Stakeholders in Business
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Questions and Answers

What is the definition of stakeholders?

  • Individuals with no interest in a business
  • Individuals or group of individuals with direct or indirect interest in a business (correct)
  • Individuals with indirect interest in a business
  • Individuals with only financial interest in a business

    • Who are considered as internal stakeholders?

  • Competitors and CEOs
  • CEOs and employees
  • Shareholders and competitors
  • Shareholders and CEOs (correct)

    • What is the main interest of CEOs as internal stakeholders?

  • Promoting social responsibility
  • Delivering profits (correct)
  • Ensuring employee satisfaction
  • Building customer relationships

    • How are shareholders different from stakeholders?

    <p>Shareholders are a subgroup of stakeholders</p> Signup and view all the answers

    What is the Power-Interest Model used for in stakeholder mapping?

    <p>To identify stakeholders based on their power and interest in the business</p> Signup and view all the answers

    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.

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