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planning tools (HL)">Glossary: Organizational planning tools (HL)</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21699/unit-2.html" title="Unit 2">Unit 2</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21753/21-functions-evolution-of-hrm.html" title="2.1 Functions & evolution of HRM">2.1 Functions & evolution of HRM</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25388/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="../21754/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25471/glossary-organizational-structure.html" title="Glossary: Organizational structure">Glossary: Organizational structure</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21755/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24733/glossary-leadership-management.html" title="Glossary: Leadership & Management">Glossary: Leadership & Management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../24745/24-motivation.html" title="2.4 Motivation">2.4 Motivation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24719/glossary-motivation.html" title="Glossary: Motivation">Glossary: Motivation</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21757/25-organizational-culture-hl-only.html" title="2.5 Organizational culture (HL only)">2.5 Organizational culture (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="../25243/glossary-organizational-culture.html" title="Glossary: Organizational culture">Glossary: Organizational culture</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21758/26-industrialemployee-relations-hl-only.html" title="2.6 Industrial/employee relations (HL only)">2.6 Industrial/employee relations (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="../25125/glossary-industrialemployee-relations.html" title="Glossary: Industrial/employee relations">Glossary: Industrial/employee relations</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="../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="" href="../38220/unit-45b-price-revision-flashcards.html" title="Unit 4.5b Price Revision Flashcards">Unit 4.5b Price Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38221/unit-45c-promotion-revision-flashcards.html" title="Unit 4.5c Promotion Revision Flashcards">Unit 4.5c Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38222/unit-45d-promotion-revision-flashcards.html" title="Unit 4.5d Promotion Revision Flashcards">Unit 4.5d Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38223/unit-46-revision-flashcards-hl.html" title="Unit 4.6 Revision Flashcards (HL)">Unit 4.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38224/unit-47-revision-flashcards-hl.html" title="Unit 4.7 Revision Flashcards (HL)">Unit 4.7 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38225/unit-48-e-commerce-flashcards.html" title="Unit 4.8 E-commerce Flashcards">Unit 4.8 E-commerce Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38232/flashcards-revision-unit-5.html" title="Flashcards - Revision (Unit 5)">Flashcards - Revision (Unit 5)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38233/unit-51-revision-flashcards.html" title="Unit 5.1 Revision Flashcards">Unit 5.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38234/unit-52-revision-flashcards.html" title="Unit 5.2 Revision Flashcards">Unit 5.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38235/unit-53-revision-flashcards-hl.html" title="Unit 5.3 Revision Flashcards (HL)">Unit 5.3 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38236/unit-54-revision-flashcards.html" title="Unit 5.4 Revision Flashcards">Unit 5.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38237/unit-55-revision-flashcards-hl.html" title="Unit 5.5 Revision Flashcards (HL)">Unit 5.5 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38238/unit-56-revision-flashcards-hl.html" title="Unit 5.6 Revision Flashcards (HL)">Unit 5.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38239/unit-57-revision-flashcards-hl.html" title="Unit 5.7 Revision Flashcards (HL)">Unit 5.7 Revision Flashcards (HL)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33830/formulae-quiz.html" title="Formulae Quiz">Formulae Quiz</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 Pre-release case study">Paper 1 Pre-release case study</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44969/n22-case-study-ele-plc.html" title="N22 Case Study (ELE PLC)">N22 Case Study (ELE PLC)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M22 (Peacewick Uni)">M22 (Peacewick Uni)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../44106/additional-exam-questions-paper-1.html" title="Additional exam questions (Paper 1)">Additional exam questions (Paper 1)</a></li></ul><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../32840/may-2020-p-s-trawlers.html" title="May 2020 (P&S Trawlers)">May 2020 (P&S Trawlers)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M23 Paper 1">M23 Paper 1</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../47825/paper-1-svt-study-guide-shirin-karimi.html" title="Paper 1 SVT Study Guide (Shirin Karimi)">Paper 1 SVT Study Guide (Shirin Karimi)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26095/exam-study-tips-resources.html" title="Exam & Study tips (resources)">Exam & Study tips (resources)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31342/revision-exams-top-tips.html" title="Revision & Exams - Top tips">Revision & Exams - Top tips</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../47460/top-tips-for-m23-exams.html" title="Top Tips for M23 Exams">Top Tips for M23 Exams</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43522/unit-1-intro-to-bm.html" title="Unit 1 - Intro to BM">Unit 1 - Intro to BM</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44034/11-what-is-a-business.html" title="1.1 What is a business?">1.1 What is a business?