In this piece of coursework I am going to describe the different stakeholders for McDonald's and what they do, their roles in the business

Authors Avatar

Stakeholders

Stakeholders: The  individuals  and  groups  of  people  who  have  an  interest  in  how  the  business  is  run.  They  are  said  to  have  a  stake  in  the  business.  An example of this is the stakeholders for a school. These  would  be  the  Head  teacher,  assistant head teacher,  deputy  head,  head  of  year,  assistant head  of  year,  subject  teachers,  senior  teachers,  cleaners,  canteen  teachers,  cooks,  mentors,  heads  of  department,  caretakers  and nurses.

Main  Interest  or  influence  of  each  stakeholder;

  • There  are  many  different  examples  of  stakeholders  and  what  they  are  interested  in.  
  • Each  stakeholder  is  interested  in  the  business  for  a  different  reason.  For  example  one  stakeholder  would  be  the  customers.  This  example  of  stakeholder  would  have  an  interest  in  the  business  because  they  would  want  to buy  the  products  the  business  is  selling.  They  also  would  want  more  value  for  their  money  and  the  goods  the  business  is  selling  should  be  meeting  their  expectations.
  • Another  stakeholder  would  be the  employee.  The  employee  would  be  interested  in  the  business  because  they  would  want  the  business  to  succeed  and  make  more  money  than  other  businesses  around  the  community.  This  is  because  if  the  business  does  badly  and  ends  up  closing  down  many  employees  would  be  out  of a  job  leaving  them  unemployed  and  they  wouldn’t  be  making  money.  An  employee  would  want  the  business  to  succeed  and  be  successful  because  they  would  want  to  earn  good  wages.
  • A  manager  is  another  stakeholder.  Their  interest  in  the  business  would  be  that  it  runs  successfully  so  they  can  earn  higher  bonuses.
  • Another  type  of  stakeholder  would  be  the  suppliers.  A supplier  is  individuals , group  or  originations  that  sells  their  goods  or  services  to  other  business  to  make  money.  A  supplier  keeps  an  interest  in  the  business  so  that  they  know  how  the  sales  of  their  goods  are  doing  in  the  business.  Even  though  the  sales  of  their  goods  would  not  be  making  as  much  money  as  the  business  thought  the  suppliers  would  keep  selling  them  their  goods  to  make  their  own  money,  or  they  would  try  to  enhance  their  goods  to  make  better  sales.  If  they  would  not  do this  and  take  this  interest,  the  business  would  take  their  money  else  where  and  buy  goods  from  another  supplier.

There  are  many  more  stakeholders  such as  the  following;

Owner:  An  owner  would  keep  an  interest  in  the  business  because  they  would  want  their  business  to  stay  successful  and  make  money.  A  owner  would  be  interested  for  their  business  to  carry  on  doing  this  so  that  they  make  the  maximum  profits  from  the  business.

Local  Community:  The  local  community  would  keep  an  interest  in  the business  because  they  would  want  quality  and  value  for  money  when  they  buy  their  goods  from  the  business.  They  would  want  the  business  to  meet  their  standards  and  expectations  so  that  they  could  always  buy  their  goods  from  there  without  any  complications.

Government:  The  government  keeps  an  interest  in  the  business  because  a  successful  firm  would  be  good  for  the  government  as  it  creates  them  with  wealth  and  employment.  The  government  also  receives  taxes  from  the  profits  that  the  business  makes.

Financier:  Financers  are  groups  or  organisations  that  lend  loans  to  businesses!  They  keep  an  interest  in  the  business  because  they  want  the  business  to  do  well  so  in  addition  they  can  have  their  loan  repaying  on  time.

All  of  these  stakeholders  have  an  interest  in  the  business  to  make  their  money  at  the  same  time  or  get  better  value  for  their  money.. However  some  stakeholders  keep  an  interest  in  the  business  to  influence  how  the  business  operates.  This  type  of  stakeholder  is  called  pressure  groups. An  example  of  something  they  would do  is  stopping  the  business  from  polluting  the  local  environment.

How  do  businesses  respond  to  stakeholders?

Businesses  respond  to  different  stakeholders  in  different  ways.  Businesses  respond  to  certain  stakeholders  in  a  certain  way.  An  example  of  this  is;

If  a  local  community  to  a  business,  was  to  buy  their  goods  from  there,  and  would  complain  about  a  certain  problem  or  would  require  something  to  their  liking  that  was  not  meeting  their  standards,  requirements,  expectations  the  business  would  respond  to  the  local  community  immediately.  This  is  because  the  business  would  not  want  their  customers  to  spend  their  money  else  where.  

  However  businesses  would  respond  to  stakeholders  such  as  influence  how  a  business  operates.  So  if  a  business  would  want  to  extend  or  rebuild  their  building,  and  the  community  would  complain, the  pressure  groups  would  want  to  stop  the  business  from  building.

Join now!

In  a  situation  like  this  the  business  would  want  to  try  to  do  everything  they  can  do  to  win  their  arguments.  As  you  can  see  businesses  respond  to  certain  stakeholders  in  different  ways,  according  to  the  situation.

  Another  example  of  a  stakeholder  would  be  financers.  A  business  would  try  and  convince  financiers  that  their  business  will  be  successful  to  make  the  financiers  lend  them  money.  Financiers  would  want  their  loan  paid  of  time  therefore  the  business would  have  to  respond  to  this  formally  and  very  professionally.  They  would  have  to  keep  the  local  community  happy,  so  that  their ...

This is a preview of the whole essay