Business Stakeholders and Value Creation

A wage is money received by workers for services they provide to a business, usually hourly or daily, and can vary week to week. A salary is a fixed regular payment, usually paid fortnightly or monthly, and is expressed as an annual sum.

Overtime is time during which work is done outside regular working hours, and it is paid at a higher rate.

A fringe benefit is an extra benefit that supplements an employee's money wage or salary.

<p>Businesses create job opportunities, employ individuals, and provide income to employees through wages, salaries, benefits, and bonuses, enabling them to support themselves and their families.</p> Signup and view all the answers

<p>Businesses attract investment from individuals, institutions, and governments seeking returns on capital.</p> Signup and view all the answers

<p>A bonus is a sum of money added to a person's wages as a reward for good performance.</p> Signup and view all the answers

<p>Commission is a percentage of a sales price received by a salesperson for their services.</p> Signup and view all the answers

<p>Businesses provide income through various means, impacting individuals, households, and the broader economy.</p> Signup and view all the answers

<p>To create value for stakeholders by delivering quality products and services, generating returns on investment, fostering employee satisfaction and growth, and being responsible corporate citizens.</p> Signup and view all the answers

<p>By expanding into international markets, engaging in trade and investment, and participating in global supply chains.</p> Signup and view all the answers

<p>Economic, social, technological, and environmental factors.</p> Signup and view all the answers

<p>To drive positive change and contribute to sustainable development.</p> Signup and view all the answers

<p>Shareholders, employees, customers, suppliers, and communities.</p> Signup and view all the answers

<p>Access to diverse products and opportunities worldwide.</p> Signup and view all the answers

<p>The thrill of exploration and discovery can motivate individuals to take risks and step outside their comfort zones.</p> Signup and view all the answers

<p>Social factors, such as peer pressure, social norms, and cultural expectations, can influence individuals to take risks to conform to group norms, gain acceptance, or enhance social status.</p> Signup and view all the answers

<p>The expectation of financial rewards can motivate individuals to take calculated risks and engage in entrepreneurial activities.</p> Signup and view all the answers

<p>Emotional factors, such as thrill-seeking, adrenaline rushes, or the desire for emotional arousal, can drive risk-taking behavior.</p> Signup and view all the answers

<p>The thrill of exploration and discovery can outweigh concerns about potential risks or dangers.</p> Signup and view all the answers

<p>Social norms can influence individuals to take risks to conform to group norms, gain acceptance, or enhance social status.</p> Signup and view all the answers

<p>The expectation of financial rewards can motivate individuals to take calculated risks and engage in entrepreneurial activities.</p> Signup and view all the answers

<p>Emotional factors, such as thrill-seeking, adrenaline rushes, or the desire for emotional arousal, can drive risk-taking behavior.</p> Signup and view all the answers

<p>An increase in the number of internet-connected devices.</p> Signup and view all the answers

<p>It can provide consumers with more choice, a range of qualities, and a variety of prices, and allow businesses to achieve a sustainable competitive advantage.</p> Signup and view all the answers

<p>To capture a larger portion of the market.</p> Signup and view all the answers

<p>The number of competitors, or the size and number of firms within an industry.</p> Signup and view all the answers

<p>The ability of a person or persons to establish a business within a particular industry.</p> Signup and view all the answers

<p>Local competitors are those who produce or sell a good or service in the same market, and they need to deal with variables such as labour costs, transport costs, the economy, and cost of stock/raw materials.</p> Signup and view all the answers

<p>Local competitors are those who produce or sell a good or service in the same market, while foreign competitors are those businesses located overseas or offshore.</p> Signup and view all the answers

<p>It spreads the business's risk and allows it to grow.</p> Signup and view all the answers

<p>To reduce dependence on a single product, market or revenue stream and increase profitability.</p> Signup and view all the answers

<p>The rate of sales being generated over time.</p> Signup and view all the answers

<p>A relatively stable market share and predictable revenue stream among several large businesses and a few niche ones.</p> Signup and view all the answers

<p>Steady state, decline, or renewal.</p> Signup and view all the answers

<p>Brand extension is when a business offers a greater range of products within the target market and new markets, and it is a form of diversification.</p> Signup and view all the answers

<p>It is necessary to guarantee survival and adapt to changing market conditions.</p> Signup and view all the answers

<p>The business may lose its 'family' atmosphere and be replaced with a more clinical, professional culture.</p> Signup and view all the answers

<p>Rethinking about how the business should be operated to guarantee survival.</p> Signup and view all the answers