Individuals/groups/organisations that have an interest in an organisation and can either affect or be affected by that organisation

Directly involved in running of a business. E.g employers, owners

Not directly involved in running of business but affected by decisions made by the business e.g consumers, government

Take personal and financial risk to access capital . Take initiative. Want personal and financial success. e.g glenisk ltd

Gives grants/regulates or oversees. Can offer expansion offers(training, funding). Want compliance. e.g through funding and low corporation tax, successful at attracting MNCs by FDI

Give the main points of question. 2/3 points on each

State, then add evidence or back up for statement. Use examples.

Relationship- co-operative

Mutual benefit- common goal - win win situation. Employer and employee look for common goal

Relationship - conflict

Need / wants of stakeholders compete with each other, if one wins other loses out- win-lose. Mutually exclusive goals.

Strategies to avoid conflict Regular honest communication

Open communication between stakeholder and business. e.g (deal with consumer complaints quickly and fairly)

Strategies to avoid conflict Good corporate social responsibility

Business having good ethics, balance profits with benefits to society. e.g concert promoter, no massive increase in prices for in demand concerts to rip off loyal fans

Strategies to avoid conflict Stakeholder engagement plans

Actively involve stakeholders in business plan

Ways to resolve stakeholder conflicts Meet and talk

e.g employer and employee meet to discuss issue and try to resolve. e,g shop steward meet with management to discuss issues affecting employees

Ways to resolve stakeholder conflicts Negotiate/bargain

Parties meet middle ground. Each side gives up something. e.g business makes a profit, investors want it all in dividend. Owner wants to reinvest it. Negotiate 60% dividend. 40% reinvested.

Looking at stakeholders and their power and influence. Keep satisfied, manage closely, monitor, keep informed.

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Stakeholders unit 1

Stakeholders terms and definitions

Term	Definition
Stakeholder	Individuals/groups/organisations that have an interest in an organisation and can either affect or be affected by that organisation
Internal stakeholder	Directly involved in running of a business. E.g employers, owners
External stakeholder	Not directly involved in running of business but affected by decisions made by the business e.g consumers, government
Entrepreneur	Take personal and financial risk to access capital . Take initiative. Want personal and financial success. e.g glenisk ltd
Government	Gives grants/regulates or oversees. Can offer expansion offers(training, funding). Want compliance. e.g through funding and low corporation tax, successful at attracting MNCs by FDI
Outline	Give the main points of question. 2/3 points on each
Demonstrate	State, then add evidence or back up for statement. Use examples.
Relationship- co-operative	Mutual benefit- common goal - win win situation. Employer and employee look for common goal
Relationship - conflict	Need / wants of stakeholders compete with each other, if one wins other loses out- win-lose. Mutually exclusive goals.
Strategies to avoid conflict Regular honest communication	Open communication between stakeholder and business. e.g (deal with consumer complaints quickly and fairly)
Strategies to avoid conflict Good corporate social responsibility	Business having good ethics, balance profits with benefits to society. e.g concert promoter, no massive increase in prices for in demand concerts to rip off loyal fans
Strategies to avoid conflict Stakeholder engagement plans	Actively involve stakeholders in business plan
Ways to resolve stakeholder conflicts Meet and talk	e.g employer and employee meet to discuss issue and try to resolve. e,g shop steward meet with management to discuss issues affecting employees
Ways to resolve stakeholder conflicts Negotiate/bargain	Parties meet middle ground. Each side gives up something. e.g business makes a profit, investors want it all in dividend. Owner wants to reinvest it. Negotiate 60% dividend. 40% reinvested.
Stakeholder mapping	Looking at stakeholders and their power and influence. Keep satisfied, manage closely, monitor, keep informed.

Created by: Adam Becton

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