What are the main objectives of owners as stakeholders?

Owners want the business to make a high profit. Shareholders want high dividend payments and a rising share price.

What are the main objectives of employees as stakeholders?

Employees want good pay, job security and good working conditions. Employees also want chances for training and promotion.

What are the main objectives of customers as stakeholders?

Customers want good-quality products at fair prices. Customers also want good service.

What are the main objectives of the local community as stakeholders?

The local community wants jobs and minimal environmental damage. The community also wants the business to avoid noise, traffic and pollution.

AQA GCSE Business 8132

Business in the Real World

Topic overview What a business is and why people start one Goods, services, needs, wants and factors of production Business sectors, entrepreneurs and a changing business environment Sole traders, partnerships, limited companies and not-for-profit organisations Business aims and objectives Why business objectives differ and change Stakeholders and their influence on businesses Factors affecting business location Business planning and basic financial terms Expanding a business and economies of scale

Influences on Business

Topic overview E-commerce and digital communication Ethics, the environment and sustainability Interest rates, employment and consumer spending Globalisation and exchange rates Employment, health and safety and consumer law Competition, risk and uncertainty

Business Operations

Topic overview Job, flow and lean production Managing stock: just in time and just in case Suppliers, procurement, logistics and supply chains Quality control, quality assurance and TQM Customer service and the sales process

Human Resources

Topic overview Organisational structures, span of control and delegation Recruitment, selection and contracts of employment Financial and non-financial methods of motivation Induction, on-the-job and off-the-job training

Marketing

Topic overview Identifying and satisfying customer needs Market segmentation Purpose of market research and primary and secondary research Market research methods and interpreting findings Pricing methods and factors affecting price New products, USP, brand image and the Boston Matrix Product life cycle and extension strategies Promotional methods and the promotional mix Channels of distribution, e-commerce and m-commerce The integrated marketing mix

Finance

Topic overview Sources of finance Cash flow and cash flow forecasts Financial calculations and average rate of return Break-even charts and margin of safety Income statements and statements of financial position Profit margins and judging financial performance

Business in the Real World

Stakeholders and their influence on businesses

3 things to know
Both papers

Overview

Owners, employees, customers, suppliers and the local community, what each wants, how business decisions affect them, how they can push back, and managing conflict between stakeholders.

What you need to know

Answer each one before you reveal it.

Your recallNot started

Key term

What do owners and employees each want from a business?

Key term

What is a stakeholder?

Key term

Who are the main stakeholders of a business?

Questions from this subtopic

Each one with the model answer underneath.

1
What is a stakeholder?
Model answer
A stakeholder is any person or group affected by, or with an interest in, a business. Stakeholders can be inside or outside the business.
2
Who are the main stakeholders of a business?
Model answer
The main stakeholders are owners, employees, customers, the local community and suppliers. The government is also a stakeholder.
3
What are the main objectives of owners as stakeholders?
Model answer
Owners want the business to make a high profit. Shareholders want high dividend payments and a rising share price.
4
What are the main objectives of employees as stakeholders?
Model answer
Employees want good pay, job security and good working conditions. Employees also want chances for training and promotion.
5
What are the main objectives of customers as stakeholders?
Model answer
Customers want good-quality products at fair prices. Customers also want good service.
6
What are the main objectives of the local community as stakeholders?
Model answer
The local community wants jobs and minimal environmental damage. The community also wants the business to avoid noise, traffic and pollution.

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Business in the Real World

Influences on Business

Business Operations

Human Resources

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The pays a fee and a share of revenue.

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