Stakeholders and Economic Influences

Front

Stakeholders are anyone interested in the activities of a business.

Back

Stakeholders can be internal or external.

Front

Internal stakeholders include employees, managers, and owners.

Back

They are directly involved in the business.

Front

External stakeholders include suppliers, society, government, creditors, customers, and shareholders.

Back

They are affected by the business activities.

Front

Technology enables businesses to develop in trading, communicating, and payments.

Back

It enhances operational efficiency.

Front

Impact on sales: Businesses can reach a wider market but may face increased competition.

Back

Technology can expand market reach.

Front

Impact on costs: Technology can be expensive initially but may reduce costs long-term.

Back

Long-term savings can offset initial investments.

Front

Impact on marketing mix includes product innovation, price efficiency, and place flexibility.

Back

Technology influences marketing strategies.

Front

Employment legislation protects employees' rights from employers' actions.

Back

It ensures fair treatment in the workplace.

Front

Consumer legislation protects consumers from harm caused by products or transactions.

Back

It promotes safe and fair business practices.

Front

Businesses must pay at least the minimum wage to avoid legal issues.

Back

Compliance with wage laws is essential.