero hour contracts [3]
- Flexible work schedule
- Choose multiple jobs
- Work experience
List employee’s cons [2]
- Unpredictable work hours
- unstable income
Explain the Brexit opportunities and its effect on different stakeholders [2]
- When UK was a part of the EU, it followed certain employment laws like maximum working week and various health and safety laws
- There is a trade off between lower costs for employers and better working conditions for employees
