IB Business Management HL - Kognity - 1.4 - Stakeholders Review

What is a stakeholder?

• Someone who is holding a steak

• Someone who is interested in improving the company for the greater good

• Someone who is interested in bringing the company down

• Someone who has invested in the company

Select all types of stakeholders:

• Internal Stakeholders

• Business Stakeholders

• External Stakeholders

• Class Stakeholders

Why are stakeholders important?

• They can invest money and resources into the company

• They hold your steak while you put sauce on it

• They can make internal decision within the company

• They have an interest and can impact the company

Who classifies as an internal stakeholder?

• Customers

• Board Members

• Employees

• Suppliers

Who classifies as an external stakeholder?

• Customers

• Board Members

• Employees

• Suppliers

What are the three types of sustainability?

• Economic

• Sociocultural

• Emotional

• Environmental

Governments implementing taxation policies and regulatory frameworks - laws and regulations

• External Stakeholders

• Internal Stakeholders

• Both

• None of the above

Define environmental impact, the effect of human activity on the environment in the form of creating environmental imbalance:

• The positive effects of business activity on the natural environment

• The negative effects of business activity on the natural environment

• Sustainable business methods that maintain ecosystems

• Rules aimed at finding the right balance between protecting the environment while encouraging economic growth

How can keeping stakeholders happy benefit a business?

• Improve productivity

• Enhance corporate image

• Increase sales

• All of the above

Who is responsible for identifying and balancing the different needs of various stakeholders?

• Managers

• Customers

• Workers

• Government