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Business Stakeholders

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Introduction

Attaullah Mirlashari 11i Applied Business GCSE Unit 2 People in Business Part 1 Stakeholders Introduction In this following unit I shall be investigating people in business. The business I will be looking at will be Richer Sounds. Richer Sounds is an electronic retailer who specialise in selling all kinds of electronic goods from plasmas to DVD players. Richer Sounds is a PLC but unlike other Public Limited Companies, the majority shareholder who also created the business Julian Richer decided not to put the business on the stock exchange therefore members of the public cannot buy shares in Richer Sounds. Task 1 In this part of the unit I will be discussing the stakeholders of Richer Sounds and how they are affected by the business. A stakeholder is a person or organisation who has an interest in a business. This means that the business has some impact on their lives. Here is a list of the following stakeholders of Richer Sounds: * Shareholders * Employees * Customers * Suppliers * Managers * Government * Financiers * Competitors * Local Community * Pressure Groups There are two types of stakeholders; internal and external. Internal stakeholders are people who are part of a business, including the owners themselves, managers and other employees. Internal stakeholders are directly affected by the activities of the business. ...read more.

Middle

Employees All employees would be made redundant as there is no more work to do and Richer Sounds will not be able to pay them. And that is the reason why there will no longer be any staff if they go bankrupt. Suppliers This will also have a bad affect on suppliers as they would lose out on a large amount of money and also if they have given Richer Sounds credit then they will also owe them money. Owners & Shareholders Owners will lose everything they have put in the Richer Sounds because they would have to sell all or most assets in order to pay back their debts. Also, shareholders will lose all the money that they have put in the business and not receive any amount of dividends. Financiers Financiers won't be as affected by the bankruptcy of Richer Sounds as other stakeholders but they may be affected if Richer Sounds owes them money and now that they are bankrupt they cannot pay back their loans or mortgages. Local Community It may not affect the local community as much because some members of the community may have different views on Richer Sounds for example some members of the community may have wanted it to stay open and some may have not. Pressure Groups Pressure Groups may not be affected at all because some pressure groups may even want the business to close but businesses such ...read more.

Conclusion

Situation: Relocation Stakeholders may be affected by the actions of the business. These effects can be either positive or negative to but in this case if Richer Sounds were to relocate their store most of the stakeholders will be affected negatively. Stakeholders How will they be affected Customers If Richer Sounds were to relocate most of their customers would be affected negatively. This is because in order to buy goods from their usual Richer Sounds store they would have to travel all the way to were they have relocated to, but most of their customers might not do this and may try to look for alternative places to go and buy their goods from. However, for some customers it may have a positive affect because the place were the new Richer Sounds store may be located near them so they won't lose all their customers. Employees For most employees the affect will be negative. If Richer Sounds does decide to relocate their store then it will make life harder for their employees as they will have to travel somewhere else and for most employees they would have to travel even longer than they use to before. They may even lose some employees because if they do relocate to a location which they are unable to reach or it is very far. Suppliers Owners & Shareholders Financiers Local Community Pressure Groups Government Competitors ?? ?? ?? ?? Name: Attaullah Mirlashari Candidate Number: 0140 1 ...read more.

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