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relations</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21670/unit-3.html" title="Unit 3">Unit 3</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21744/31-sources-of-finance.html" title="3.1 Sources of finance">3.1 Sources of finance</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24501/glossary-sources-of-finance.html" title="Glossary: Sources of finance">Glossary: Sources of finance</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21745/32-costs-and-revenues.html" title="3.2 Costs and revenues">3.2 Costs and revenues</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22092/glossary-costs-revenues.html" title="Glossary: Costs & revenues">Glossary: Costs & revenues</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21746/33-break-even-analysis.html" title="3.3 Break-even analysis">3.3 Break-even analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22270/contribution-analysis.html" title="Contribution analysis">Contribution analysis</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" 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fa-caret-right "></i><a class="" href="../page/44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44338/23-leadership-and-management.html" title="2.3 Leadership and 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href="../page/43823/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44660/43-sales-forecasting-hl.html" title="4.3 Sales forecasting (HL)">4.3 Sales forecasting (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44669/benefits-limitations-of-sales-forecasting.html" title="Benefits & limitations of sales forecasting">Benefits & limitations of sales forecasting</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44679/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" 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International marketing (HL)">4.6 International marketing (HL)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management 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<div id="main-column" class="span9"><article id="conflict-between-stakeholders" style="margin-top: 16px;"><h1 class="section-title">Conflict between stakeholders</h1><div class="row-fluid" style="margin-bottom: 14px;"><div class="span12 scrollToTask shadow" data-target="tib-quiz-task" style=""><div class="std-taskbar task-not-done"><i class="fa fa-puzzle-piece fa-fw" style="margin-left: 4px;"></i> Quiz task</div></div></div><div class="row-fluid"><section class="span12" id="main-content"><!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body><div class="panel panel-has-footer" style="box-shadow: rgba(17, 0, 51, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><span style="font-family:arial,helvetica,sans-serif;"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a></span><div><p><span style="font-family:arial,helvetica,sans-serif;">Conflict between stakeholders (AO2)</span></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="206" src="../../ib/businessmanagement/images/stakeholders-1.jpg" width="366"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>"There is no greater enemy of effective thinking than divided interest."<br>- </em>John Dewey, <em>How We Think</em> (1910)</span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">Different stakeholder groups have different interests, which can conflict. <strong>Conflict </strong>refers to the mutually exclusive and incompatible interests of different stakeholder groups. If this is not managed, it often leads to protracted disagreements, disputed and arguments in the workplace.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Examples of possible conflict between different stakeholders’ interests include:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Employees demand higher wages, which raises production costs so can reduce the amount of profits from which shareholders receive dividend payments.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Similarly, senior managers and directors may demand large bonuses for their work, but this may also reduce the profits available to distribute to the company’s shareholders.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Shareholders may demand regular and higher dividend payments, but this may result in less retained profits (see Unit 3.2) available for production and marketing managers to improve their functional roles.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Customers may want lower prices, but this reduced the firm’s profit margin so can upset the company’s shareholders.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Employers may want greater efficiency and productivity gains by investing in new technologies, but this might create job losses for employees.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The local community want demand businesses operate in a socially responsible way and create jobs in the local area, although this can create congestion and noise and air pollution in the local area, thereby upsetting other members of the community.</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="215" src="../../ib/businessmanagement/images/night-flight.png" width="387"> </span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Night flights can be convenient for customers, but noisy for local residents living near airports</em></span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">Hence, it can be extremely challenging to satisfy the diversified interests of all stakeholder groups.