stakeholder interests
what are stakeholders?
individuals or groups that have vested interest in the performance and activities of a business.
what is stakeholder conflicts
when businesses actions cause dispute between stakeholders because they feel their vested interests aren't met
what is CSR
corporate social responsibility is the ethical conduct of a business beyond legal obligations to improve the social, economic and environmental outcomes of stakeholders
who are the internal stakeholders and the external stakeholders?
internal: owner, manager and employees
external customer, supplier and general community
what is a potential conflict between managers and owners?
managers wants increased salaries for achieving business objectives but owner wants to reduce managers salary to increase sales.
what are 2 legal obligations managers have to comply too for employees and then what is 2 CSR considerations they can make to benefit the employees
legal obligations: minimum wage and safe working conditions
CSR considerations: provide work from home options and provide flexible working shifts
what are 3 vested interests a manager has in a business?
opportunities for career advancement
pay that matches the responsibilities
status and recognition for work achievements
what is a potential conflict between employees and customers?
employees want to complete less tasks and have fewer hours but customers want a higher level of product and service
what are 2 legal obligations business must meet and 2 CSR considerations to benefit customers
legal obligations: honour guarantees, returns, refunds and accurately promoted products and services.
CSR considerations: ethical or green marketing and provide customers with options that contribute to the general community
what is the customers role in a business and then there vested interest
a customers role is to purchase products and services a business sell.
their vested interests are products and services that are high quality and value for money
what is a potential conflict between the supplier and general community
a supplier may use unsustainable methods to reduce their costs and increase profits by the general community want no damage to the environment
what is the general communities role within a business and then their vested interests
the general communities role in a business is to observe the impact of the businesses operations.
its vested interests are business activities that improve the community and environment