</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399681.html" title="1.2 Types of business entities">1.2 Types of business entities</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44041/13-business-objectives.html" title="1.3 Business objectives">1.3 Business objectives</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44044/14-stakeholders.html" title="1.4 Stakeholders">1.4 Stakeholders</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44045/15-growth-and-evolution.html" title="1.5 Growth and evolution">1.5 Growth and evolution</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../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="../43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44256/role-of-hrm.html" title="Role of HRM">Role of HRM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44257/factors-that-influence-hr-planning.html" title="Factors that influence HR planning">Factors that influence HR planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44282/reasons-for-resistance-to-change.html" title="Reasons for resistance to change">Reasons for resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44283/hr-strategies-for-reducing-the-impact-of-change-resistance-to-ch.html" title="HR strategies for reducing the impact of change & resistance to change">HR strategies for reducing the impact of change & resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45458/21-true-or-false-quiz.html" title="2.1 True or False quiz">2.1 True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43677/21-glossary-of-key-terms.html" title="2.1 Glossary of key terms">2.1 Glossary of key terms</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../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="../44338/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45462/23-true-or-false-quiz.html" title="2.3 True or False Quiz">2.3 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43829/24-motivation-and-demotivation.html" title="2.4 Motivation and demotivation">2.4 Motivation and demotivation</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44371/types-of-training.html" title="Types of training">Types of training</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44390/25-organizational-corporate-culture-hl.html" title="2.5 Organizational (corporate) culture (HL)">2.5 Organizational (corporate) culture (HL)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44247/26-communication.html" title="2.6 Communication">2.6 Communication</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43545/unit-3-finance.html" title="Unit 3 - Finance">Unit 3 - Finance</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44435/31-introduction-to-finance.html" title="3.1 Introduction to finance">3.1 Introduction to finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44431/31-introduction-to-finance-role-of-finance.html" title="3.1 Introduction to finance - role of finance">3.1 Introduction to finance - role of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45634/31-glossary-of-key-term.html" title="3.1 Glossary of key term">3.1 Glossary of key term</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44436/32-sources-of-finance.html" title="3.2 Sources of finance">3.2 Sources of finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44437/internal-sources-of-finance.html" title="Internal sources of finance">Internal sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44450/external-sources-of-finance.html" title="External sources of finance">External sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44479/appropriateness-of-sources-of-finance.html" title="Appropriateness of sources of finance">Appropriateness of sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45483/32-true-or-false-quiz.html" title="3.2 True or False Quiz">3.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43688/32-glossary-of-key-terms.html" title="3.2 Glossary of key terms">3.2 Glossary of key terms</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44486/33-costs-and-revenues.html" title="3.3 Costs and revenues">3.3 Costs and revenues</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44492/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44593/35-profitability-liquidity-ratio-analysis.html" title="3.5 Profitability & liquidity ratio analysis">3.5 Profitability & liquidity ratio analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44627/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44493/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44515/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44519/net-present-value-npv-hl.html" title="Net present value (NPV) (HL)">Net present value (NPV) (HL)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44564/39-budgets-hl.html" title="3.9 Budgets (HL)">3.9 Budgets (HL)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43547/unit-4-marketing.html" title="Unit 4 - Marketing">Unit 4 - Marketing</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44637/41-introduction-to-marketing.html" title="4.1 Introduction to marketing">4.1 Introduction to marketing</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../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="../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="../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="../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="" href="../44680/why-how-organizations-carry-out-market-research.html" title="Why & how organizations carry out market research">Why & how organizations carry out market research</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="4.5 The seven Ps of the marketing mix">4.5 The seven Ps of the marketing mix</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44740/451-product.html" title="4.5.1 Product">4.5.1 Product</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44782/453-promotion.html" title="4.5.3 Promotion">4.5.3 Promotion</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44697/46-international-marketing-hl.html" title="4.6 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="../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="../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="../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="../44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44840/55-break-even-analysis.html" title="5.5 Break-even analysis">5.5 Break-even analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44890/56-production-planning-hl.html" title="5.6 Production planning (HL)">5.6 Production planning (HL)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45242/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45669/59-management-information-systems-hl.html" title="5.9 Management Information Systems (HL)">5.9 Management Information Systems (HL)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43603/exams.html" title="Exams">Exams</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43740/command-terms.html" title="Command terms">Command terms</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45612/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../33955/the-core.html" title="The Core">The Core</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The EE">The EE</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32857/ee-planning-form.html" title="EE Planning form">EE Planning form</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37390/managing-the-ee-process.html" title="Managing the EE process">Managing the EE process</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25192/tok-bm.html" title="TOK & BM">TOK & BM</a></li></ul><li class=" parent 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<div id="main-column" class="span9"> <article id="the-interests-of-stakeholders" style="margin-top: 16px;">