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Nevertheless, there can be possible areas of mutual benefits between stakeholders’ interests. For example:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Business expansion can generate more profits for shareholders, whilst creating more jobs in the local community. Business growth can also generate more tax revenues for the government. Suppliers also benefit from more orders.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Customers want value for money, with competitive prices and good quality products. This does not necessarily cause a conflict with managers and directors as businesses that create value for money are most likely to sustain profits in the long term, generating a healthy return on investment for shareholders.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Improved financial rewards for all employees will cost more, but can result in a more motivated, loyal and productive workforce. Ultimately, resolving the potential conflict in interest between employees and employers can lead to improved efficiency and higher profits.</span></p></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">In reality, it is likely that stakeholder conflict is likely to exist at least to some extent (especially for large organizations) due to the varying interests of the different stakeholder groups.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Satisfying the interests of stakeholders is therefore a particularly difficult balancing act of striving to meet the complex and competing interests of all stakeholder groups.</span></p><p>Watch this short news report about stakeholder conflict at Uber and Lyft in California, USA. Identify the various needs of Uber and Lyft and how these might conflict with their drivers.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/n7gHRcpahTU" title="YouTube video player" width="640"></iframe></p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">The video clip highlights the legal dispute between Uber and Lyft with some of their ride-sharing drivers in California. The drivers claim to be denied of employment entitlements such as a minimum wage, healthcare provision, and paid (holiday) leave. Uber and Lyft want to protect their profit margins by avoidig the high costs of employment perks and entitlements. By contast, their drivers have safety needs, such as job security and other employment entitlements.</span></p></section><hr class="hidden"><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span>Case Study - Stakeholder conflict at Virgin Group</span></span></h5><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>"Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients."</em><br>- Sir Richard Branson</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Many people and businesses argue that customers are the most important stakeholder group and that their needs must be met in order for the business to succeed. They argue that the customer is always right, even if / when they are wrong.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Sir Richard Branson (b.1950), founder of the Virgin Group, strongly believes that stakeholder conflict need not exist by placing the interests of employees first. He argues that by doing so, employees will look after the company's customers, which will ultimately bring value to shareholders (stockholders).</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Watch this short video featuring Sir Richard Branson, who talks about why he thinks this is so important for his business (and any business). Thank you to <strong>Rebecca Graham</strong>, from Chester International School in the UK, for suggesting and sharing this video link:</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/NPiCYoX-S_I" width="640"></iframe></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The Virgin Group consists of more than 400 different companies that operate in different industries. According to Sir Richard Branson, the company's ethos is based on delivering exceptional customer service by first looking after their employees.</span></p></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-exchange fa-lg" style="color: rgb(103, 7, 124);"> </span> <span style="color:#FF0000;">Key concept - Change</span></span></h5><p>Use example to explain why change can often bring about conflict among different stakeholder groups.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(103, 7, 124);"> </span> Business Management Toolkit</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Examine how the corporate culture <span style="font-family:arial,helvetica,sans-serif;">in an organization of your choice</span> has been influenced by different stakeholder groups. You may wish to refer to BMT 11 - Hofstede's cultural dimensions (HL only) prior to answering this question.</span></p></div><p><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this 11-minute video to recap your knowledge and understanding of internal and external stakeholders, their objectives, and managing stakeholder conflicts.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">After watching the video, have a go at the Review Questions below for this section of the IB Business Management syllabus.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/tZGol4xtY3g" width="640"></iframe></span></p><hr class="hidden"><p>Note that resolving stakeholder conflict is no longer in the syllabus, although it may seem logical to understand how managers might go about resolving conflict between stakeholders. Click the icon below to read about this (although not explicit in the guide, it can help students to consolidate their understanding of this topic).</p><section class="tib-hiddenbox"><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../ib/businessmanagement/images/stakeholders(1).jpg" style="width: 320px; height: 199px;"></span></p><p><span style="color:#696969;"><em>"If the customer is happy, the business is happy, and the shareholders are happy."