BS-Business objectives and stakeholders objectives, page no 53 #BS #Businesobjectivesandstakeholdersobjectives
What are internal stakeholder:
Employees: The people who work directly within the company, contributing to day-to-day operations and productivity.
Managers and Executives: Decision-makers who guide the organization’s strategy and oversee operations.
Owners/Shareholders: Individuals or entities with ownership in the company, typically concerned with profitability and company growth.
Board of Directors: Members responsible for overseeing the organization’s direction and ensuring it serves its stakeholders’ interests.
What are external stakeholder:
Customers: End-users of the company’s products or services, whose satisfaction directly impacts business success.
Suppliers and Vendors: Entities that provide goods and services necessary for production and operations.
Investors: Individuals or institutions that fund the business in exchange for a return on investment.
Government and Regulatory Bodies: Agencies ensuring the business complies with laws, regulations, and industry standard.
What are the objectives for internal stakeholders:
Employees:
Objective: Job security, fair compensation, and a positive work environment.
Managers and Executives:
Objective: Achieve organizational goals, improve performance, and ensure sustainable growth.
Owners/Shareholders:
Objective: Maximize profit, increase the value of the company, and secure a return on investment.
Board of Directors:
Objective: Provide strategic oversight and ensure the company is meeting its goals and ethical standards.
What are the objectives for external stakeholders:
Customers:
Objective: Receive high-quality products or services at fair prices and good customer service.
Suppliers and Vendors:
Objective: Maintain long-term partnerships and secure consistent business with fair payment terms.
Investors:
Objective: Achieve a good return on their investment and minimize financial risk.
Government and Regulatory Bodies:
Objective: Ensure the company follows laws and regulations, and protect the public’s interest.
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What are some common conflicts that arise between stakeholders, and how can they be resolved?
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