Stakeholders inside and outside the business
Stakeholders inside and outside the business
A stakeholder is any individual or group with an interest in a business and how it performs, and who is affected by its decisions. Internal stakeholders own the business or work inside it, while external stakeholders deal with it from outside.
Step-by-step lessons on Edexcel GCSE Business 1.5 Understanding external influences on business, covering 1.5.1a Business stakeholders and their objectives, 1.5.1b How stakeholders and businesses affect each other, 1.5.1c Conflicts between stakeholder groups, 1.5.2a Types of technology used by business, 1.5.2b How technology influences business activity, 1.5.3a Principles of consumer law, 1.5.3b Principles of employment law, 1.5.3c The cost impact of legislation, 1.5.3d Consequences of meeting legal obligations, 1.5.4 The economy and business, and 1.5.5 External influences. Each one builds up to exam-style questions. Start by mastering business terminology and the functional areas (marketing, finance, operations, HR) before moving on to the extended, evaluation-heavy questions that carry the most marks.