Stakeholders and their objectives

• What is a stakeholder ??

  Anyone with an interest in how a business is run.
• What are shareholders interested in??

  Shareholder want the firm to make a large profit so they share price increases, and the value of their dividend goes up.
• What are employees interested in??

  They aim for high wages and good working conditions.
• What are consumers interested in??

  they want good of a high quality and low price.
• What are managers interested in?

  They want to earn large bonuses and salaries as well as personal benefits such a leisure time and company cars.
• What are the government interested in?

  Governments aim to earn tax for the firms profit such as corporation tax.
• What are suppliers interested in??

  Firms are consumers of suppliers. Suppliers want firms to remain in business, so they still have customers.
• What are economic agents ??

  individuals, firms and government that parakeet in economic activity.
• Why do stakeholders need to be considered when making decisions ?

  This can help avoid resistance to change, but businesses use stakeholder mapping to help inform decision making.
• What do stakeholder mapping maps help?

  helps inform managers on how important each stakeholder group is and therefore how involved they should be in the decision making process.
• What is an example of Stakeholder Conflict ?

  Suppliers may lower prices to try and encourage a bussiness to stay in the uk which may reduce the power of shareholder wanting the business to relocate for lower costs.
• Corporate social responsibility??

  is the continuing commitment by business to behave ethically and contribute to economic developments while improving the quality of life of the workforce and their families as well as of the local community and society at large.
• What is CSR?

  a firms decision to accept responsibility to its stakeholders for its social, environmental and ethical actions.
• why will a firm produce a CSR report?

  to set targets that will be used to meet its social responsibilities and to asses how far it has met previous targets.
• CSR is a form of self regulation would could it result in?

  A positive effect on enviournment, on communities and on emplyees.