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Stakeholders
Study stakeholder groups and how their objectives can influence, support or conflict with business decisions.
4
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaGcseBusinessBusiness in the real world
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Syllabus checklist
What you need to know
4 objective pages available
Stakeholder groups and objectives2 objectives
- Define stakeholder and identify main business stakeholders including owners, employees, customers, local community and suppliers.
- Explain stakeholder objectives, including worker pay, environmental impact on the local community and owner dividend payments.
Stakeholder impact, influence and conflict2 objectives
- Explain the impact and influence stakeholders can have on businesses and business objectives.
- Explain how businesses may face conflict between stakeholder objectives.
Key terms
ownersemployeescustomerslocal communitypayenvironmental impactbusiness objectivesExplainimpactbusinessesfaceconflict
Exam tips
- Stakeholder groups and objectives exam tip 1: Use precise subject-specific vocabulary when you explain how to define stakeholder and identify main business stakeholders including owners, employees, customers, local community and suppliers..
- Apply Stakeholder groups and objectives to the business context: Justify the final decision by weighing margin and markup rather than listing definitions.
Common mistakes
- Stakeholder groups and objectives common mistake 1: Answer by clearly explaining how to define stakeholder and identify main business stakeholders including owners, employees, customers, local community and suppliers..
- Avoid confusing marketing aims and operational aims in Stakeholder groups and objectives: Use the scenario first, then explain how customers / employees / local community / suppliers / owners affects the business objective, financial outcome, and customers. Make the final judgement depend on the specific context.
Practice preview
- RiverRun Catering serves tourists while improving quality control; the case evidence includes average order value of ?5,858, sales of 683 units, and a 17% change in costs or demand. Which option best applies Define stakeholder and identify main business stakeholders including owners, employees, customers, local community and suppliers?
- PeakPods serves online shoppers while training staff; the case evidence includes customer retention of ?9,243, sales of 678 units, and a 8% change in costs or demand. Which option best applies Define stakeholder and identify main business stakeholders including owners, employees, customers, local community and suppliers?
- RiverRun Catering serves online shoppers while training staff; the case evidence includes customer retention of ?4,622, sales of 317 units, and a 7% change in costs or demand. Which option best applies Define stakeholder and identify main business stakeholders including owners, employees, customers, local community and suppliers?
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