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Business

Stakeholders

TermDefinition
Entrepreneurs Try spot a gap in the market while also taking the personal and financial risk of setting up a business with the aim of making a profit
Investors They provide financial support in return for partial ownership over the business Fund innovation Help to expand the business
Suppliers Provide the raw materials required for a business Provide on time so businesses will be able to produce goods & service's for their customers
Government Gives grants and incentives to start up and expand business Regulates / oversees
Consumers Purchase goods&services Give feedback on their preferences Advocate for business on social media Drive revenue
Employees Carrying out the managers tasks assigned while contributing there ideas and using their skills
Managers Set goals and make strategies based on entrepreneurs objectives through organising resource Set plans and organise staff
Internal Stakeholders Individuals and parties within the organisation
External Stakeholders Do not work within a business but are often affected by its activities
Co-operative relationship Mutual benefit - common goal -win win situation
Conflict relationship Needs / wants of stakeholders compete with each other ,if one wins the other loses out - win - lose - mutually exclusive goals
Strategies 1. Honest communication, understanding concerns and expectations 2.Good ethics, balance profit with benefits 3.actively involve in business plans 4.engage with local community
Ways to resolve conflict 1. Meet & talk 2. Negotiate/bargain 3. Mediation 4.conciliation 5.arbritation
Meet&talk Meet to discuss/solve issues
Negotiate/bargain Parties reach middle ground, each side gives up something
Mediation 3rd party tries open communication, parties see opportunity to speak up Mediator clarifies issues, no solutions, parties make own agreement
Conciliation 3rd parties open communication, they make suggestions, other parties agree
Arbritation 3rd parties listen to both sides, party agree beforehand, non binding, can decide after decision to accept it or not
Created by: AmeliaSm
 

 



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