#1
Who are stakeholders in a business?
Anyone affected by the business
ExplanationStakeholders encompass all those impacted by the business's actions.
#2
Which of the following is NOT considered a stakeholder?
Competitors
ExplanationCompetitors are not stakeholders as they are external entities seeking to outperform the business.
#3
Which stakeholder group typically focuses on product quality and service?
Customers
ExplanationCustomers are primarily concerned with receiving high-quality products and services.
#4
Which of the following is NOT a category of stakeholders?
Direct stakeholders
ExplanationDirect stakeholders are a valid category, consisting of those directly impacted by the business.
#5
Which stakeholder group is primarily concerned with regulatory compliance?
Government agencies
ExplanationGovernment agencies focus on ensuring businesses adhere to legal and regulatory standards.
#6
What is the key difference between primary and secondary stakeholders?
Primary stakeholders are directly affected by the company's actions
ExplanationPrimary stakeholders have a direct interest or involvement in the business's activities, whereas secondary stakeholders are indirectly affected.
#7
What is the primary goal of stakeholder management?
Balancing the interests of all stakeholders
ExplanationStakeholder management aims to harmonize the various interests of stakeholders for overall business success.
#8
Which stakeholder group typically focuses on financial returns?
Investors
ExplanationInvestors primarily seek financial gains from their investment in the business.
#9
What is the concept of stakeholder salience?
The level of urgency stakeholders have in relation to the company
ExplanationStakeholder salience refers to the significance or priority a stakeholder holds concerning the business.
#10
How does effective stakeholder management benefit a business?
By minimizing conflicts between stakeholders
ExplanationEffective stakeholder management reduces conflicts, fostering smoother business operations.
#11
What role do stakeholders play in corporate social responsibility (CSR)?
Stakeholders influence CSR policies and practices
ExplanationStakeholders exert influence on a business's CSR initiatives, shaping its ethical and social responsibility practices.
#12
What is the significance of stakeholder engagement?
It fosters trust, cooperation, and support among stakeholders
ExplanationStakeholder engagement builds rapport and mutual understanding, enhancing collaboration and support.
#13
What is a stakeholder analysis used for in business?
To identify and understand stakeholders' interests
ExplanationStakeholder analysis helps in recognizing the needs and concerns of different stakeholders.
#14
In stakeholder theory, what is the primary focus of management's responsibility?
Balancing the interests of all stakeholders
ExplanationAccording to stakeholder theory, management is tasked with ensuring the equitable consideration of all stakeholders.
#15
In stakeholder management, what does the 'power-interest grid' help to determine?
The level of influence and interest of stakeholders
ExplanationThe power-interest grid assesses stakeholders based on their influence and interest in the business.