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Stack #4531949
| Term | Definition |
|---|---|
| Stakeholder | An individual or group that has an interest in an organisation and can eithr affect or be affected by that organisation |
| Owners | Owners are individuals or entities that hold legal ownership of a business |
| Investors | A person or organisation that puts money into financial schemes or property in hopes of making profit |
| Employees | People who work for a business in return for a wage or salary |
| Interest/pressure groups | Interest/pressure groups are organisations that represent people with a common interest |
| Local community | A local community is made up o the people who live in the area where a business is located |
| Trade associations | Trade associations represent businesses involved in similar types of activities |
| Competitive relationship | Each party works towards a separate goal. It is a win-lose approach, where only one party wins |
| Co-operative relationship | Both parties work towards a common goal. It is a win-win approach, where both parties work together |
| Dynamic relationship | A relationship that is constantly changing. Sometimes they help each other, i.e the relationship is co-operative. At other times, it is competitive and may cause conflict |
| Dependent relationship | When both parties are reliant on each other to achieve their individual goals |
| Entrepreneur | Entrepreneurs use their initiative to spot a gap in the market and take the personal and financial risk of setting up a business with the aim of making a profit |
Created by:
Jordan009