<h1 class="section-title">The interests of stakeholders</h1>
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<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><h6><span style="font-family:arial,helvetica,sans-serif;">The interests of internal stakeholders (AO2)</span></h6></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/generic/business-1.jpg" style="width: 300px; height: 157px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Internal stakeholders</strong> are individuals or groups who are part of the organization. Examples include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">employees</span></li><li><span style="font-family:arial,helvetica,sans-serif;">managers</span></li><li><span style="font-family:arial,helvetica,sans-serif;">directors (executives), and</span></li><li><span style="font-family:arial,helvetica,sans-serif;">shareholders (the owners of the business).</span></li></ul></div></div><div class="panel-footer" style="background-color: rgb(247, 245, 250);"><div><h5><span style="font-family:arial,helvetica,sans-serif;">Employees</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Employees</strong> are workers within an organization. They have a vested interest in the business organization that they work for. They can have a major impact on the organization and are directly affected by the financial health of the organization. Their level of motivation and productivity have a direct impact on the performance and prosperity of the business.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The interrelated interests of employees include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Improved terms and conditions of employment</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Better pay and bonuses</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Equal opportunities</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Improved job satisfaction</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Improved job security, and</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Wider opportunities for career progression.</span></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="136" src="../../../ib/businessmanagement/images/workers.png" width="277"> </span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Employees are an internal stakeholder group</em></span></span></p><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Managers</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Managers</strong> are people hired to be responsible for overseeing certain functions, operations or departments within an organization. Many businesses, especially large firms, tend to have three broad levels of management:</span></p><ul><li><span style="font-family:arial,helvetica,sans-serif;"><em>Senior management </em>refers to the team of higher-ranking managers or directors that plan and oversee the long-term aims and strategies of the organisation. They are responsible for the middle managers.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><em>Middle management </em>refers to the group of managers in charge of running individual departments. They set departmental objectives (which are in line with the firm’s overall aims) and are responsible for implementing strategies to achieve these goals. Middle managers are accountable to the senior management team and are responsible for their departmental staff.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><em>Junior management</em> (or <em>supervisory management</em>) refers to lower-ranking managers who are in charge of monitoring and controlling day-to-day and routine tasks. They are accountable to the middle managers and are responsible for their team of workers.</span></li></ul><p><span style="font-family:arial,helvetica,sans-serif;">The interests of managers, irrespective of their rank or seniority in the organization, include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Striving to improve operational efficiency, labour productivity and profits as these are all measure of management performance.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Aiming to improve customer relations in order to maintain or improve the organization’s competitiveness.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Aiming to improve their own salaries, bonuses and other fringe benefits - just like all employees of the organization (see <a href="../21756/24-motivation.html" title="Unit 2 » 2.4 Motivation">2.4 Motivation</a>).</span></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Directors</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Directors </strong>(or <strong>executives</strong>) are the group of senior managers who are legally responsible for the overall running of a company on behalf of their shareholders (the legal co-owners of the company). In a large company, there is likely to be directors responsible for each key <a href="../24088/business-functions-their-roles.html" title="Unit 1 » 1.1 Introduction to business management » Business functions & their roles">functional area</a>: marketing, human resource management, finance and accounts, plus operations management. </span></p><p><span style="font-family:arial,helvetica,sans-serif;">There are two main types of directors:</span></p><ul><li><span style="font-family:arial,helvetica,sans-serif;"><em>Executive directors</em> work full-time at the organization and make key strategic decisions.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><em>Non-executive directors</em> do not work at the organization but are consultants used for their particular expertise. They advise the Board of Directors on corporate strategy.