Theme 1.1.3 0.0 / 5 ? EconomicsStakeholdersA2/A-levelEdexcel Created by: MMubiruCreated on: 02-10-19 15:15 What are Stakeholders? Individuals or groups with an interest in the actions of a bussiness.E.g employees, owneers, shareholders, customers, suppliers, the local community. 1 of 9 What are Economic agents? Those who take decisions to buy, spend, produce, sell or affect how resources are used. 2 of 9 What is The Shareholder Model? Shareholder's interests are most important. e.g managers = profit maximisation 3 of 9 Who are Shareholders? People who are part owners of the bussiness. They receive a dividend (share of profit)in return. 4 of 9 What is The Stakeholder Model? Managers take responsibility to take account of the interests of all the stakeholder groups that are affected. 5 of 9 What are the benefits of The Stakeholder Model? Improved retention of staff. Increased Motivation of staff. Improved public relations. Reputation for reliability and stability. 6 of 9 What are Stakeholder Conflicts? Demands of one group could oppose demand of the other group. e.g staff vs managers 7 of 9 What is Corporate Social Responsibility (CSR)? Taking decisions in a way that takes into account all stakeholder interests. 8 of 9 Why do bussinesses want a good CSR? Positive marketing ploy. Positive public image. Increase sale. 9 of 9
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