From the course: Certification Prep: SHRM-CP
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Business concepts
- As an HR pro, there are a number of general business concepts you need to be familiar with. The first is shareholder. A shareholder is defined as someone whose main concern is the financial gains of a company. This differs from the concept of stakeholder. Stakeholders are defined as a person, group, or organization that has an interest or concern in another organization. The stakeholder concept is the idea that businesses are complex and are affected by multiple people or forces who have an interest in the company's performance. The stakeholder concept recognizes that other stakeholder groups whose concerns may not be financial also impact the organization's business decisions, like trade associations, political groups, and communities. Another concept you should be familiar with is the business lifecycle. All businesses have a typical lifecycle. At the introduction phase, the company's product or service is new to the market, revenues are low at this point because consumers are…
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