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Questions and Answers
Which group of stakeholders is directly involved in affecting business operations?
What do customers primarily expect from a business?
What is one expectation of creditors from a business?
Which stakeholder group expects fair promotions and reasonable prices?
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Which of the following is NOT an expectation of shareholders?
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What is a primary expectation of community stakeholders from a business?
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What do managers generally seek from their business?
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Which expectation is associated with competitors regarding business practices?
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What is a common expectation of suppliers regarding their relationship with a business?
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Which of the following is an expectation of the community from businesses?
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What is one of the expectations of shareholders concerning their investments?
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What do managers typically expect from their organization?
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Which expectation is placed on creditors regarding the financial practices of a business?
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Which expectation is associated with customers purchasing from a business?
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What do competitors expect from a business's operational strategies?
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What is one expectation that the government has from businesses?
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Study Notes
Business Stakeholders
- Individuals or groups who are affected by, or affect, the performance of a business
- Can affect, be affected by, or both affect and be affected by a business
Types of Stakeholders
Internal Stakeholders
- Individuals or groups who directly affect the business operations
- Examples: Employees, Managers, Shareholders
External Stakeholders
- Individuals or groups who indirectly affect the business operations
- Examples: Customers, Creditors, Suppliers, Competitors, Community, Government
Internal Stakeholder Expectations
Employees
- Recognition of service through rewards and incentives
- Salary increases and improved standard of living
- Job security
- Safe working conditions
Managers
- Salary increases
- Job security and status
- Job satisfaction
Shareholders
- Dividends or profit shares
- Profit growth
- Timely and accurate information about their investments
External Stakeholder Expectations
Customers
- Good and safe quality products or services
- Honest and fair promotions
- Reasonable prices
Creditors
- Timely loan payments
- Financial stability of the business
Suppliers
- Regular or increased orders of goods
- Long-term delivery contracts
- On-time payment of orders
Competitors
- Avoidance of unfair strategies and practices
- Adherence to competition laws
Community
- Maintenance of good local employment
- Environmental protection
Government
- Payment of taxes and government fees
- Adherence to laws and regulations
- Involvement in social causes, such as charities and community development initiatives
Note:
- A mock quiz will be conducted during week 4 sessions on Moodle
- Students should bring a laptop to the class during week 4
- The quiz cannot be accessed using a mobile phone
- Suggested reading: Principles of Management, Hill & McShane, McGraw Hill Publishing.
Business Stakeholders
- Individuals or groups that affect or are affected by the performance of an organization
- They can affect, be affected by, or both affect and be affected by a business
Types of Stakeholders
- Internal Stakeholders: Directly affect business operations
- External Stakeholders: Indirectly affect business operations
Internal Stakeholders
-
Employees:
- Expect rewards and incentives for their service
- Desire salary increases and improved standard of living
- Seek job security and safe working conditions
-
Managers:
- Look for salary increases
- Seek job security, status, and satisfaction
External Stakeholders
-
Shareholders:
- Want dividends or profit shares
- Desire profit growth
- Expect timely and accurate information about their investments
-
Customers:
- Expect good and safe quality products or services
- Prefer honest and fair promotions and reasonable prices
-
Creditors:
- Expect timely loan payments
- Desire financial stability and evidence of a healthy financial situation
-
Suppliers:
- Expect regular or increased orders of goods
- Seek long-term delivery contracts and on-time payment of orders
-
Competitors:
- Expect fair business practices
- Want competitors to obey competition law
-
Community:
- Expect businesses to maintain local employment
- Desire businesses to protect the environment
-
Government:
- Expects businesses to pay taxes and fees
- Enforces businesses to follow laws and regulations
- Encourages businesses to engage in social causes like charities and community development
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Description
This quiz covers the various types of business stakeholders, including internal and external stakeholders, and their expectations. It delves into the specific needs and wants of employees, managers, shareholders, customers, and more. Test your knowledge on how these groups influence business operations.
