stakeholders

• What are stakeholders?


  Individuals, groups, or organizations with an interest in a company's actions.
• What are stakeholders in a business context?


  Individuals or groups who affect or are affected by a business's actions
• What are the two main categories of stakeholders?

  • Internal Stakeholders: Individuals within the business (e.g., employees, managers)
  • External Stakeholders: Individuals or groups outside the business (e.g., customers, suppliers)
• Who are considered internal stakeholders?


  Employees and managers
• Who are considered external stakeholders?


  Customers, suppliers, shareholders, government, and communities
• What do employees want from a business?


  Fair pay, job security, and a good work environment
• What do customers expect from a business?


  Good quality products at fair prices
• What do suppliers want from a business?


  Regular orders and prompt payments
• What do shareholders expect from a business?


  A return on their investment through profits
• What does the government expect from businesses?


  To pay taxes and follow laws
• What do communities expect from businesses?

  Job creation and environmental responsibility
• What are the challenges businesses face in balancing stakeholder needs?


  • Different goals among stakeholders
  • Limited resources to meet all demands
  • Conflicts between long-term and short-term benefits
• Why is balancing stakeholder needs challenging for businesses?


  Because different groups have conflicting goals and limited resources
• If a business increases employee wages, which stakeholder group might be negatively affected?


  Shareholders, due to reduced profits
• How can product quality decisions impact stakeholders?


  Higher quality can please customers but may increase costs, affecting profits
• What happens if a business cuts jobs?

  It may please shareholders in the short term but can upset employees
• How do business decisions impact different stakeholders?


  • Product Quality: Affects customer loyalty and costs
  • Employment: Affects employee satisfaction and profits
  • Sustainability: Affects community relations and costs
• What is the primary need of employees as stakeholders?


  Fair wages and job security
• What do customers desire from a business?


  Quality products at a price they can afford
• Why is it important for businesses to balance stakeholder needs?


  To maintain good relationships and avoid conflicts
• What do suppliers expect from businesses?


  Regular orders and prompt payments
• What do shareholders want from a business?


  Profits and returns on their investment
• What do communities want from businesses?

  Jobs and environmental responsibility
• How can a business decision to go green impact stakeholders?


  It can please communities and governments but may increase costs
• What is the impact of hiring more employees on stakeholders?


  It can increase employee satisfaction but reduce profits for shareholders
• What is the effect of product quality on customer loyalty?


  Higher quality products increase customer loyalty
• How does a business's decision to cut costs affect stakeholders?


  It may please shareholders but can upset employees and customers
• What is the relationship between employee satisfaction and business success?


  Happy employees tend to work better, contributing to business success
• How can businesses ensure they meet stakeholder needs?


  By finding a balance between the different wants of each group
• What happens if a business focuses solely on shareholders?


  It might produce low-quality products, upsetting customers
• What is the importance of understanding stakeholder needs for a business?


  It helps maintain good relationships and avoid conflicts
• How do business decisions impact the community?


  Decisions can affect job creation and environmental responsibility
• What is the effect of product quality on shareholder satisfaction?


  High-quality products can lead to increased customer loyalty and profits
• What is the relationship between employee benefits and shareholder profits?


  Increasing employee benefits may reduce short-term profits for shareholders
• What is the impact of a business's hiring practices on stakeholders?


  Hiring practices can affect employee satisfaction and overall business costs
• How can businesses demonstrate environmental responsibility?


  By implementing sustainable practices and reducing waste
• What is the significance of stakeholder feedback for businesses?


  It helps businesses understand and meet the needs of different groups
• How can businesses balance short-term and long-term stakeholder needs?


  By making decisions that consider both immediate and future impacts
• What is the role of communication in managing stakeholder relationships?


  Effective communication helps address concerns and build trust
• How can businesses engage with their communities?


  By participating in local events and supporting community initiatives