1.3 Stakeholders (economic agents) and their objectives

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Created by: kirstyburnett
Created on: 21-02-17 19:14

Name different forms of stakeholders?

Customers, employees, shareholders and government

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What is a stakeholder?

A person who has an interest or a concern for a business

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What is the importance of corporate social responsibility to a business?

Is to continue the commitment by a business to behave ethically and contribute to economic developments while improving the quality of life for the community around them

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Explain why stakeholder conflicts occur?

Actions of one group may weaken the power of another, suppliers might want to lower prices to keep and encourage a business to stay in the UK which may reduce power of a shareholder wanting to invest/relocate abroad for lower prices

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How can stakeholders increase power?

By joining together. Example - Community may support employees when taking industrial action in order to strengthen their voice

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Other cards in this set

Card 2

Front

What is a stakeholder?

Back

A person who has an interest or a concern for a business

Card 3

Front

What is the importance of corporate social responsibility to a business?

Back

Card 4

Front

Explain why stakeholder conflicts occur?

Back

Card 5

Front

How can stakeholders increase power?

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1.3 Stakeholders (economic agents) and their objectives