1.5 External influences on business - revision

What are stakeholders

• Senior managers of a business

• Owners of a share in a business

• All those groups with an interest in the success or failure of a business

• The franchise owner of a business

Pressure groups are....

• Non-profit making firms such as OXFAM

• Organisations formed to put forward a particular viewpoint

• Owners of a business

• Members of a trade union

Which TWO of the following are most likely to be the objectives of government

• Secure jobs and lower unemployment

• Higher profits and bonuses

• Lower prices

• Higher levels of taxation

• Good quality products and services

Which one of the following stakeholders is most likely to have an objective of profit maximisation?

Select one answer:

• Pressure group

• Customers

• Shareholders

• Suppliers

Which TWO of the following are most likely to be the objectives of business managers

• Secure jobs

• Higher profits and bonuses

• Lower prices

• Higher levels of taxation

• Good quality products and services

A business decides that it will increase the wages of its lowest paid workers from £6.70 an hour to £7.50. Which stakeholder groups are most likely to be in conflict with each other as a result of this decision

• Shareholders and local residents

• Customers and competitors

• Suppliers and local residents

• Shareholders and workers

A UK manufacturing business decides to buy its raw materials from a German company and not from its usual UK supplier. Which stakeholder groups are most likely to be in conflict with each other as a result of this decision?

Select one answer.

• Shareholders and local residents

• Customers and competitors

• Suppliers and managers

• Shareholders and managers

Which one of the following is an example of a business using digital communication?

Select one answer:

• Social media to promote special offers

• Printed flyers through letter boxes

• Database to store employees’ details

• Computers to aid manufacturing

Which one of the following is an example of a payment system that uses technology?

Select one answer:

• Twitter

• Cash

• PayPal

• E-commerce

Which one of the following is a benefit of e-commerce to a business?

Select one answer:

• Access to wider markets

• Technological advancements

• Quicker manufacturing

• Effective use of ICT