Stakeholders

Question 1

Stakeholders

Definition

Answer 1

Stakeholder - a person with an interest or concern in a business

Question 2

Examples of Stakeholders

Answer 2

• Managers,
• Owners,
• Workers,
• Suppliers,
• Lenders,
• Pressure groups

Question 3

Internal and External Stakeholders

Answer 3

• Internal stakeholders are groups within a business - eg owners and workers.
• External stakeholders are groups outside a business - eg the community.

Question 4

Possible conflicts between stakeholders
Managers v employees
1. situation where conflict may arise
2. Situation where there is agreement

Answer 4

1. Employees may want a bonus but managers does not allow it as it would be more out of the mangers pocket
2. Managers and employees both want to be in secure employment in the future in the business

Question 5

Possible conflicts between stakeholders
Shareholders v suppliers
1. Situation where conflict may arise
2. Situation of agreement

Answer 5

1. Shareholders want dividends but suppliers want the business to spend the money.
2. Both of them want the business to do well

Question 6

Possible conflicts between stakeholders
Government v customers
1. Situation where conflict may arise
2. Situation of agreement

Answer 6

1. Government want customers and business to pay tax but customers may not want to do so and require cheaper products

Question 7

Possible conflicts between stakeholders
Local community v. Managers
1. Situation where conflict may arise
2. Situation of agreement

Answer 7

1. Local community may want low prices and responsibly sourced products but managers may opt for the cheaper option to buy and sell
2. Both want the business to continue operating so the community can buy there products and the managers can sell them