Business Management SL
Business Management SL
6
Chapters
175
Notes
Unit 1 - Introduction To Business Management - QB
Unit 1 - Introduction To Business Management - QB
Defining Business: From Raw Materials to Recognized Revenue
Key Business Functions: The Pillars of Success for All Sizes
Unraveling Economic Sectors: From Raw Materials To Advanced Information
Top Reasons To Start A Business: Opportunities Unveiled!
Unlocking Success: Essential Steps For Start-Up Businesses
6 Steps To Avoid: Common Pitfalls New Businesses Face
Unveiling Business Basics: From Resources To Sectors
Starbucks & Tata Coffee: A Strategic Union Explained
Private Vs. Public Sectors: Key Differences Explained
Exploring Common Types Of Profit-Based Organizations
Unraveling For-Profit Social Enterprises: Purpose Over Profit
Understanding Non-Profit Social Enterprises: Key Insights
Understanding Business Types: From Sole Trader To Social Enterprises
Understanding Private Vs. Public Sectors: O2S Case Study
Vision Vs. Mission: The Key To Successful Business Aspirations
Unlocking Business Success: Aims vs. Objectives, Strategies vs. Tactics
The Imperative for Businesses to Adapt: Internal and External Triggers
Unlocking Corporate Social Responsibility: Its Power & Impact
Mastering SWOT Analysis: Strategic Planning For Business Success
Unlocking Growth: Dive Deep Into Ansoff Matrix Strategies
Essential Business Checklist: Vision, Mission, Strategy & More!
Discover Route 11 Chips: Sustainable Snacking Redefined!
Understanding Stakeholders: Internal Vs. External
Stakeholder Insights: Internal Vs. External Interests Revealed
Ecosoluciones: Transforming Alumbre With Wind Energy
Mastering STEEPLE: Navigate Business Growth Amidst External Factors
Understanding Economies & Diseconomies of Scale in Business
Internal Vs. External Business Growth: Which Is Best?
Unveiling STEEPLE: Key Influencers of Business Success
Unlocking Acquisition Insights: The Tale of Statson Inc & FlowForm
Understanding Globalization: Its Impact On Modern Business
Secrets Behind Multinational Companies' Rapid Growth
Multinational Companies: Boon or Bane for Host Countries?
Unveiling MNCs: Impacts On Global Economies
Khumalo Pottery Vs. American Giant: A Tale Of Authenticity And Scale
Unit 2 - Human Resource Management - QB
Unit 2 - Human Resource Management - QB
Unit 3 - Finance & accounts - QB
Unit 3 - Finance & accounts - QB
Unit 4 - Marketing - QB
Unit 4 - Marketing - QB
Unit 5 - Operations management - QB
Unit 5 - Operations management - QB
Unit 6 - Assessment
Unit 6 - Assessment
IB Resources
Unit 1 - Introduction To Business Management - QB
Business Management SL
Business Management SL

Unit 1 - Introduction To Business Management - QB

Understanding Stakeholders: Internal Vs. External

Word Count Emoji
640 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Introduction πŸš€

Stakeholder: Any individual/group with an interest in a company's actions and decisions.

Types of stakeholders πŸ•

  • Market vs. Non-market Stakeholders
  • Market Stakeholders: Commercial relationships (money involved).
    • πŸ›οΈ Customers: Want good products at great prices.
    • 🚚 Suppliers: Want to maintain a stable, profitable relationship.
    • 🏦 Lenders: Want their money back with interest.
  • Non-market Stakeholders: No direct monetary transactions.
    • πŸ“Ί Media: Looking for a juicy story!
    • 🏘️ Community: Interested in how the business impacts them.
  • Primary vs. Secondary Stakeholders

    • Primary: Direct relationship with the business.
    • Secondary: Indirect relationship.
      • πŸ“° Media: Looks for attention-grabbing news.
      • πŸ›οΈ Government: Ensures businesses operate within laws.
      • 🌱 NGOs: Advocate for specific causes.
  • Internal vs. External Stakeholders

    • Internal: Work within the business.
      • πŸ‘©β€πŸ’Ό CEO: Focuses on business strategy.
      • πŸ€΅β€β™€οΈ Managers: Aim for specific objectives.
      • πŸ‘¨β€πŸ­ Employees: Want fair wages and good conditions.
    • External: Outside the business.
      • πŸ›οΈ Government: Ensures legal compliance.
      • πŸ“’ Pressure Groups: Monitor impact in their specific area.

Grey areas between stakeholders πŸ€”

  • Employees living in the business’s community are both internal (as employees) and external (as residents).
  • Consultants: External experts but, when hired, have an internal role.

Stakeholders' interests 🎭

  • Internal
    • πŸ“ˆ Shareholders: Want returns on investments.
    • πŸ“Š Managers: Varying focuses from strategy to operations.
  • External
    • 🌍 Community: Concerned about local impact.
    • πŸ’° Financiers: Like shareholders, want returns.
    • 🚫 Competitors: Their actions can affect the business landscape. E.g., United Airlines incident impacted the whole airline industry!

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IB Resources
Unit 1 - Introduction To Business Management - QB
Business Management SL
Business Management SL

Unit 1 - Introduction To Business Management - QB

Understanding Stakeholders: Internal Vs. External

Word Count Emoji
640 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Introduction πŸš€

Stakeholder: Any individual/group with an interest in a company's actions and decisions.

Types of stakeholders πŸ•

  • Market vs. Non-market Stakeholders
  • Market Stakeholders: Commercial relationships (money involved).
    • πŸ›οΈ Customers: Want good products at great prices.
    • 🚚 Suppliers: Want to maintain a stable, profitable relationship.
    • 🏦 Lenders: Want their money back with interest.
  • Non-market Stakeholders: No direct monetary transactions.
    • πŸ“Ί Media: Looking for a juicy story!
    • 🏘️ Community: Interested in how the business impacts them.
  • Primary vs. Secondary Stakeholders

    • Primary: Direct relationship with the business.
    • Secondary: Indirect relationship.
      • πŸ“° Media: Looks for attention-grabbing news.
      • πŸ›οΈ Government: Ensures businesses operate within laws.
      • 🌱 NGOs: Advocate for specific causes.
  • Internal vs. External Stakeholders

    • Internal: Work within the business.
      • πŸ‘©β€πŸ’Ό CEO: Focuses on business strategy.
      • πŸ€΅β€β™€οΈ Managers: Aim for specific objectives.
      • πŸ‘¨β€πŸ­ Employees: Want fair wages and good conditions.
    • External: Outside the business.
      • πŸ›οΈ Government: Ensures legal compliance.
      • πŸ“’ Pressure Groups: Monitor impact in their specific area.

Grey areas between stakeholders πŸ€”

  • Employees living in the business’s community are both internal (as employees) and external (as residents).
  • Consultants: External experts but, when hired, have an internal role.

Stakeholders' interests 🎭

  • Internal
    • πŸ“ˆ Shareholders: Want returns on investments.
    • πŸ“Š Managers: Varying focuses from strategy to operations.
  • External
    • 🌍 Community: Concerned about local impact.
    • πŸ’° Financiers: Like shareholders, want returns.
    • 🚫 Competitors: Their actions can affect the business landscape. E.g., United Airlines incident impacted the whole airline industry!

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management SL. Subscribe now and get closer to that 45 🌟

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