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People in Business

UNIT 1 LC BUSINESS

QuestionAnswer
What is the rhyme to remember stakeholders in the business? EVERY EVENING I MAKE STRAWBERRY SUNDAES FOR EACH CHILD IN THE LOCAL GARDEN PARK’
List the stakeholders in business EMPLOYER, EMPLOYEE, INVESTOR, MANAGER, SUPPLIER, SERVICE PROVIDER, ENTREPRENEUR, CONSUMER, LOCAL COMMUNITY, GOVERNMENT, PRODUCER
Explain the term 'employer'. Recruits staff to enable the organisation to carry out its business. Responsible for: Providing safe working conditions for employees Paying the agreed wages/salary for work done.
Explain the term 'employee'. People recruited by the employer to work in the business in return for a wage/salary. Have the skills and qualifications needed to operate the business successfully.
Explain the term 'investor'. The people who provide the entrepreneur with: The Capital (money) needed to set up and run the business.
Explain the term 'manager'. 1.Responsible for the day-to-day running of the business 2.Makes sure that the business achieves its goals 3.Uses skills such as leading and communicating…why? -To manage employees + Interact with other stakeholders
Explain the term 'supplier' A firm that provides RAW MATERIALS to the business. This allows the business to FULFIL ITS ORDERS.
Explain the term 'service provider'. Provides services needed by the business to operate successfully. Usually work in the service sector (tertiary sector) of the economy. Example: Banks, Insurance companies.
Explain the term 'entrepreneur'. A person who: Spots a gap in the market & Comes up with an idea That they can turn into a business They take personal and financial risk when setting up the business. Hope to MAKE A PROFIT from their business idea.
Explain the term 'consumer'. People who buy goods and services for their own personal use. Entrepreneur- uses Market Research…why? To find out consumers likes and dislikes. This makes sure that consumers buy goods and services- that satisfy their needs.
Explain the term 'local community'. Individuals, households and organisations that are located close to the business. Many businesses have created a CSR strategy (Corporate and Social Responsibility strategy) Why? To make sure they behave in a RESPONSIBLE MANNER towards the community.
Explain the term 'government'. The body of people that govern the country. Charge businesses tax This money is used: to invest in infrastructure. Some government agencies provide FINANCIAL SUPPORT to entrepreneurs e.g Enterprise Ireland and the Local Enterprise Office
Explain the term 'producer'. Takes RAW MATERIALS and transforms them during the manufacturing process into FINISHED PRODUCTS.
What is an interest group? A group of people who: MEET and CAMPAIGN FOR A COMMON GOAL. When they WORK TOGETHER…. ➢ MORE POWER, SKILLS AND CAPITAL ➢ MORE LIKELY TO BE LISTENED TO BY DECISION-MAKERS.
What 3 techniques do interest groups use? Boycotting, Lobbying and Negative Publicity.
What does the term 'boycotting' mean? Consumers refuse to buy goods and services from a firm to show they are not happy with the business e.g because it has exploited workers.
What does the term 'lobbying' mean? This involves trying to persuade decision makers to support laws or rules that give an advantage to your industry or organisation.
List the types of Interest groups Business Interest Groups, Trade Associations and Trade Unions
What does IBEC stand for? Irish Business and Employers Confederation
What is the main aim of trade associations? These interest groups represent the interests of business involved in the same industry.
Give 1 example of a trade association. SIMI (Society of the Irish Motor Industry) This interest group represents the views of the motor industry-dealerships, retailers and vehicle testers.
Give 1 example of a trade union. IFA (Irish Farmer’s Association) represent the interests and views of employees in particular industries. They aim to protect and improve their member’s pay and working conditions.
Created by: MsHayes1
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