</span></li></ul><p><span style="font-family:arial,helvetica,sans-serif;">Directors must also keep company records and report any changes to the authorities. Other responsibilities of directors include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Advising and supporting the CEO</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Filing company <a href="../21747/34-final-accounts.html" title="Unit 3 » 3.4 Final accounts">annual accounts</a></span></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Target setting and devising long term strategic plans</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Establishing organizational policies and codes of conduct / practice; which in turn means shaping the <a href="../21757/25-organizational-culture-hl-only.html" title="Unit 2 » 2.5 Organizational culture (HL only)">corporate culture</a></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Monitoring and controlling the organization’s overall activities and financial results</span></p></li><li><span style="font-family:arial,helvetica,sans-serif;"></span></li><li><span style="font-family:arial,helvetica,sans-serif;">identifying and recording people with significant control (PSC) in the company. Most PSCs are likely to be people who hold:</span></li></ul><ol><li><span style="font-family:arial,helvetica,sans-serif;">more than 25% of shares in the company</span></li><li><span style="font-family:arial,helvetica,sans-serif;">more than 25% of voting rights in the company</span></li><li><span style="font-family:arial,helvetica,sans-serif;">the right to appoint or remove the majority of the Board of Directors.</span></li></ol><p style="margin-left: 40px;"><span style="font-family:arial,helvetica,sans-serif;">Directors also need to be aware that the information of all PSCs is available to the general public, apart from their home address and date of birth.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The interests of directors (or executives) include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">They have similar interests to managers, but are also likely to strive to improve their share ownership rights and performance related bonuses.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">They are concerned with the organization’s return on investment for their shareholders.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">They strive to improve the competitiveness of the organization as measured by market share and market growth.</span></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/directors.png" style="width: 200px; height: 125px;"> </span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>The CEO is one of the Directors in a company</em></span></span></p><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Shareholders (stockholders)</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Shareholders</strong> (or <strong>stockholders</strong>) are people or other organizations that buy shares in the company. They own a part of the business. The interests of shareholders (owners) of a <a href="../23648/types-of-for-profit-commercial-organizations.html" title="Unit 1 » 1.2 Types of organizations » Types of for-profit (commercial) organizations">limited liability company</a> include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">They have rights to a share of any profits that the company earns (dividend payments); shareholders expect regular payment of dividends.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">They also have voting rights (based on the number of shares they own) on how the company should be run.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">As co-owners of the limited liability company, shareholders expect the business to earn a certain (financial) return on their investment.</span></li></ul><hr class="hidden"><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Top tip!</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Students often confuse the terms ‘<strong>shareholders</strong>’ with ‘<strong>stakeholders</strong>’. Shareholders (owners of limited liability companies) are a type of stakeholder group, but business have other stakeholders too that are not necessarily shareholders (such as employees, suppliers and the government).</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">There are three key reasons why investors buy shares in a limited liability company, although only the first two apply to most shareholders:</span></p><ol><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Dividends </strong>- Companies listed on a public stock exchange usually pay dividends to their shareholders biannually (twice a year). The dividends represent a share of the company's profits paid on each share that the shareholder owns, so the more shares held the higher the total dividend payment.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Capital growth</strong><strong> -</strong> Stock brokers and investment bankers argue that over the medium to long term, shares outperform the return from savings in an ordinary bank account. Over time, the market price of shares can increase, so shareholder can sell their shares at a higher price, thereby making a financial gain (known as <em>capital growth</em> or <em>capital gain</em>). However, due to the volatility of stock markets, share prices can indeed fall sharply without any prior warning. Hence, holding shares can be a risky strategy for investors.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Voting power</strong> <strong>- </strong>Shareholders who hold enough shares in a limited liability company can become a major influence in the management and operations of the organization. These people tend to be experienced risk takers and possess high entrepreneurial spirit, such as the senior directors of a company.</span></li></ol></section></div></div></div></div><hr class="hidden"><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><h6><span style="font-family:arial,helvetica,sans-serif;">The interests of external stakeholders (AO2)</span></h6></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><strong>External stakeholders</strong> are people or organizations not part of the business but have a direct interest in its decisions, actions and performance. Examples of external stakeholder groups include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">customers</span></li><li><span style="font-family:arial,helvetica,sans-serif;">competitors</span></li><li><span style="font-family:arial,helvetica,sans-serif;">suppliers</span></li><li><span style="font-family:arial,helvetica,sans-serif;">financiers</span></li><li><span style="font-family:arial,helvetica,sans-serif;">labour unions (trade unions)</span></li><li><span style="font-family:arial,helvetica,sans-serif;">the local community</span></li><li><span style="font-family:arial,helvetica,sans-serif;">pressure groups, and</span></li><li><span style="font-family:arial,helvetica,sans-serif;">the government.