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Questions and Answers
What is the definition of stakeholders?
Who are considered as internal stakeholders?
What is the main interest of CEOs as internal stakeholders?
How are shareholders different from stakeholders?
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What is the Power-Interest Model used for in stakeholder mapping?
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Study Notes
Stakeholder Definition and Classification
- Stakeholders are individuals, groups, or organizations that have a vested interest or concern in an organization's actions, decisions, and outcomes.
- Internal stakeholders are entities within an organization, such as employees, management, and departments.
Internal Stakeholders
- CEOs (Chief Executive Officers) are considered internal stakeholders.
- The main interest of CEOs as internal stakeholders is to ensure long-term profitability and sustainability of the organization.
Shareholders vs. Stakeholders
- Shareholders are a type of stakeholder who have a financial interest in the organization.
- Stakeholders, on the other hand, have a broader range of interests, not just financial, but also social, environmental, and reputational.
Power-Interest Model
- The Power-Interest Model is used in stakeholder mapping to identify and prioritize stakeholders based on their level of power and interest in the organization.
- The model helps organizations to understand the expectations and needs of different stakeholders and to develop strategies to engage with them effectively.
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Description
Test your knowledge of stakeholders in business with this quiz. Identify the interests of internal and external stakeholders, understand the differences between stakeholders and shareholders, and explore potential areas of conflict between stakeholders' interests. Perfect for IB Business students studying Unit 1.4.
