customers : they are increasingly important stakeholders ,satisfying customers needs
customers wants:
effcient service and a quality product
feel needed and respected
government : government benefits from business success as it results in , increased tax revenue, higher employment, lower benefit payment
as a stakeholder , the government has to balance business and economic growth
local communities : need to be considered as a stakeholder, there are a number of benefits to a local community that stem from local businesses activity ,
1) employment
2) increased regional wealth
3)improved facilities and infrastructure
the economic prosperity of a community may depend on one large employer in their area , the presence of which may support a range of other businesses such as shops
businesses may also support local charities as well as being involved with local schools and colleges
suppliers - demand on the success of businesses for their sales , businesses depend upon suppliers in order to carry on their operation
Suppliers want a fair price for their products whilst businesses wish to minimise costs:
Following supply and demand theory, each market should achieve an equilibrium price, which should
allocate rewards between supplier and buyer efficiently in a competitive market.