NCFE Level 1/2 Award in Business and Enterprise
What are stakeholders?
Stakeholders are people or groups who have an interest - or “stake” - in the activities of a business
These can be split into two types
INTERNAL STAKEHOLDERS - These are people who work for the business. This means that they are INSIDE the business and involved daily
EXTERNAL STAKEHOLDERS - These are people who do not work for the business, and are NOT involved in the day-to-day running of the business. As such they are OUTSIDE the business.
Unfortunately the different requirements of stakeholders can cause problems!
This results in arguments between different parties, about what the business should do
Examination Question One
Identify ONE external stakeholder in a business (1)
Examination Question Two
Analyze ONE benefit to a business of successfully engaging their stakeholders (2)