Business Internal and External Stakeholders/ Corporate Social Responisbility Flashcards Preview

VCE Business Management 3/4 2017 > Business Internal and External Stakeholders/ Corporate Social Responisbility > Flashcards

Flashcards in Business Internal and External Stakeholders/ Corporate Social Responisbility Deck (7)
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1
Q

What are Stakeholders?

A

Stakeholders are groups and individuals who interact with the business and have a vested interest in its activities

2
Q

Who are the Internal Stakeholders?

A
  1. Owners
  2. Shareholders
  3. Directors
  4. Management
  5. Employees
3
Q

Who are the External Stakeholders?

A
  1. Customers
  2. Competitors
  3. Interest Groups
  4. Government
  5. Suppliers
  6. Members of the community
4
Q

Who are in the Interest Groups?

A
  • Trade Unions
  • Consumer Groups
  • Specific Issue Groups
5
Q

What is Corporate Social Responsibility?

A

Corporate Social Responsibility is the obligations a business has over and above the legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment.

6
Q

What are some potential conflicts between CSR and Stakeholders?

A
  • Employees require safe working conditions and reasonable wages, but this will reduce the businesses profit and dividends to shareholders.
  • Management could attempt to maintain profit and high divided to shareholders by raising the prices of the products, but this will upset consumers, who expect reasonably priced products.
7
Q

what is the Triple Bottom Line?

A

The Triple Bottom Line refers to the economic, social and environmental performance of the business.