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Questions and Answers
Which aspect is important for a stakeholder to consider in a commercial organisation?
Which aspect is important for a stakeholder to consider in a commercial organisation?
- Maximizing profits at any cost
- Ensuring ethical business practices (correct)
- Ignoring the impact on the environment
- Focusing solely on short-term gains
What is the role of a stakeholder in a commercial organisation?
What is the role of a stakeholder in a commercial organisation?
- To oversee the day-to-day operations of the organization
- To provide financial support to the organization
- To represent the organization in legal matters
- To have a vested interest in the success of the organization (correct)
What is a potential risk related to stakeholders in a commercial organisation?
What is a potential risk related to stakeholders in a commercial organisation?
- Improved communication between different departments
- Decreased accountability within the organization (correct)
- Increased transparency in decision-making
- Enhanced ethical standards in business operations
How do stakeholders in a commercial organisation typically influence decision-making?
How do stakeholders in a commercial organisation typically influence decision-making?
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Study Notes
Stakeholders in Commercial Organisations
- Stakeholders' expectations and needs are important aspects for a commercial organisation to consider, as they can impact the organisation's reputation and success.
- The role of a stakeholder in a commercial organisation is to contribute to the organisation's success or be affected by its actions, and can include investors, customers, employees, suppliers, and the wider community.
Stakeholder Risks and Influence
- A potential risk related to stakeholders in a commercial organisation is that their expectations and needs may not be met, leading to negative consequences such as loss of business or damage to reputation.
- Stakeholders in a commercial organisation typically influence decision-making through active engagement, such as providing feedback, participating in consultations, or holding positions on the board of directors.
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