GCSE Business Studies/Stakeholders - Wikibooks, open books for an open world (2024)

FAQs

Who are the stakeholders in a business GCSE? ›

A stakeholder is any person, group of people or other organisation that has an interest in the activities of a business. Businesses need to be aware of their stakeholders, as many of them will be affected by its activities.

Internal Stakeholders are those impacted by business activity inside the business: owners, shareholders, managers and employees. External stakeholders are not owners or employees but are affected by the activity of the business. For example, customers, government, banks, local community and suppliers.

The first and most important comprises employees, customers, and investors, without whom the business will not be able to operate.

The Bottom Line

Both shareholders and stakeholders are important, but ethical business ownership and management recognizes that the short-term profit goals of shareholders may not always be in the best long-term interest of either the company or the community that it is a part of.

Introducing the Key Stakeholders: Patients, Providers, Payors, and Policymakers (the Four P's) – Connecting Health Information Systems for Better Health.

In business, a stakeholder is any individual, group, or party that has an interest in an organization and the outcomes of its actions. Common examples of stakeholders include employees, customers, shareholders, suppliers, communities, and governments.

Tier 1. Central Stakeholders: The “go-to” people within your network, the ones you have a direct relationship with. These stakeholders have a strong connection to your organisation. Tier 2.

For example, stakeholders with high influence and high interest would be given the highest priority, as their actions and opinions can significantly impact the project's success. On the other hand, stakeholders with low influence and low interest may require less attention and resources.

The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers.

Who is the most powerful stakeholder and why? ›

One of the most important stakeholders of a business is the customer. Customers buy the products the company provides and help make the company successful. They also contribute to the success of the business in other ways. For example, they can provide feedback that can improve a company's product or service.

Least important / Minimal effort: The least important stakeholders are those who have little power and little interest in the project and require minimal effort from the project manager. However, they should not be overlooked: a stakeholder can move from one quadrant to another without warning!

A shareholder is a person who owns an equity stock in the company, and therefore, holds an ownership stake in the company. On the other hand, a stakeholder is an interested party in the company's performance for reasons other than capital appreciation.

Some examples of stakeholder conflict include: Shareholders vs. employees: Shareholders may want the company to focus on maximizing profits, while employees may be more concerned with job security, pay, and working conditions.

Roles of Stakeholders. Direct the Management: The stakeholders can be a part of the board of directors and therefore help in taking actions. They can take over certain departments like service, human resources or research and development and manage them for ensuring success.

A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers.

They include employees, shareholders, directors, customers and members of the community where the organization operates. Companies, educational institutions, government agencies and nonprofit organizations can all be described through the stakeholder model.

Based on this criteria, stakeholders often include customers, employees, investors, suppliers, boards of directors, community members and organizations, and government entities. Stakeholder capitalism is a system in which an organization prioritizes stakeholders' interests.

Stakeholders in a business process may include the project manager, employees, donors, investors, shareholders, customers, competitors, suppliers, vendors, local and national communities, internal and external organisations, government and its regulatory agencies and labour unions.