8. relationship management

• Who are the different stakeholders in a business?

  Owners, employees, customers, suppliers, contractors
• What is the role of owners in a business?

  Maximize revenue and reduce costs
• How do employees impact a business?

  They work for the business and influence outcomes
• What is the role of customers in a business?

  Purchase products/services and drive change
• What do suppliers do for a business?

  Supply inputs and represent a risk
• What is the role of contractors in a business?

  Supply services and represent a risk
• How do investors influence a business?

  They drive change and expect returns
• What is the role of creditors in a business?

  They lend money and expect repayment
• How does the media influence a business?

  They drive changes in customer behavior
• What is the impact of communities on a business?

  They have a social impact and seek support
• What role do trade unions play in a business?

  They support the business and sector
• How do government agencies influence businesses?

  They are key influencers and drivers of change
• What is the role of associations in a business?

  They represent and support the business and sector
• What is a stakeholder?

  Someone with an interest in a business
• What distinguishes internal stakeholders from external stakeholders?

  Internal stakeholders are directly impacted by decisions
• How can businesses ensure good relationships with internal stakeholders?

  Use communication like team meetings and reviews
• What is the role of managers in a business?

  They are entrusted with operational tasks and decision-making
• What are the responsibilities of an owner?

  Strategic planning, financial management, compliance
• What are the responsibilities of managers?

  Monitor tasks, communicate with employees, develop teams
• What are the roles of employees in a business?

  Carry out duties, communicate with managers, develop skills
• Why are customers considered crucial stakeholders?

  They can make or break a business
• How do suppliers build their reputation?

  By providing quality, quantity, and timely delivery
• What is the interest of contractors in a business?

  They seek income from the business's success
• What do investors expect from a business?

  Returns on their investment and business success
• What is the role of banks as creditors?

  They lend money and expect repayment
• How does the media affect consumer behavior?

  By promoting features and influencing public opinion
• What is the interest of communities in a business?

  Job opportunities and a safe living environment
• What do governments want from businesses?

  To create jobs and wealth for the population
• How can governments influence businesses?

  By raising/lowering taxes and creating laws
• What is the importance of first impressions in customer care?

  They go beyond customer service.
• How do first impressions affect customer relationships?

  They create emotional connections between brands.
• What should businesses focus on for future relationships?

  Setting the tone for future interactions.
• What is the focus of customer service in relation to advice?

  Providing advice and building trust.
• What is the relationship between customer service and customer loyalty?

  Good service increases customer loyalty.
• What does the foundation of professionalism in customer care include?

  Valuable assistance and enhancing experiences.
• How does customer experience relate to satisfaction?

  It enhances customer satisfaction and loyalty.
• What are legal requirements in customer interactions?

  They include B2B methods and impacts.
• What is the impact of managing customer care?

  It helps customers feel engaged and valued.
• How does clear communication affect customer engagement?

  It increases customer loyalty and satisfaction.
• What is the role of personal service in customer care?

  It makes customers feel valued and understood.