</span></li></ul></div></div><div class="panel-footer" style="background-color: rgb(247, 245, 250);"><h5><span style="font-family:arial,helvetica,sans-serif;">Customers</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="168" src="../../../ib/businessmanagement/images/customers.jpg" width="342"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Customers</strong> are the firm’s clients who pay for the goods and/or services of the business. The interests of customers include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Customers strive for cheaper and more competitive prices for the goods and services they purchase.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">They demand products that are of an acceptable quality for the price they pay.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">They want products that are safe and fit for their purpose.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Customer service is paramount, such as the provision of after-sales support.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Overall, customers want value for money.</span></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/customers.png" style="width: 200px; height: 138px;"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Customers are an external stakeholder group</em></span></span></p><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Competitors</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Competitors</strong> are the organization’s rival businesses competing in the same industry. The interests of competitors (or <strong>rivals</strong>) include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Competitors are interested in the organization’s operations, such as its product range and pricing strategies.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Competitors are also interested in the finances of the business in question, such as its final accounts (see <a href="../21747/34-final-accounts.html" title="Unit 3 » 3.4 Final accounts">Unit 3.4</a>) and how competitive its remuneration package is (such as salaries and fringe benefits offered to its employees).</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Competitors also have a vested interest in the behaviour and operations of the business in question as this can affect the reputation and sales of the industry as a whole.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">It is not uncommon for rival companies to hold shares in the business in question. For example, Cathay Pacific Airways (CPA) is partially owned by Air China (which holds 30% of the shares in Hong Kong's flagship carrier) and Qatar Airways (which owns 9.4% of the shares in CPA). Porsche own more than 31% of the shares in Audi (which itself is part of the Volkswagen Group).</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Rivals are also interested in benchmark data to measure their own performance, such as sales turnover, <a href="../25466/market-share.html" title="Unit 4 » 4.1 The role of marketing » Market share">market share</a>, and <a href="../21748/35-profitability-and-liquidity-ratio-analysis.html" title="Unit 3 » 3.5 Profitability and liquidity ratio analysis">financial ratio analysis</a>.</span></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="151" src="../../../ib/businessmanagement/images/competitors.png" width="235"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Competitors are external stakeholders</em></span></span></p><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Suppliers</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="156" src="../../../ib/businessmanagement/images/supermarket(3).jpg" width="367"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Suppliers</strong> are the organizations that provide the goods and support services for other organizations. For example, Pepsi Cola supplies its drinks to Pizza Hut and KFC restaurants. Foxconn is Apple’s supplier of iPhones.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The interests of suppliers as an external stakeholder group include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Suppliers are interested in securing contracts for regular orders from their business customers.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">They demand prompt payment from their business clients for the orders placed and the deliveries made.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Whilst they may offer larger business customers price discounts, suppliers strive to achieve reasonable prices for the goods and services they supply.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Having a good professional relationship with suppliers means the business is more likely to receive timely deliveries and better credit terms.</span></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Financiers</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/money(1).jpg" style="width: 300px; height: 154px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Financiers</strong> (or <strong>lenders</strong>) are banks, investors, insurance companies and other financial backers that provide finance for businesses (see Unit 3.1). The interests of financiers as an external stakeholder group include the following:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">They are interested in the financial health of an organization in order to judge its ability to repay debts and to generate profits.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">They expect regular and prompt repayment of the money lent to the business and also demand a competitive return on their investment funds.</span></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Labour unions (trade unions)</span></h5><p>A labour union is an organization that aims to protect the interests of its worker members. In particular, it focuses on the terms and conditions of employment, such as workers’ pay and benefits. A worker becomes a member of a trade union by paying a subscription fee, usually on a yearly basis. The membership fees help to pay for the administrative and legal expenses of operating the trade union.</p><p>Labour unions originated in the 19th century in the UK and the USA. People often worked in very poor conditions, so trade unions were created to bargain for better terms and working environments for their members. Labour unions are organizations recognized as legal representatives of workers, thereby serve to act in the best interest of their members. They also lobby the government to pass laws and regulations that protect workers, such as statutory employment rights.