GBA Test 1 Notes.docx - Chapter 1 Stakeholders o...

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Chapter 1 Stakeholders o Stakeholders are persons or groups that affect, or are affected by, a firm's decisions, policies, and operations o A stake is an interest in- or claim on- a business o Stakeholders is NOT the same as stockholder (or shareholders) o Stockholders represent one of several kinds of stakeholders Two Kinds of Stakeholders: Market and Nonmarket o Market stakeholders Shareholders, suppliers, employees, etc. They engage in economic transactions with the company as it carries out its primary purpose of providing society with goods and services o Nonmarket stakeholders Community, government, business support groups, etc. People or groups who- although they do not engage in direct economic exchange with the firm- are affected by or can affect its actions The Stakeholders of Business o Market/Internal Stakeholders Employees and Managers o Market/External Stakeholders Stockholders, customers, creditors, suppliers, wholesalers, and retailers o Nonmarket/External Stakeholders Governments, communities, nongovernmental organizations, business support groups, media, and competitors Who are the relevant stakeholders?
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