1.5 how stakeholders impact a business

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  • Created by: hanfa
  • Created on: 14-04-21 19:28
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  • 1.5
    • owner
      • success: investing enough money, using an investment to help the business grow
      • failure: not investing enough to make the business efficient. failing to change the business when the market for its goods and services change
    • employee
      • success: working hard to produce good quality goods or services at competitive costs
      • failure: producing low quality goods or services, demanding high wages as it will lead to higher costs, disrupting production by industrial action
    • customers
      • success: purchasing goods and services, creating a good reputation for the business
      • failure: deciding to buy from competitors, publicising instances of poor quality or bad service which can ruin brand reputation
    • suppliers
      • failure: not spplying at correct timing, supplying poor quality goods or services which can lead to quality problems
      • success: providing supplies promptly at competitive prices to help the business produce goods and services cheaply and reliably
    • government
      • success: giving business a grant to help pay for investments or giving it permission to develop/expand properties. government may also be a customer buying goods and services from it
      • failure: reducing the businesses profits by increasing taxes or increasing minimum wage so wage costs increase. preventing expansion of business
    • local community
      • success: providing business with employees and customers and supporting plans for development
      • failure: opposing the businesses plan for development by not supporting applications for planning permission. increased legal costs from business fighting planning permission

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