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Stakeholders In A Business

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Introduction

Stakeholders In A Business Stakeholders are individuals or groups of people that have an interest in what a business does. They are either affected by the business or affect the business by what they do. There are eight types of stakeholders and they are as follows: The owners/shareholders - They will receive more or less profit depending on how successful the business is. The customers - they buy products and have an interest in getting value for their money. The employees - They help to sell the products, for this they receive wages or salaries. The suppliers - They supply the business with the goods they need and are paid by the business for this. The finance providers - They provide the business with the money it needs to buy goods and finance other expenses. They expect to be repaid or receive a share in the profits. The competitors - They compete with other businesses and try to persuade customers to buy from them by lowering prices, doing deals etc. ...read more.

Middle

Competitors: Currys, Comet, Tempo, and other electrical shops can steal their customers by offering lower prices. The suppliers: Suppliers of electrical goods etc, Suppliers of display cabinets, tills etc. Influence Of Stakeholders The influence of stakeholders on Euronix Electronics is different from their influence on Currys because Currys has more stakeholders. The two main stakeholders in Currys are as follows: Consumers. Shareholders. The consumers are important because they are the people who purchase Currys products and give the company money. If consumers did not purchase products from Currys the business will not earn any money and eventually go bankrupt. The shareholders are important because they are the people that own the business and have a say in the running of the business. The main stakeholders in Euronix Electronics are as follows: Consumers. Employees. The consumers are important because they provide the business with revenue after buying the goods. Without the revenue from the customers Euronix Electronics would not make any money and go bankrupt. ...read more.

Conclusion

Competition has a big influence on how a business operates, if a business does not have any competition then the company has more chance of being successful, but if they have competition it will be harder for the business to attain customers. Consumer tastes have a impact on my chosen businesses as it encourages them to keep up with the latest technological developments. Conflicts Of Interest between The Stakeholders The interests of stakeholders of a business are different and this can result in tensions between them. Shareholders/owners want as much profit as possible so they want to charge as much money as possible for their goods to customers, but customers want to pay as little as possible. Here we have a conflict of interest as both owners and customers want the opposite so arguments could occur. Shareholders/owners want to keep costs down such as employee wages, however employees want to earn as much money as possible and want to earn higher wages. Here we have another conflict of interest as again both owners and employees want the opposite. ...read more.

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