Business 1.5 revision

Created by: User12422
Created on: 27-04-22 17:36

What’s a stakeholder ?

Individuals, groups or organisations who can affect or be affected by the activity of the business

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Four examples of a stakeholder

Any from: shareholders, owners, employees, customers, managers, suppliers, local community, pressure groups, the government

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Stakeholder objectives:
Shareholders (owners)- make a profit
Customers- low prices good quality
Manager- high salary, bonus and job security
Employees- high wages, good conditions, job security
Suppliers- repeat businesses, to be paired on time
Local co

Stakeholder impact on business activity:
Shareholders (owners)- set aims, set a strategy, provide funding, provide investment
Customers- buy products and services, promotion
Manager- needs to employ, manage employees
Employees- provide good/ service

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Technology
Technology used by a business:
E-commerce- use internet to buy/sell products
Social media- websites and applications that allow users to share content and messages
Digital communication- communicating using: text, e mail, mobile phone, WhatsApp

Product- use of tech can improve sales because of quick customer service
Price- technology helps businesses lower prices to compete using a online comparison, operating efficiency thus reducing costs
Place- can create reliable e- commerce websites to mak

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Legislation
Legislation- all the laws passed by the government of a country
Consumer law- protects consumers from harm when they are lied to or misled, goods are fit for purpose, 3 Rs replace refund repair,seller is responsible
Employment law- employees

Economy
Income rises = buy luxuries
Incomes fall = buy cheap products
Unemployment- people who want to work but are out of work
Unemployment rise- less income, less sales, lower profits, more potential employees, wages reduced
Unemployment fall- fewer po

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Interest loans in %
Total repayment- borrowed amount/ borrowed amount x100

Inflation- when the price of products and services continues to rise

Interest- cost for borrowing reward for saving
High- save more spend less reduces inflation
Low- save less

Government taxation
Pay taxes to fund public services
Value added tax (VAT)- payed when we buy from suppliers, vat increases price of goods and services
Income tax- income tax reduces money consumer has to spend depending on how much the individual earns

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Other cards in this set

Card 2

Front

Four examples of a stakeholder

Back

Any from: shareholders, owners, employees, customers, managers, suppliers, local community, pressure groups, the government

Card 3

Front

Back

Card 4

Front

Back

Card 5

Front

Back

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Business 1.5 revision