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Business Context - Coggle Diagram

- - - - Tax policy
        
        includes changes to income tax, national insurance contributions, corporation tax, business rates and value added tax (VAT).
      - Foreign trade policy
        
        Changes in government trade policy can make it difficult for businesses to trade across international borders. A trade policy can include tariffs and subsidies.
      - Government policy
        
        The passing of new legislation or government changing the way they spend taxes.
  - - - Interest rates
        
        Increases in interest rates mean that businesses have larger overheads and less disposable income.
      - Exchange rates
- - - - Boost user engagement across different channels by engaging with more customers and delivering a better online experience.
    - - Social interaction between businesses and customers increases sales and improves brand loyalty
    - - Can boost a business’s visibility with potential customers.
- - - - Owner stakeholders are the owners of an organisation. They supply capital or equity to the business, have a say in how everything runs. Can be multiple owners at a business. Each owner would have equity in the business. Shareholders/owners - the most important stakeholders - control the business. If unhappy then they can sack directors or managers, or sell the business to someone else.
    - - The ones who create, manufacture, sell and deliver products. Crucial to businesses' success or failure. Are invested in companies as they are paid their wages and are offered job security.
  - - - Considered the most important external stakeholders. They are the the consumer of the end products or use the services of the company. They decide whether a business succeeds or not, even though they are not concerned with its day-to-day running.
    - - Clients are the biggest asset. Without a strong customer base, a business will fall apart. Acquiring new customers is necessary for business growth, also maintaining good relationships with current clients is important.
    - - Direct competition - any company that offers the same thing as you. Indirect competition - business whose products or services are different from yours but could satisfy the same need and reach the same goal. Competitors are interested in their own costs but also others costs, it could mean their profits go up or down depending on competitors costs as well as their competitor success in terms of profit.
    - - Suppliers are interested in the performance of the business since it assures of regular orders and prompt payments. They have a legitimate interest in these businesses.
    - - Considered external stakeholders because they have a legitimate interest in the company's returns, do not participate in the direct running of the activities, limited say in the company operations. Financial interest in the corporation's performance. Have a capital interest, they have invested capital in the corporation so own a percentage of it.
    - - The stock they own in the company means they are part owners. Decisions that the management makes directly impact the investors financial. Investors have a financial stake in the company.
    - - Account for a large segment of external stakeholders, including them in decision-making will increase the chance that they provide the organisation with funding and other resources.
    - - Considered a major stakeholder in a business, they collect taxes from the company (corporate income taxes), from all the people it employs (payroll taxes) and from other spending the company incurs (sales taxes).