</em><br>- Jack Ma, co-founder of Alibaba Group</span></p></div></div><div class="panel-footer" style="background-color: rgb(247, 245, 250);"><div><p>Note: the supplementary information included here can be useful for HL students in particular when linked to the content in Unit 2.7 - Industrial/employee relations.</p><p>Methods that managers could use to resolve stakeholder conflict include:</p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Compromise</strong> involves stakeholders deliberately making considerations for other stakeholders, despite their differences. For instance, workers might strive to improve their productivity in return for the demands for higher wages and salaries; employers might choose to stagger closure of businesses (to cut costs) in order to allow workers more time to seek alternative employment.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Conciliation</strong> is a service that strives to align the incompatible interests of different stakeholder groups. Conciliators support both parties in a dispute to better understand each other’s interests and needs, which can help to resolve stakeholder conflicts.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Arbitration</strong> is a service used to resolve stakeholder conflict by considering the perspectives of all parties involved in the dispute. All stakeholder groups in conflict agree to accept the decision or judgment of the arbitrator (see <a href="../page/21758/26-industrialemployee-relations-hl-only.html" title="Unit 2 » 2.6 Industrial/employee relations (HL only)">Unit 2.6</a>), which is made independently.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Worker participation </strong>(also called <strong>industrial democracy</strong>) involves employees having a direct say in how things are done in the workplace. This enables workers to have some degree of decision-making power, which can help to minimise potential conflict between employees and employers, especially if worker participation helps to improve motivation and productivity.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Share ownership schemes ­</strong>(see Unit 2.4) can help to resolve potential conflict between shareholders and employees. This is because workers are able to purchase shares (at a discounted price) in the company thereby entitling them to a share of the company’s profits, based on the degree of the company’s financial performance and success.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Profit related pay </strong>(also see Unit 2.4) can resolve potential conflict between managers/directors and workers. In return for improved labour productivity, employees may be given a share of the company’s (higher) profits. This creates incentives for employees to work harder in line with the expectations of managers and directors.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Public relations</strong> (PR) is used to communicate positive news about the organization with the press (media) and local community. Keeping them up to date and well informed about the organization’s operations and/or planned changes can reduce misunderstandings and potential stakeholder conflict.</span></p></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">The outcome of any method of conflict resolution largely depends on the relative bargaining power of the different stakeholder groups.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">For example, large and internationally known pressure groups, such as Oxfam, Amnesty International and Greenpeace, can put huge pressures on businesses to act in a socially responsible way and to consider the interests of local communities.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="175" src="../../ib/businessmanagement/images/greenpeace.png" width="307"> </span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Greenpeace is an international pressure group</em></span></span></p></div></div></section><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity – People Problems: Role Play</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../ib/businessmanagement/images/people-problems.png" style="width: 200px; height: 160px;"></span></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Consider the four "people problems" below and take turns to role play the characters and to observe how the conflict worsens or gets resolved.</span></p><div class="blueBg"><p><strong><span style="font-family:arial,helvetica,sans-serif;">People problem 1: Unfair dismissal?</span></strong></p><p><span style="font-family:arial,helvetica,sans-serif;">The school principal publicly humiliates a teacher in the staffroom. The teacher storms out of the school in tears and wants the backing of her trade union to sue the school for constructive dismissal. The union representative meets with the principal. Should the principal fight the case or reach a settlement?</span></p></div><div class="pinkBg"><p><strong><span style="font-family:arial,helvetica,sans-serif;">People problem 2: The failing employee?</span></strong></p><p><span style="font-family:arial,helvetica,sans-serif;">Lisa was one of the top salespeople at Tours Corp. However, she has recently been late for work and has not been meeting her sales targets. Ellie, the sales manager, wants Lisa sacked (fired) from her job but Ryan, the marketing director, disagrees. What should they do?</span></p></div><div class="blueBg"><p><strong><span style="font-family:arial,helvetica,sans-serif;">People problem 3: Sexual harassment?