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

What are Stakeholders?

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

2

Who are the Internal Stakeholders?

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

3

Who are the External Stakeholders?

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

4

Who are in the Interest Groups?

- Trade Unions
- Consumer Groups
- Specific Issue Groups

5

What is Corporate Social Responsibility?

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

What are some potential conflicts between CSR and Stakeholders?

- 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

what is the Triple Bottom Line?

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