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SingaporeElements of Business SkillsQuick questions
The World of Business
Quick questions on Business stakeholders: N-Level Elements of Business Skills
6short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is stakeholders can disagree?Show answer
Different stakeholders want different things, and these can clash. Customers want low prices, but owners want a good profit, and employees want higher pay. A good business tries to keep its main stakeholders reasonably happy at the same time, because it needs all of them.
What are owners?Show answer
The owners want the business to do well and to earn a profit, because the profit is their reward and the business may be their main income.
What are employees?Show answer
The staff want fair pay, a safe place to work, fair treatment, and secure jobs. If the business does well, their jobs are safer.
What are customers?Show answer
Customers want good-quality goods or services, friendly and fast service, and fair prices. They will go elsewhere if they are not happy.
What are suppliers?Show answer
Suppliers are the businesses that sell materials or stock to the business. They want regular orders and to be paid on time.
What is the local community?Show answer
The people living and working nearby are affected even if they do not buy anything. They may want new jobs and a convenient place to shop, but may worry about litter, noise, or traffic.
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