Employees
- the staff of the business (they produce the goods/services, communicate with customers, etc.)
- they want good wages, working conditions, security, training and so on that can only be provided when the business is doing well, and they will therefore work harder to achieve such things
- owners of private/public limited companies (purchasers of shares)
- they have the voting rights and a "say" in how the business is managed
- the people who plan/organize/control the daily running of the business
- they will be aiming for profit maximization (for their own benefit) and will be looking at the long term health of the business
- provides a business with raw materials, component parts, finished goods, or other resources needed for production. They can also provide services (e.g. maintenance, technical support).
- it is up to them to when to deliver their products/services, and for what cost
- the people that buy the product/service
- they decide the financial survival of the business - if no one buys the product/service, the business will not survive
- unions that are for the better good of their members in form of fair wages, good working conditions, etc.
- businesses have to put up with the demands of such unions to avoid problems (e.g. a strike)
- individuals with a common interest who seek to place demands on organizations to act in a particular way or to influence a change in their behavior.
- pressure from the pressure groups and the potential customers that support them can influence the business' behavior and/or customer base
- organizations that specialize in public relations with the aim of promotion a particular industry, through education and advertising.
- they have the potential to promote and support the industry that the business is part of
- the community surrounding the business
- they can either support the business and find it as an opportunity for labor, etc. however they may also have a negative outlook on the business and complain about it
- rival businesses
- competitors will be interested in the business mainly to avoid anti-competitive practices and as a stimulus to innovation and product development
- self explanatory
- the government will want to make sure the business is helping the public - they can either help stimulate business activity or they can also constrain the business
2) What determines whether an SIG will succeed in their objectives?
There are four main things that determine whether an SIG will be successful; funding, public opinion, number of members, and commitment of members. The more financial resources an SIG has, the stronger they will be. Similarly, an SIG is stronger when it there is greater public support and/or sympathy. The more members there are in an SIG, the bigger an impact and the more influential it will be. However, without the commitment of these members, it will not be successful.
3) What factors determine whether a business should take notice of an SIG?
If the SIG hopes to attract the business' attention, it will first have to be effective; if they are not strong and do not have a huge influence, the business won't do anything about it. Also, if the business has a large amount of market power they don't really have to react to the SIGs. Similarly, it depends on the business's financial resources; if they don't have enough spare money to comply with the demands of the SIG, they wont. If the directors, senior managers, and shareholders do not agree with the views of the SIG, then compliance is of low possibility. Finally, the aims and objectives of the business may clash or be delayed by such compliances, and they will therefore not take notice of the SIG.
Sources Used:
Hoang, Paul. Business and Management. Victoria: IBID, 2007. Print.
