Stakeholders-Chapter 5
Introduction
Stakeholders has interest in success in business.
who
everyone
are
Stakeholders can be defined in internal and external stakeholders.
Internal stakeholders are people within the business (employees owners managers)
:
, ,
External stakeholders are people outside the business( suppliers Lenders customers ...
:
, ,
Stakeholder
objectives
In theory all stakeholders will benefit from business ,
but in
reality they
my .
not Even if all stakeholders do benefit it won't be equal .
Owners
Business owners ,
whether individuals sole-trader partnerships , or shereholders in
in
,
public company , aim for maximising returns on their investment.
While long term profit is
goal , short term strategies like offering low prices
for reduce immediate profits. Owners balance these obje
market capture might
ectives for sustained growth and customer loyalty impacting stakeholders.
Employees
Emp loyees seek
job security and benefits like holidays and sick
high Nages ,
bonuses , ,
pay
. They desire interesting and challenging work job satisfaction and opportunities ,
for skills enchancement through training leading to better pay and career growth. ,
Customers
Customers seek high-quality products at affordable price and expect continuous
innovation. They value good customer services , accessible call centers and credit ,
facilities for expensive items.
Ethical concerns such as sustainable sourcing and animal Neare are increasingly imp.
, ,
ortant I dissatisfied with quality price service or ethics customers
. ,
may stop , ,
buying leading
,
to
significant impact including negative publicity from
,
consumer
pressure groups.
Supplier
Suppliers prefer long-term relationships regular orders and prompt payments Businesses
, ,
.
treating suppliers 3 stakeholders involving them in plans and paying
as
,
time
, on
build
loyalty. Constantly changing suppliers may cut costs initially but hinders
support during urgent needs. Balancing cost-cutting with reliable commited ,
suppliers is essential for long-term business success.
The
Community
Businesses affect both private (individual) and social (community) aspects.
While they create jobs and sponsor projects they can also cause pollution
, ,
congestion and noise impacting property Prices negatively.
, ,
Social benefits include jobs and improved infrastructure while social costs involve
,
pollution and reduced property [Link] assess a business's impact accurately,
both private and social factors including external costs and benefits must be
, ,
considered
.
The Government
The
government benefits from business success by paying less social security
benefits and receiving more tax revenue when businesses create jobs. Additionally
when businesses expand and export goods abroad it enchances the country's
,
trading position.