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LC Bus Stakeholder 2
Key Terms for Ch1 Stakeholder
| Term | Definition |
|---|---|
| Business | Any organisation set up to provide goods and services to its customers |
| Private sector business | Owned and controlled by private individuals who invest capital and hope to receive a share of annual profits |
| Stakeholders | People involved in or affected by a business's activities |
| Entrepreneur | A person that spots a gap in the market |
| Consumer | This is a person who purchases goods and services at a given agreed price as set out in the market |
| Investors | Invest money into a business. They expect a return on their money. The higher the risk the higher the return expected. |
| Suppliers | Providers of raw materials or other essential support services to business |
| Producer | Turns raw materials into finished products. They make the products to sell to customers |
| Competitive relationship | Tends to pit one stakeholder against another. |
| Co-operative relationship | Both parties working towards shared goals for their mutual benefit. |
| Commercial business | Those businesses that have profit as their primary motive |
| State-owned business | Owned by state e.g ESB |
| Non-commercial | A business who wants to provide service to society not currently being supplied by government e.g. Dublin Simon Community |
| Service Providers | Are people or organisation that provide support services to the public or businesses. |
| Employer | Is a person or organisation who hires people to work in return for a wage. |
| Employees | Workers who bring range of skills and expertise to a business in return for a wage |
| Government | This refers to local and national authorities that set the rules and regulations by which a business must operate. The state who invests heavily in infrastructure in order to create a positive economic environment |
| Society | This refers to the local community where the business is located and to the wider society both nationally and globally |
| Managers | They are the people responsible for running the business and achieving its goals |
| Interest groups | Pressure groups which promote interests of their members through lobbying |
| Legislative solution | Involves applying the provisions of a relevant law or agency set up by law to resolve an issue |
| Non-legislative | This negotiation may only involve the conflicting parties |
| Mediation | An agreed mediator intervenes when both sides are at an impasse and suggests proposal to move things on. |
| Arbitration | independent 3rd party listens to both sides and makes a decision. |
| Conciliation | 3rd party helps conflicting parties to reach a mutually agreeable solution |
Created by:
MrFromholz
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