business studies coursework

Authors Avatar

Business Studies Coursework

Theory:

Stakeholders

A stakeholder is any individual or group that is affected in some way by a company's activities. Stakeholders range from small shareholders with a few shares in a company, to communities in which a company has business premises that may employ a few, or thousands of people.

Getting stakeholders involves establishing good lines of communication between a company and its various stakeholders and then maintaining a constructive relationship with them. Through this relationship, stakeholders can have their say and the company can listen and respond.

To establish relationships with your stakeholders by consulting regularly with your employees, responding positively to their needs and aspirations and generally treating them well. This will bring several important benefits to the company:

  • employees will work hard and are seldom absent
  • high morale and good health raised productivity and improved efficiency
  • the company will gain a reputation as a good employer, which will make it easier to recruit and retain employees
  • the company will become known for the quality of its goods, customers will want to supply them and consumers will want to buy from them
  • the company's products will become popular with customers who will choose to buy their products over and above competitors
Join now!
  • It will become easier for the company to expand its activities – communities will welcome its presence among them, suppliers will enjoy working with them and investors will be happy to lend money to the company or to purchase its shares.

Internal stakeholders:                                                                                                                   ...

This is a preview of the whole essay