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Applied busines - stakeholders

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Introduction

Stakeholders This chapter looks at the groups or people who have an interest in, or influence on, the business. It will also look at potential conflict between these groups. Stakeholders are single people or businesses who have a stake or an involvement on interest in a business. Below are listed all the stakeholders, their role and their influence Stakeholders Role Influence Customer Buy's the promoted product from the business Customers need to be looked after in a business. If a shop is unattractive, a customer will not enter which means no income for the business. Prices also need to be right Employee Provides help to the business. Example: stacking biscuits on top of a shelf in a shop. If not paid properly or the working conditions are poor, the employee will make a complaint or leave the business. If the business wishes them to remain under their roof they must apply actions to the employee's complaints by giving them what they want. Owners/ Shareholders A shareholder is a person who owns/ shares a company or a business/business shares. These People expect their customers to be honest. They Like the business making a profit and giving them income. Government The Government Is a group of people who Take care of a The country Example Make rules and laws and setting the law for carrying a knife. The Government Steps in to protect the community, employees, customers etc. ...read more.

Middle

There have been a number of acts like the Sex discrimination acts which the government decide on. Pressure Groups The pressure groups are 6th important because if there is a business that has upset a community like a rats found in a coffee drink then they could shut the business down. Competitors These are 7th in importance because a business will need a decent pricing system to. The cheaper the price the more customers a business will attract. Financiers These people not that important but they can close down a business if they remove funding. Local Community These people are least important than the above because they will develop new ideas for a business and a business could develop there own ideas. Do businesses always help their stakeholders? Some businesses don't help their stakeholders. For example: if IKEA wanted to place it's business on an area of land then pressure groups would conflict with IKEA, and IKEA would not help them. Instead, IKEA would try and persuade the pressure groups that it's a good idea to build on the piece of land. A business may not want to also help their competitors (a stakeholder also), because they are trying to be a better business than its competitor. A business doesn't want its competitor to be better than them, in other words, they don't want to help their stakeholder. ...read more.

Conclusion

Managers may switch suppliers because their previous supplier hasn't given them. Stakeholders - Influence in IKEA Stakeholders Influence in IKEA Customer Customers buy products from IKEA. IKEA must keep customers satisfied in order to be a successful business. Customer service is probably the most important inside a business. Without them, a business can not begin. Employee Employees are employed to help IKEA stay on track. They can perform a range of tasks from stacking shelves to checking if the right products have been received from a supplier. Employees within IKEA, receive bonus awards according to the extra work they have performed inside a year. E.g. An employee works extra hours in Christmas. Because of the employee's attainment, he/she will receive extra cash in return. This is known as bonus pay in IKEA Owners/ Shareholders IKEA has to pay Owners rent If IKEA has not brought the building and rented. Owners have to be paid well. Shareholders are people who have a share in IKEA. They can also be referred as people who own stock in a corporation with certain legal rights. Government The government make the legal write for IKEA. They have a big influence and create the rules for IKEA. For example, the minimum wage that can be paid or how much tax has to be paid. Pressure Groups A pressure group Local Community Suppliers A supplier's influence in IKEA is to supply raw materials to create a product. IKEA Competitors Financiers ?? ?? ?? ?? Stakeholders People & Business Sohaib Saleem ...read more.

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