</p><p>There is often conflict between the interests of employees and employers. For example, an increase in pay and benefits, along with pressures to reduce working hours, will improve the terms of employment for employees but increase costs for employers.</p><div><a href="https://www.statista.com/chart/9919/the-state-of-the-unions/" title="Infographic: How U.S. Trade Union Membership Compares | Statista"><img alt="Infographic: How U.S. Trade Union Membership Compares | Statista" height="auto" src="../../../Infographic/images/normal/9919.jpeg" style="width: 100%; height: auto !important; max-width:960px;-ms-interpolation-mode: bicubic;" width="100%"></a> You will find more infographics at <a href="https://www.statista.com/chartoftheday/">Statista</a></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">ATL Activity (Research skills)</span></span></h5><p>Investigate the number and types of unions that exist in your country or a country of your choice.</p><p>Find a recent example of industrial action that has taken place and determine whether the action was successful or not in achieving its aim.</p></div><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">The local community</span></h5><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>local community</strong> refers to the general public and local businesses (not necessarily competitors though) that have a direct interest in the activities of the business in question. The interests of the local community as an external stakeholder group include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Members of the local community try to encourage the business in question to act in a socially responsible way, such as sustainable activities that protect the environment.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">They expect the business to create jobs in the local area.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">The local community may also want financial support (such as sponsorships and donations) for local events.</span></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Pressure groups</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="154" src="../../../ib/businessmanagement/images/greenpeace.png" width="271"></span></p><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. They are set up as legal business entities to pursue these specialist interests. Examples include:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Greenpeace</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Friends of the Earth</span></li><li><span style="font-family:arial,helvetica,sans-serif;">World Wildlife Fund, and</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Oxfam International.</span></li></ul><p><span style="font-family:arial,helvetica,sans-serif;">Pressure groups strive to influence government and public opinion in order to create the desired social change, such as protection of the environment, fairer terms of international trade or the upholding of human rights.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">They put pressure on organizations to operate in a socially responsible and ethical way, such as the fair treatment of workers. Action from pressure groups help to hold businesses accountable for the impact of their operations and activities on local communities and the natural environment.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="151" src="../../../ib/businessmanagement/images/pressure-groups.png" width="275"> </span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#696969;"><em>Pressure groups campaign for social change</em></span></span></p><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Case Study - Social unrest in France</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">In 2012, France tried to introduce a 75% income tax rate for individuals earning incomes in excess of €1 million ($1.09m per year). However, the proposals were overturned, with some economists arguing that the government would actually receive more tax revenues by <em>cutting </em>tax rates. This is because lower rates of income tax can create incentives to work and also help to reduce tax avoidance and tax evasion.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Mass demonstrations (under what became known as the <em>yellow vests movement</em>) began in Paris starting in November 2018 due to protests against the government for its perceived unfair tax system. The protests ended on 1st May 2021 due to the COVID-19 pandemic that resulted in a national lockdown.</span></p></div><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">The government</span></h5><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>government</strong> is an external stakeholder of all organizations operating within the country. The government is keen to see that businesses operate in a legal and socially responsible way. This is enforced by government policies, such as:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">consumer protection legislation</span></li><li><span style="font-family:arial,helvetica,sans-serif;">employment laws</span></li><li><span style="font-family:arial,helvetica,sans-serif;">environmental protection guidelines</span></li><li><span style="font-family:arial,helvetica,sans-serif;">equal opportunities legislation</span></li><li><span style="font-family:arial,helvetica,sans-serif;">health and safety standards and regulations</span></li><li><span style="font-family:arial,helvetica,sans-serif;">taxation policies and laws.</span></li></ul><hr class="hidden"><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Top tip!</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Students often assume that individuals belong to a single stakeholder group so have different interests. In reality, this is not necessarily the case, such as some employees being managers, directors and/or shareholders of the organization.</span></p></div></div></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Stakeholders Vocab Quiz</span></span></h5><p>Read the 9 clues below and identify the relevant key term.</p><ol><li value="NaN">An analytical tool that places different stakeholder groups into quadrants depending on their relative levels of power and interest in an organization.</li><li value="NaN">Individuals or organizations which have a direct interest in the operations and performance of a particular business.