Chap 5.10: Effect of change on stakeholders

Front

Define STAKEHOLDERS

Back

Stakeholders are individuals or groups with a vested interest in a business's activities.

Front

Importance of considering stakeholder impact during business changes.

Back

Business change affects stakeholders positively and negatively. Consideration of all stakeholders can maximize positive outcomes and minimize negative consequences for both the business and its stakeholders

Front

Types of stakeholders in a business.

Back

Owners, Managers, Employees, Customers, Suppliers, General Community.

Front

Vested interests of OWNERS

Back

Enhancing business reputation, receiving returns on investment.

Front

Vested interests of MANAGERS.

Back

Recognition for achievements, career advancement, receiving bonuses.

Front

Vested interests of EMPLOYEE.

Back

Long-term job security, fair pay, professional development opportunities.

Front

Vested interests of CUSTOMER.

Back

High-quality goods, engaging with ethical businesses, friendly service.

Front

Vested interests of SUPPLIER.

Back

Increasing revenue, earning profit from resources, honest relationships.

Front

Vested interests of the GENERAL COMMUNITY.

Back

Observing business improvements, increasing local employment.

Front

Positive effects of business change on OWNER

Back

- Increased return on investment and greater financial security. - Opportunities to use leadership skills and develop relationships. - Perceived more positively by employees if change is successful.