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Business stakeholders
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Stakeholders are anyone with an interest in a business. They want different things, which can lead to conflict.
Who are stakeholders?
Two-way influence
Business activity affects stakeholders: a new factory brings jobs but also traffic.
Stakeholders impact the business: customers can stop buying, employees can strike, the government can pass laws, pressure groups can run campaigns.
Stakeholders impact the business: customers can stop buying, employees can strike, the government can pass laws, pressure groups can run campaigns.
Conflicts
Stakeholders often want different things.
Shareholders want higher profit, which could mean lower wages (employees) or higher prices (customers).
Expanding a factory creates jobs but may upset local residents.
Shareholders want higher profit, which could mean lower wages (employees) or higher prices (customers).
Expanding a factory creates jobs but may upset local residents.
A supermarket plans to open 24 hours a day. Identify one stakeholder who benefits and one who may object.
- Customers gain convenience; employees may gain extra hours.
- Local residents may object to noise and traffic at night.
Answer: Customers benefit; local residents may object.
Stakeholders: shareholders, employees, customers, managers, suppliers, local community, pressure groups and government. They affect and are affected by the business, and their objectives often conflict.
The interactive lesson includes the diagrams for this topic.
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