Week 3 Business Stakeholders PDF

Week3 - Business Stakeholders - AP5304 Business Stakeholders are individuals and/or groups who are affected by or affect the performance of the organisation in which they have an interest. Stakeholders can: Affect a business Be affected by a business Be both affected a...

Week3 - Business Stakeholders - AP5304 Business Stakeholders are individuals and/or groups who are affected by or affect the performance of the organisation in which they have an interest. Stakeholders can: Affect a business Be affected by a business Be both affected and affect a business Types of Stakeholders Internal stakeholders: are individuals or groups who can directly affect the business operations. External stakeholders: are individuals or groups who indirectly affect the business operations.  Employees Employees expect the business to: Recognize their service by giving rewards and incentives. Increase their salary and improve their standard of living Maintain job security Safe working conditions  Managers Managers expect the business to: Increase their salary Maintain good job security and status Obtain job satisfaction  Shareholders Shareholders expect the business to: Issue dividends or profit shares Achieve profit growth Timely and accurate information about their investments  Customers Customers expect the business to: Provide good and safe quality products or services Offer honest and fair promotions Reasonable prices  Creditors Creditors expect the business to: Pay loans on time Financial Stability: Creditors want to see evidence of a stable and healthy financial situation in the business.  Suppliers Suppliers expect the business to: Have regular or increased orders of goods Obtain long-term delivery contract Maintain on time payment of orders  Competitors Competitors expect the business to: Avoid unfair strategy and practices Obey the Competition Law.  Community Community expects the business to: Maintain good local employment Protect the environment  Government Government expects the business to: Pay taxes and government fees Behave and follow the law and legislations Be involved in social cause like charities and community development initiatives. A Mock Quiz in Week 4 You will be asked, during week 4 sessions, to do an online mock quiz on Moodle. Please bring your device (Laptop) to the class next week. Note: you will not be able to access and do the quiz using your mobile phone.  Activity Identify and evaluate the key stakeholders & their expectations from Bahrain Polytechnic.  Suggested reading on topics covered Principles of Management, Hill & McShane, McGraw Hill Publishing. (Part 1, Chapter 2) Whorthington, Ian and Chris Britton (2014). The Business Environment, 5th Edition. Essex, United Kingdom: Prentice Hall. (ISBN-10: 0273756729 ISBN-13: 9780273756729) Edexcel BTEC Level 3. The Business Environment. Pearson Education Limited. Essex. 2010. Dew, P. (2008). Bahrain's Business Environment. London: GMB Publishing. Sloman, J. (2011). Economics and the Business Environment, 2nd Edition. Harlow: Financial Times Prentice Hall.