</li><li value="NaN">This is often the result of people having disagreements due to differences in their opinions, interests, and preferences.</li><li value="NaN">Organization which aims to support and help its members by protecting their terms and conditions of employment.</li><li value="NaN">An organized collection of people who seek to influence political decisions in their pursuit of a social cause.</li><li value="NaN">Senior members of an organization who are elected to run the business on their behalf.</li><li value="NaN">Also known as stockholders, these stakeholders are the owners of a limited liability company.</li><li>Arguably the most important stakeholder group for any organization as they purchase goods and services from the business.</li><li>The people in charge of the daily running of a business or a department within an organization.</li></ol><section class="tib-hiddenbox"><p><strong><span style="color:#FF0000;">Answers</span></strong></p><ol><li>An analytical tool that places different stakeholder groups into quadrants depending on their relative levels of power and interest in an organization.<strong> <span style="color:#FF0000;">Stakeholder mapping</span></strong></li><li>Individuals or organizations which have a direct interest in the operations and performance of a particular business. <span style="color:#FF0000;"><strong>Stakeholders</strong></span></li><li>This is often the result of people having disagreements due to differences in their opinions, interests, and preferences. <strong><span style="color:#FF0000;">Conflict</span></strong></li><li>Organization which aims to support and help its members by protecting their terms and conditions of employment. <strong><span style="color:#FF0000;">Trade union</span></strong></li><li>An organized collection of people who seek to influence political decisions in their pursuit of a social cause. <span style="color:#FF0000;"><strong>Pressure group</strong></span></li><li>Senior members of an organization who are elected to run the business on their behalf. <strong><span style="color:#FF0000;">Directors</span></strong></li><li>Also known as stockholders, these stakeholders are the owners of a limited liability company. <span style="color:#FF0000;"><strong>Shareholders</strong></span></li><li>Arguably the most important stakeholder group for any organization as they purchase goods and services from the business. <span style="color:#FF0000;"><strong>Customers</strong></span></li><li>The people in charge of the daily running of a business or a department within an organization. <strong><span style="color:#FF0000;">Managers</span></strong></li></ol></section><p>Download a PDF worksheet to the above quiz for students to complete and keep for revision purposes.</p><p><iframe frameborder="0" height="480" scrolling="no" src="../../../media/ib/businessmanagement/files/1.4-stakeholers-quiz.pdf.html" width="100%"></iframe></p></div><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Exam Practice Question - Rolls-Royce</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/engine.jpg" style="width: 300px; height: 187px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Rolls-Royce to cut 9,000 jobs as Covid-19 takes toll on airlines</strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;">In May 2020, Rolls Royce announced 9,000 jobs losses in the UK due to the airline industry being hit hard by the global coronavirus pandemic. Rolls-Royce employs 23,700 staff in the UK, with most of the aerospace employees working in Derby, England. Rolls-Royce – known for its super luxury cars – is also a major jet engine manufacturer for the world’s largest aircraft manufacturers (Airbus and Boeing) and services the engines of major airline carriers. The company announced the job losses in order to save £1.3 billion ($1.7bn) in annual cost savings due to the worldwide crisis.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The Covid-19 pandemic grounded most of the world’s airlines during the latter part of 2019 and most of 2020, with flights having plummeted by 90% in April 2020 (a month before the job cuts were announced). This meant demand for Rolls-Royce to service and maintain aircraft engines fell sharply. Rolls-Royce also makes engines for fighter jets and ships, as well as reactors for nuclear submarines. The company employs around 52,000 staff in over 50 countries around the world.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Rolls-Royce’s chief executive officer, Warren East, said <em>“Governments across the world are doing what they can to assist businesses in the short term, but we must respond to market conditions for the medium term until the world of aviation is flying again at scale. Governments cannot replace sustainable customer demand that is simply not there.”</em></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The Board of Directors suggested the news would reduce the return on investment for shareholders of Rolls-Royce, at least in the short run.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><em>Source</em>: Adapted from <a href="https://www.theguardian.com/business/2020/may/20/rolls-royce-to-cut-9000-jobs-worldwide-as-covid-19-takes-toll">The Guardian</a></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">a. Identify <strong>two </strong>internal stakeholders of Rolls-Royce. <em>[2 marks]</em></span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Internal stakeholders of Rolls-Royce could include:</span></span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Employees (9,000 job losses)</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Shareholders</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Directors (of Rolls-Royce)</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">The chief executive officer (CEO), Warren East.</span></span></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award <em>1 mark</em> for each appropriate <u>internal</u> stakeholder identified, up to the maximum of <em>2 marks</em>.</span></span></p></section><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">b. Identify <strong>two </strong>external stakeholders of Rolls-Royce. <em>[2 marks]</em></span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">External stakeholders of Rolls-Royce could include:</span></span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">The UK government</span></span></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Customers (Boeing, Airbus, and major airline carriers)</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Suppliers (for the production of Rolls-Royce engines)</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Financiers</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Local communities (such as Derby, England).