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
- Owners
- Shareholders
- Directors
- Management
- Employees
3
Q
Who are the External Stakeholders?
A
- Customers
- Competitors
- Interest Groups
- Government
- Suppliers
- 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.