Stakeholders
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This document discusses stakeholders both internal and external to an organization. Internal stakeholders include employees, shareholders, and managers who are concerned with job security, profits, and the long term success of the company. External stakeholders include suppliers, customers, competitors, the government, and special interest groups. Special interest groups can include trade unions who advocate for workers' rights, pressure groups who influence policy changes, and industry trade groups who promote their industries. The interests and power of different stakeholders must be considered in business strategy and how to balance competing stakeholder needs.
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Stakeholders
Stakeholders are people or groups with an interest in an organization's success or failure. Primary stakeholders are vital to the organization, such as owners, employees, customers. Secondary stakeholders feel involved but may not be as important, like local residents affected by a business. For a new restaurant, primary stakeholders are customers and supplying farmers, while secondary stakeholders are local journalists and residents concerned with traffic impacts.
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Stakeholders are individuals or groups that have an interest or concern in the activities and outcomes of a business. There are internal stakeholders such as employees and managers, and external stakeholders such as customers, suppliers, local communities, and government bodies. Stakeholders can influence business decisions through various means like voting rights, industrial action, purchasing decisions, or new laws and regulations. However, different stakeholder groups may have conflicting aims for the business, such as customers wanting low prices versus shareholders wanting high profits and dividends. Managing these relationships and resolving conflicts is important for business success.
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Stakeholders are individuals or groups that have an interest or share in a business. The key stakeholders in a business include employees, customers, investors, and the community. It is important for businesses to identify, prioritize, understand, and engage their stakeholders. Stakeholders can influence businesses through voting, management roles, investing, ensuring social and environmental responsibility, providing expertise and feedback, and building long-term relationships. Managing stakeholders well is important for businesses to run efficiently and produce profits over the long term.
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Stakeholders are individuals or groups that have an interest or concern in the activities and outcomes of a business. There are internal stakeholders such as employees and managers, and external stakeholders such as customers, suppliers, local communities, and government bodies. Stakeholders can influence business decisions through various means like voting rights, industrial action, purchasing decisions, or new laws and regulations. However, different stakeholder groups may have conflicting aims for the business, such as customers wanting low prices versus shareholders wanting high profits and dividends. Managing these relationships and resolving conflicts is important for business success.
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This document defines key concepts related to firms and market forces. It begins by defining a firm as an economic unit that produces goods and services for sale. The main goals or objectives of firms are then outlined as economic, social, human, national, organizational, and global objectives. Key concepts like profit maximization, wealth maximization, decision making, decision making under uncertainty, strategic vs tactical decisions, game theory, and linear programming are then defined.
Business ethics
Business refers to work, efforts and acts of people being busy in connection with the production of wealth.
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This document discusses the global business environment and India. It provides an overview of key concepts like the business environment, marketing environment, and macroenvironment. The marketing environment consists of microenvironment factors close to the company and macroenvironment larger societal forces. The macroenvironment includes demographic, economic, technological, political/legal, cultural, and natural factors that can create opportunities or threats. The document also examines India's internal business environment and the factors shaping international trade.
Marketing Environment
The document discusses the various internal and external factors that make up a company's marketing environment and how they can influence marketing strategies. It describes the microenvironment which includes factors close to the company like customers, suppliers, competitors. It also describes the macroenvironment which includes broader forces like demographic, economic, technological, political and cultural factors. It emphasizes the importance of environmental scanning and analysis to understand opportunities and threats from the changing marketing environment.
Strategy management-3
The document provides an overview of environmental analysis, which involves monitoring internal and external factors that influence business decisions. It defines environmental analysis and scanning. The internal environment includes factors like values, management structure, and resources. The external environment includes the microenvironment of suppliers, customers, and competitors, as well as the macroenvironment of demographic, economic, political, technological, and sociocultural forces. It provides examples to illustrate how these internal and external factors impact business decisions.
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Stakeholders
- 1. Stakeholders
- 2. Internal stakeholders Employees - Job security, working environment. • motivation makes dynamic and loyal workers. Shareholders (stockholders) - Maximize dividends, achieve capital gains Managers and directors Maximize profits, achieve fringe benefits, look after long term health of organization.
- 3. External stakeholders Suppliers - Strive for regular contracts at competitive prices, try avoid long credit periods. Customers - ‘Customer is always right’ , Provide business with most of its revenues Competitors - Stimulus to innovation and product development. Government - Avoid unfair practices, ensure health and safety
- 4. Special Interest Groups (SIG’s) Trade unions Uphold and enhance the conditions of work for members ! Campaign for: Wages and salaries, introduction of minimum wage, better working conditions etc.
- 5. Special Interest Groups (SIG’s) Pressure groups Consist for individuals with common interests who wish to influence change in the organization. ! Try and influence government policies with the support of the general public. ! Actions include: Public relations Lobbying Boycotting
- 6. Special Interest Groups (SIG’s) Industry trade groups Success ‣ Place demands on the businesses ‣ Specialize in promoting aims of particular industries. ! ‣ Funded by organizations that operate in that industry. ! Eg: Anti - piracy campaigns. ! ‣ Trade associations - Promote products of an industry. ! Eg: Farmers’ association collaborating to promote benefits of eating fruits and vegetables. Local community Funding Public opinion No. of members Commitment that operate in the community. ! Includes: ! • Job creation. ! • Consideration of local environment. ! • Increased variety of products at cheaper prices. ! • Sponsorship of local events.
- 7. Should firms be afraid of SIG’s? Power of the SIG - Greater power = greater influence. Market power of firm - More monopoly power = less reaction to SIG. Compliance costs. Stakeholder views - With respect to firms image. Objectives with respect to CSR.
- 8. Stakeholder conflict Managers make decisions which may address the interests of only one stakeholder group = conflict. ! ! !
- 9. Stakeholders and business strategy How to deal with conflicting stakeholder needs? The type of organization: Public limited companies give importance to shareholders. ! Aims and objectives: Profit vs. CSR ! Source and degree of power of each stakeholder group: Are the trade unions strong?
- 11. End