</span></strong></p><p><span style="font-family:arial,helvetica,sans-serif;">Debbie has complained that Nial, her line manager, has been sexually harassing her over the past three months. Nial denies the charges and claims that Debbie is simply incompetent. What should the business do?</span></p></div><div class="pinkBg"><p><strong><span style="font-family:arial,helvetica,sans-serif;">People problem 4: A case of grievance?</span></strong></p><p><span style="font-family:arial,helvetica,sans-serif;">Edd has been accused of stealing from his employers. His boss claims that a witness saw the incident. The boss says that he is willing to forgive Edd if he accepts a whole week’s wages to be deducted to pay for the stolen goods. Edd is adamant of his innocence. What should he do?</span></p></div><div class="greyBg"><p><strong><span style="font-family:arial,helvetica,sans-serif;">Reflections</span></strong></p><p><span style="font-family:arial,helvetica,sans-serif;">What did you learn about conflict and conflict resolution from being part of and/or observing these role plays?</span></p></div></div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><span style="font-family:arial,helvetica,sans-serif;">Key terms</span></p></div></div><div class="panel-body"><div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Arbitration </strong>is a method of conflict resolution used to resolve stakeholder conflict by considering the perspectives of all parties involved in the dispute. All stakeholder groups in conflict agree to accept the decision or judgement of the arbitrator.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Compromise </strong>is a method of conflict resolution that involves stakeholders deliberately making considerations for other stakeholders, despite their differences.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Conciliation </strong>is a method of conflict resolution that involves using a third party to align the incompatible interests of different stakeholder groups. Conciliators support both parties in a dispute to better understand each other’s interests and needs, which can help to resolve stakeholder conflicts.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Conflict </strong>refers to the mutually exclusive and incompatible interests of different stakeholder groups.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Pressure groups</strong> are organizations consisting of like-minded individuals who come together for a common cause or concern.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Share ownership schemes</strong> are a method of conflict resolution that enables workers to purchase shares in the company at a discounted price, thereby granting them part ownership of the business and aligning their interest in the firm’s financial performance and success.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Worker participation</strong> (or <strong>industrial democracy</strong>) is a method of conflict resolution that involves employees having a direct say in how things are done in the workplace. This enables workers to have some degree of decision-making power, which can help to minimise potential conflict between employees and employers.</span></p></li></ul></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p>Review Questions</p></div></div><div class="panel-body"><div><p>Now have a go at these ten questions to test your understanding of conflict between stakeholders.</p><div class="tib-quiz" data-id="dynamic" id="tib-quiz-task" data-structure="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" data-score-answers="6d4a526a457a48584f763758344a7649472f76324c53614b78524c393439595570496d5a5971374b38686f3d"><div class="exercise"><div class="q-question"><p>Which stakeholder group is mainly concerned with how an organization’s operations impacts on their lifestyle, such as employment and the natural environment?</p></div><div class="q-answer"><p><label class="radio" data-answer="6c265a46ddeda4d80d13ca4578bb6959"> <input type="radio"><span> Managers </span></label></p><p><label class="radio" data-answer="eb626c94531ec554f93b2b78a77c8b1b"> <input type="radio"><span> Employees </span></label></p><p><label class="radio" data-answer="970c7b7e89d3ba6686d30a07dd0a494d"> <input type="radio"><span> Local community </span></label></p><p><label class="radio" data-answer="841df4b57d29bb0cda86a9e1b6fadc09"> <input type="radio"><span> Pressure groups </span></label></p></div><div class="q-explanation"><p>The local community will be most interested in the impact of a business on employment opportunities and the natural environment.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div class="exercise"><div class="q-question"><p>Fill in the missing parts in the following text:</p></div><div class="q-answer"><p> <input type="text"> <span class="review"></span> - These are the firm’s rivals, which operate in the same industry and contest for the same customers.</p></div><div class="q-explanation"></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div class="exercise"><div class="q-question"><p>Fill in the missing parts in the following text:</p></div><div class="q-answer"><p> <input type="text"> <span class="review"></span> - The individuals, organizations or groups with a vested interest in the actions and outcomes of a specific organization. They are directly affected by the performance of the business.</p></div><div class="q-explanation"></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div class="exercise"><div class="q-question"><p>Fill in the missing parts in the following text:</p></div><div class="q-answer"><p> <input type="text"> <span class="review"></span> - The group of senior managers who run a company on behalf of the owners of the company.