Understanding the role and importance of stakeholders 0.0 / 5 ? Business StudiesStakeholdersA2/A-levelAQA Created by: EllieBowserCreated on: 16-05-17 14:27 What is a stakeholder? Individuals or groups within society who have an interest in an organisations operations or performance 1 of 17 What is a Primary Stakeholder? Individuals or groups that are affected by a particular business activity. Includes anyone with a functional or financial interest in a business. 2 of 17 What is a Secondary Stakeholder? Individuals and groups that do not have a direct functional or financial relationship with the business 3 of 17 What is an Internal stakeholder? Those who are considered part of the organisation 4 of 17 What is an External stakeholder? Those who exist outside the business 5 of 17 What possible stakeholder needs will Shareholders have? Return on investment, preferential treatment as customers, investment that does not lose value 6 of 17 What possible stakeholder needs will Employees have? Steady and regular income, safe working conditions, job security 7 of 17 What possible stakeholder needs will Suppliers have? Frequent and regular orders, fair prices, a sole-supplier agreement 8 of 17 What possible stakeholder needs will the local community have? Steady employment, avoidance of pollution and noise, provision of facilities for local communities 9 of 17 What is stakeholder mapping? Analyses the position of stakeholders in relation to decision making 10 of 17 What 2 factors are considered in stakeholder mapping? Power and level of interest 11 of 17 What are the 4 groups on a stakeholder map? Keep satisfied, Key players, minimal effort and keep informed 12 of 17 Give an example of internal factors that influence relationships with stakeholders Business objectives, management and leadership styles and size and ownership of the business 13 of 17 Give an example of external factors that influence relationships with stakeholders Market conditions, government policies and power of stakeholder groups 14 of 17 What is stakeholder engagement? Communicating with and involving stakeholders in the decision making process 15 of 17 What factors influence the level of engagement with stakeholders? The power of the group, the level of interest and the resources available 16 of 17 What are the 5 approaches to stakeholder management? Partnership, participation, consultation, 'push' communications and 'pull' communications 17 of 17
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