Stakeholders
Questions & Exam Practice
Key Concepts Check In
- Define the term stakeholder.
- Identify the six main stakeholders of businesses.
- Describe the role of owners in a business.
- Explain how the interests of the managers can be different from that of the owners.
- What is the primary interest of managers in a business?
- Outline one characteristic of customers as stakeholders.
Deep Dive
- Explain the role of suppliers in supporting a business’s operations.
- Explain the potential conflicts between the interests of employees and owners in a business.
- Compare the interests of customers and the general community as stakeholders.
- Explain the potential conflicts between customers and suppliers..
Content in Action
- Referring to Woolworths, analyse the significance of managers considering all stakeholders when making decisions. (4 marks)
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Hamilton Farms is a family-owned business that grows organic produce. The farm sells its produce directly to customers through farmers’ markets and local grocery stores. The farm employs a small team of workers who assist with planting, harvesting, and packaging the produce.
- Identify two stakeholders for Hamilton Farms. (2 marks)
- Describe the interests of the two stakeholders in Question 12a (4 marks)
- Explain how Hamilton Farms can help satisfy the interests of the two stakeholders. (3 marks)