IBDP Business Management Business Organization And Environment Chapter 4 Notes

stakeholders

STUDY NOTES FOR BUSINESS MANAGEMENT – BUSINESS ORGANIZATION AND ENVIRONMENT CHAPTER 4 – STAKEHOLDERS

These notes have specially been curated by expert teachers to simplify and enlighten concepts given in IB Business Management HL. The notes are comprehensive in nature and are sufficient to study the chapter in depth, One need not look for other resources beyond the notes provided on our website which can be accessed for free. The notes for Organizational Objectives IBDP HL are available on our official website and can be downloaded for free.

Business management IBDP is a part of group 3 Individuals and the Society of the IB curriculum. The IBDP Business Management course has been devised for imparting knowledge and understanding of different theories of Business Management and application of various tools and methods. It enables the students to analyze and evaluate business activities at all levels- local, national, or international, It also helps in developing holistic understanding of the business environment today which is complex and fast changing.

The subject covers important characteristics of business organization and business functions of human resource management, finance and accounting, marketing, and operations management. The purpose of the course is to help students develop skills that enable them to think critically and make the right decisions after carefully evaluating and analyzing the issue at hand. It also aims at developing the understanding of importance of the innovation and exploring business from different cultural perspectives.

The chapter on Stakeholders explains a stakeholder as a person  a group or an organization that has some interest in a particular business and whose performance it is affected by. Stakeholders can be both internal as well as external. Internal stakeholders would include employees who play a vital role in the working of the company, Shareholders\stockholders are the owners of the company as they buy the shares and have voting rights, Managers and directors see to the functioning of the business on a day-to-day basis.

External stakeholders constitute of suppliers who provide raw material to the companies to produce goods and services customers are the most crucial to the company as the quality and quantity of the goods and services provided must be to satisfy their demands, Competitors are the ones who enable the business to become more creative and work on its weaknesses, pressure groups place their demands in front of the organization and ask for their fulfillment by adopting methods like boycotting, protesting, etc. The government can help a business by introduction of subsidies and concessions.