Explain one responsibility a business in a tertiary industry might have to stakeholder groups.
Question
Explain one responsibility a business in a tertiary industry might have to stakeholder groups.
Solution
One responsibility a business in a tertiary industry might have to stakeholder groups is to ensure the provision of high-quality products or services. This can be achieved through the following steps:
-
Identify stakeholder groups: The first step is to identify the various stakeholder groups that are directly or indirectly affected by the business's operations. These groups may include customers, employees, suppliers, shareholders, local communities, and regulatory bodies.
-
Understand stakeholder expectations: Once the stakeholder groups are identified, it is important to understand their expectations and needs. This can be done through surveys, feedback mechanisms, and regular communication channels. By understanding what each stakeholder group expects from the business, it becomes easier to fulfill their requirements.
-
Set quality standards: The business should establish clear quality standards for its products or
Similar Questions
Explain one responsibility a business in the oil industry might have to a stakeholder group.
main stakeholders in a business?
who are stakeholder in companyPRIMARY: customers, suppliers, Owners, EmployeesSECONDARY: media, government, Court
Analyse one reason why a business might have higher profits by meeting stakeholder aims.
What principle is a business following when it seeks to become a positive stakeholder in the community?ResponsesNatural responsibilityNatural responsibilityFiscal responsibilityFiscal responsibilitySocial responsibilitySocial responsibilityHuman responsibilityHuman responsibility
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.