Podcast
Questions and Answers
Which of the following is considered an internal stakeholder in a business?
Which of the following is considered an internal stakeholder in a business?
What is a common objective of employees as stakeholders?
What is a common objective of employees as stakeholders?
How might external stakeholder pressure groups influence a business?
How might external stakeholder pressure groups influence a business?
What is a potential consequence for a business that ignores the objectives of its stakeholders?
What is a potential consequence for a business that ignores the objectives of its stakeholders?
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Which factor most influences how businesses respond to stakeholder objectives?
Which factor most influences how businesses respond to stakeholder objectives?
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Study Notes
Understanding Stakeholders and Business Relationships
- Stakeholders are individuals, groups, or organizations interested in a business due to its impact on them.
- Internal stakeholders include owners, employees (various roles), and trade unions.
- External stakeholders include shareholders, customers, suppliers, potential investors, lenders, local communities, pressure groups, and government agencies (e.g., HMRC, environmental health).
- Stakeholder objectives vary, such as job security, pay, benefits, recognition, environmental goals.
Stakeholder Influence and Business Response
- The influence of stakeholders varies depending on their individual power and objectives.
- Businesses respond to stakeholder objectives through methods like conflict resolution and meeting needs.
- Ignoring a stakeholder group (e.g., local residents) or business owner creates negative consequences.
Business Behavior Modification
- Stakeholders pressure businesses to change behaviors.
- Examples include protests (e.g., about expansion plans), negative media publicity, or boycotts.
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Description
This quiz explores the dynamics of stakeholders in business settings, focusing on both internal and external influences. Understand how stakeholder objectives affect business behavior and the importance of responding to their needs. Test your knowledge on the various types of stakeholders and their impact on a business.
