Business objectives and stakeholders
| English | Chinese | Pinyin |
|---|---|---|
| objectives | 目标 | mù biāo |
| stakeholder | 利益相关者 | lì yì xiāng guān zhě |
| survival | 生存 | shēng cún |
| profit | 利润 | lì rùn |
| market share | 市场份额 | shì chǎng fèn é |
| internal | 内部 | nèi bù |
| external | 外部 | wài bù |
| suppliers | 供应商 | gōng yìng shāng |
Goals and the people who care
- A business needs goals to aim for — and it affects many groups of people along the way.
- These goals are its objectives 目标; the affected groups are its stakeholders 利益相关者.
Stakeholder interest lab
See how different stakeholders judge the same business decision.
The most likely main objective of a brand-new business is:
New firms prioritise survival first.
Business objectives
- Common objectives: survival 生存, profit 利润, growth, market share 市场份额, and customer service.
- A new business usually prioritises survival; later, profit and growth.
Internal 内部 and external 外部 stakeholders all have an interest in the business
A stakeholder is:
Stakeholders are all groups with an interest in the firm.
Which is an internal stakeholder?
Employees, managers and owners are internal.
Customers, suppliers and the community are ______ stakeholders.
They are outside the business, unlike employees and owners.
Stakeholders
- A stakeholder is any group affected by the business.
- Internal: owners, managers, employees. External: customers, suppliers 供应商, government, the community.
Each stakeholder group has a different interest in the business.
The interests of different stakeholders can conflict with each other.
For example, employees want higher pay while owners want higher profit.
Stakeholder conflict
- Their aims often clash: workers want higher pay, owners want higher profit.
- Managers must balance these competing interests.
Stakeholder is wider than shareholder. A shareholder owns part of the company; a stakeholder is anyone affected — workers, customers, suppliers and the community too.
You've got it
- objectives include survival, profit, growth, market share, service
- a stakeholder = any group affected (internal + external)
- stakeholder interests conflict, so managers must balance them