Learning objectives
Identify a business's internal and external stakeholders, such as owners, employees, customers, suppliers, lenders, government and the local community, and describe what each contributes, expects and owes.
Analyse how business decisions affect different stakeholder groups and how those groups are likely to react.
Explain how pressure from stakeholders can change business decisions and how a business reports and answers to them.
Evaluate how conflict arises when stakeholders hold different objectives, such as shareholders seeking dividends while employees seek higher pay, and how it can be managed.
Assess how a change in business objectives, such as a switch from growth to cost-cutting, affects each stakeholder group.
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