EB-P2

**Stakeholders:**

Stakeholders are individuals or organizations with vested interests or concerns about how a business
operates and meets its objectives. The decisions and activities of the firm have an impact on them.
There are two types of stakeholders which are internal and external. It is discussed below.

**Internal Stakeholders:**

Internal stakeholders are individuals or groups with a direct relationship to the firm that work there.
They have a significant impact on how the business runs. Some categories of internal stakeholders are as
follows

- **Managers:** These are the individuals who lead and make choices for the rest of the organization.
They resemble the bosses.

**Employees:** These are the people who work for the business. They assist the business in running
smoothly by doing the daily activities.

Owners: These individuals are the business's proprietors. They might be stockholders or persons who
possess a portion of the firm.

External Stakeholders: Despite not being affiliated with the firm, external stakeholders are individuals or
organizations that are interested in its operations.

Suppliers: These are the individuals or businesses who give the business the supplies it needs to produce
its goods or supply its services.

Banks and Lenders: These are the individuals or organizations that provide loans to the business.

Competitors: These are different businesses that sell similar products.

Customers: Clients are the individuals who purchase and make use of a business's goods or services. A
client might be someone who purchases a toy from a retailer, for instance.

Government: The body that enacts and upholds national laws is known as the government. They make
regulations that firms must abide by and have the power to affect how they do business.

Communities: These are made up of individuals who live in the same neighborhood or have similar
interests. Communities may affect how businesses run, and businesses can have an impact on
communities.
Media: The media consists of news and information-sharing websites, radio, television, and newspapers.
Companies frequently communicate with the media to inform the public about their offerings or to
resolve any issues.

Pressure groups: These are groupings of individuals or organizations that band together to exert
pressure on the government or businesses to take specific actions. They could concentrate on
environmental or social concerns.

Interest Groups: Interest groups resemble pressure organizations in a number of respects. They are
groups or individuals who band together to pursue a same objective or interest. They try to persuade
choices that have an impact on that interest.

The ways in which stakeholders are communicated with is written below.

Written communication refers to the use of written language in communications, reports, and papers.
It may be in digital or print format.

Verbal communication is the exchange of ideas through spoken language. It can take place via video
conferences, phone conversations, or in-person meetings.

Mails are the messages or information sent via regular mail delivery systems. It makes use of mail-
order letters, parcels, or documents.

Letters which are formal written communication, generally on paper. Letters can be written for a
number of reasons, including requests, announcements, and updates.

Video Conferencing is the communication using both audio and visual components. This can include
videos that are posted live or captured on websites or social media.

Paraphrase and relate each below with above

**Olympic Industries Limited:**

**Internal Stakeholders:**

- **Managers:** Managers at Olympic Industries make decisions on production, quality, and overall
company strategy. Their choices impact how the business operates and its success.
- **Employees:** The workers contribute to the day-to-day operations of manufacturing biscuits and
batteries. Their dedication influences the quality and efficiency of production.

- **Owners:** Shareholders or individual owners have a vested interest in the company's profitability
and overall success. Their decisions may influence the company's strategic direction.

**External Stakeholders:**

- **Suppliers:** The quality and reliability of suppliers impact the raw materials used in production,
affecting the final products' quality.

- **Banks and Lenders:** Olympic Industries may be influenced by the terms and conditions of loans,
affecting financial stability.

- **Competitors:** Actions of competitors may influence market dynamics and demand for Olympic
Industries' products.

- **Customers:** Consumer preferences influence the types and quantities of products manufactured
by Olympic Industries.

- **Government:** Regulations set by the government can affect manufacturing processes, safety
standards, and business practices.

- **Communities:** The company's operations may impact local communities, and community
sentiments can influence the company's image.

**Media, Pressure Groups, Interest Groups:**

- The media's coverage can affect the public perception of Olympic Industries.

- Pressure groups or interest groups may advocate for changes in business practices, especially if they
relate to environmental or social concerns.

**Shakti Foundation Bangladesh:**

**Internal Stakeholders:**

- **Leadership and Management:** Decision-makers within Shakti Foundation guide the

organization's strategies for community development and welfare.

- **Staff and Volunteers:** The dedication and efforts of employees and volunteers directly impact
the success of Shakti Foundation's programs.

**External Stakeholders:**
- **Donors and Funding Organizations:** Shakti Foundation relies on external funding and donations,
and the terms set by donors can influence the organization's operations.

- **Beneficiary Communities:** The communities Shakti Foundation serves are directly impacted by
the organization's programs and initiatives.

**Government and Regulatory Bodies:**

- Regulations and policies set by the government may influence the scope and implementation of
Shakti Foundation's activities.

**Media and Public Perception:**

- Media coverage can shape public perception of Shakti Foundation, affecting its ability to attract
support and donations.

**Interest Groups:**

- Groups with a shared interest in community development or specific social issues may collaborate
with or influence Shakti Foundation's initiatives.

In both cases, effective communication with these stakeholders is crucial for understanding their
needs, aligning with their interests, and building positive relationships. The methods of
communication mentioned earlier, such as written communication, verbal communication, and
engagement through various channels, play a vital role in managing these relationships.