Stakeholders (AQA GCSE Business): Flashcards
Exam code: 8132
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Define stakeholders.
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Cards in this collection (14)
Define stakeholders.
Stakeholders are individuals or groups that affect or are affected by the actions of a business.
Define internal stakeholders.
Internal stakeholders are individuals or groups within a business, such as owners, employees and managers, that often have a strong influence on its objectives and decisions.
True or False?
Business owners and employees always share the same objectives.
False.
Their objectives can conflict. Owners may want to maximise profit, while workers want to earn higher wages.
What is the main objective of shareholders?
The main objective of shareholders is to maximise their return on investment.
Shareholders can __ on key business decisions at the annual general meeting.
Shareholders can vote on key business decisions at the annual general meeting.
What are the main objectives of employees as stakeholders?
Employees want to earn a living, have job security and be paid fairly for their work. They also want a safe working environment.
Define external stakeholders.
External stakeholders are individuals or groups outside a business that have some influence on its objectives and decisions.
Customers in conflict with a business can _____ the business or its brands.
Customers in conflict with a business can boycott the business or its brands.
What are the main objectives of suppliers as stakeholders?
Suppliers want to sell their goods or services and make a profit. They also want to be paid on time and have a long-term relationship with the business.
What is the main objective of customers as stakeholders?
Customers want to receive high-quality products or services at a fair price. They also want good customer service and a positive experience.
True or False?
The main objective of a pressure group is to make a profit.
False.
A pressure group aims to promote a specific cause or agenda by influencing the policies and actions of businesses or governments.
What is the main objective of the local community as a stakeholder?
The local community wants the business to have a positive impact on the area. This may include providing jobs, being environmentally responsible and contributing to local causes.
What is the main objective of the government as a stakeholder?
The government aims to promote the public good and protect the interests of citizens. It wants businesses to operate within the law, pay taxes and create jobs.
True or False?
Some external stakeholders have more influence on business decisions than others.
True.
A major supplier that is not paid on time could delay deliveries and stop production, so it has significant influence. A business may choose to ignore the demands of a less influential group if meeting them would raise its costs.
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