</span></span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award <em>1 mark</em> for each appropriate <u>external</u> stakeholder identified, up to the maximum of <em>2 marks</em>.</span></span></p></section><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">c. Explain <strong>two </strong>conflicts following Rolls-Royce’s decision to reduce its workforce. <em> [4 marks]</em></span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Conflicts following Rolls-Royce’s decision to reduce it workforce in the UK could include:</span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Employees and labour unions protesting against mass job losses whilst Rolls-Royce’s directors strive to cut costs ($1.7bn per year)</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Shareholders experiencing a decline in the return on their investment in Rolls-Royce (largely due to the 90% drop in airline travel and compensation for employees made redundant).</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Suppliers and related industries experience a significant drop in their business due to lower demand for Rolls-Royce jet engines and lower demand for maintenance / servicing of engines from the major airline carriers (due to most flights being grounded).</span></span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award up to <em>2 marks</em> for each stakeholder conflict identified and explained, up to the maximum of<em> 4 marks</em>.</span></span></p></section><p><span style="font-family:arial,helvetica,sans-serif;"><a href="../../../index.htm" target="_blank" title="Worksheets"><img class="ico" src="../../../thinkib/icons/exercise-1.png"> </a>Download a PDF version of the exam practice question <a href="../../../media/ib/businessmanagement/files/1.4-exam-question.pdf.html">here</a>.</span></p></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Glossary of key terms</span></span></h5><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;"><strong><span style="font-size: 11pt;">Competitors</span></strong><span style="font-size: 11pt;"> are the <span data-scayt-word="organization’s" data-wsc-id="kiygyi7iu5ussz0sy" data-wsc-lang="en_GB"><span class="scayt-misspell-word">organization’s</span></span> rival businesses competing in the same industry.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong><span style="font-size: 11pt;">Customers</span></strong><span style="font-size: 11pt;"> are the firm’s clients who pay for the goods and/or services of the business.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong><span style="font-size: 11pt;">Directors </span></strong><span style="font-size: 11pt;">(or <strong>executives</strong>) are the group of senior managers who run a company on behalf of their shareholders (the legal co-owners of the company).</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Employees </strong>are the workers within an organization. They are an internal stakeholder group with a vested interest in the survival and financial prosperity of the organization that they work for.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><b><span style="font-size: 11pt;">External stakeholders</span></b><span style="font-size: 11pt;"> are people or organizations not part of the business but have a direct interest in its decisions, actions, and performance. Examples include customers, competitors, suppliers, financiers, the local community, pressure groups, and governments.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong><span style="font-size: 11pt;">Financiers</span></strong><span style="font-size: 11pt;"> (or <strong>lenders</strong>) are banks, investors, insurance companies and other financial backers that provide finance for businesses.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 11pt;">The <strong>government</strong> is an external stakeholder of all <span data-scayt-word="organizations" data-wsc-id="kiygyjrojqrwfr4b2" data-wsc-lang="en_GB"><span class="scayt-misspell-word">organizations</span></span> operating within the country.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Internal stakeholders</strong> are individuals or groups who are part of the organization, including employees, managers, directors (executive), and shareholders.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 11pt;">The <strong>local community</strong> is an external group of stakeholders consisting of the general public and local businesses (not necessarily competitors though) that have a direct interest in the activities of the business in question.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong><span style="font-size: 11pt;">Managers</span></strong><span style="font-size: 11pt;"> are people hired to be responsible for overseeing certain functions, operations or departments within an <span class="scayt-misspell-word">organization</span>.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Pressure groups</strong> consist of individuals or organizations who have a common interest or cause that they collectively pursue. These external stakeholders have particular interests such as the protection of small-scale and local businesses, the natural environment and ecosystems, human rights, and fair trade.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong><span style="font-size: 11pt;">Shareholders</span></strong><span style="font-size: 11pt;"> (or <strong>stockholders</strong>) are people or other <span data-scayt-word="organizations" data-wsc-id="kiygyh956801884ag" data-wsc-lang="en_GB"><span class="scayt-misspell-word">organizations</span></span> that buy shares in the company. They own a part of the business.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong><span style="font-size: 11pt;">Suppliers</span></strong><span style="font-size: 11pt;"> are the <span data-scayt-word="organizations" data-wsc-id="kiygyims4swcfk9ef" data-wsc-lang="en_GB"><span class="scayt-misspell-word">organizations</span></span> that provide the goods and support services for other <span class="scayt-misspell-word">organizations</span>.</span></span></li></ul></div><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../21762/14-stakeholders.html" title="Unit 1 » 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="../21706/unit-1.html" title="Unit 1">Unit 1 Business organization and environment</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>
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