How do I answer a question concerning stakeholders in a business?
When answering a question about stakeholders 2 aspects should be analysed -influence and interest.
An influence is how they can exert pressure on the business or the power they have in the business. Power in a business only rests with Shareholders (for limited companies) and Managers. The only other stakeholders with considerable power are organisations like Central Govt which can introduce laws and regulations, but this is very limited power. Most stakeholders will exert influence for example customers can exert influence by consuming other products from other businesses.
An interest refers to what stakeholders are looking for in a business. For employees they will want fair wages and working conditions while customers will want to have a wide choice of products of high quality.
