The Influence of Stakeholders
- Created by: Ashleigh Hockenhull
- Created on: 04-05-15 11:11
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- The Influence of Stakeholders
- may be internal or external
- internal stakeholders - inside the firm
- include the owners & employees
- external stakeholders - outside the firm
- include customers, supplies, local community & government
- internal stakeholders - inside the firm
- different stakeholders affected by the business in different ways
- employees interested in their job security & promotion prospects
- improved if firm is profitable & growing
- employees want decent wage & good working conditions
- employees may benefit most when objectives are based on profitability, growth & ethics
- Suppliers are who the firm buys raw materials from
- firm provides them w their income
- if firm is profitable & grows they'll need more materials & supplier will get more business
- suppliers benefit most when firm sets objectives based on profitability & growth
- local community
- where business is based will suffer if firm causes noise & pollution
- may gain if firm provides good jobs & sponsors local activities
- benefit when objects are based on environmental sustainability, ethical consideration, profitability & growth
- customers
- want high quality products at low prices
- benefit when objectives are based on customer satisfaction
- want high quality products at low prices
- govenment
- will receive taxes if the firm makes a profit
- benefit most when objectves are based on profitability, growthm or job creation
- will receive taxes if the firm makes a profit
- may be internal or external
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