</p></div><div class="q-explanation"></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div class="exercise"><div class="q-question"><p>Which stakeholder group provides other businesses with stocks of raw materials, components and finished goods?</p></div><div class="q-answer"><p><label class="radio" data-answer="b0a096086576d2d34a51906a767886b7"> <input type="radio"><span> Shareholders </span></label></p><p><label class="radio" data-answer="1814d65a76028fdfbadab64a5a8076df"> <input type="radio"><span> Suppliers</span></label></p><p><label class="radio" data-answer="058315b4038c4683e6b7a9ff768f7a45"> <input type="radio"><span> Creditors </span></label></p><p><label class="radio" data-answer="6505362b2c2918d18a401071ee71cc3f"> <input type="radio"><span> Stockholders</span></label></p></div><div class="q-explanation"><p>Suppliers provide other firms with stocks of raw materials, components and finished goods.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div class="exercise"><div class="q-question"><p>Fill in the missing parts in the following text:</p></div><div class="q-answer"><p> <input type="text"> <span class="review"></span> - These stakeholders are part of the organization, e.g. employees, managers and shareholders.</p></div><div class="q-explanation"></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div class="exercise"><div class="q-question"><p>Which of the following groups is not an external stakeholder for an organization?</p></div><div class="q-answer"><p><label class="radio" data-answer="1814d65a76028fdfbadab64a5a8076df"> <input type="radio"><span> Suppliers</span></label> </p><p><label class="radio" data-answer="a81d7a070fbeb59ca04c093008e3e4b0"> <input type="radio"><span> Directors</span></label> </p><p><label class="radio" data-answer="970c7b7e89d3ba6686d30a07dd0a494d"> <input type="radio"><span> Local community</span></label> </p><p><label class="radio" data-answer="841df4b57d29bb0cda86a9e1b6fadc09"> <input type="radio"><span> Pressure groups</span></label> </p></div><div class="q-explanation">Directors are internal stakeholders, not external stakeholders.</div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div class="exercise"><div class="q-question"><p>Fill in the missing parts in the following text:</p></div><div class="q-answer"><p> <input type="text"> <span class="review"></span> - Organizations that provide the goods and support services for other businesses. Their interests include receiving regular orders and receiving payments from their business customers on time.</p></div><div class="q-explanation"></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div class="exercise"><div class="q-question"><p>Fill in the missing parts in the following text:</p></div><div class="q-answer"><p> <input type="text"> <span class="review"></span> - Method of stakeholder conflict resolution which aims to align the incompatible interests of different stakeholder groups by helping different parties to better understand each other’s interests.</p></div><div class="q-explanation"></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div class="exercise"><div class="q-question"><p>Which stakeholders would be most interested in a company’s profit as it affects their dividends and the share value of the company?</p></div><div class="q-answer"><p><label class="radio" data-answer="a81d7a070fbeb59ca04c093008e3e4b0"> <input type="radio"><span> Directors </span></label></p><p><label class="radio" data-answer="1814d65a76028fdfbadab64a5a8076df"> <input type="radio"><span> Suppliers </span></label></p><p><label class="radio" data-answer="eb626c94531ec554f93b2b78a77c8b1b"> <input type="radio"><span> Employees </span></label></p><p><label class="radio" data-answer="6505362b2c2918d18a401071ee71cc3f"> <input type="radio"><span> Stockholders </span></label></p></div><div class="q-explanation"><p>Stockholders are the shareholders of a company, so are interested in the potential dividend payments.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><div id="quiz-checker" class="row-fluid done-task totals" style=""><div class="span6" style="border: none"><a href="#" class="btn btn-large btn-success check-total" data-task-id="399672" data-combined-task-required="no"><i class="fa fa-fw fa-check-square-o"></i> Submit quiz</a><span id="task-completed-badge" title="You have already submitted this task" class="badge badge-info" style="display: none"><i class="fa fa-fw fa-check"></i> Submitted</span></div><div class="span6 text-right score-container"><span>Score: </span><span class="score" style="display: inline-block; width: 6em"></span><input type="hidden" id="quiz-scored"><input type="hidden" id="quiz-marked"></div></div></div></div></div><div class="panel-footer"><div></div></div></div><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">Have a go at more questions about Unit 1.4 Stakeholders from the InThinking Business Management Question Bank <a href="../page/32858/14-stakeholders-question-bank.html" title="Unit 1 » 1.4 Stakeholders » 1.4 Stakeholders question bank">here</a>.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../page/44044/14-stakeholders.html" title="New syllabus 2022 » Unit 1 - Introduction to Business Management » 1.4 Stakeholders">Unit 1.4 - Stakeholders</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../page/43522/unit-1-introduction-to-business-management.html" title="New syllabus 2022 » Unit 1 - Introduction to Business Management">Unit 1 - Introduction to Business Management</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><a href="../../businessmanagement.html"><img alt="" src="../../ib/businessmanagement/logo-blue-black-1.png" style="width: 170px; height: 54px;"></a></span></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script></body></html>
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