Tom’s family also has an influence on Greenway’s Estate Agents. In fact they are influencing Greenway’s Estate Agent (GEA) by its location. As a group of stakeholder which has an influence on GEA we can point out the competitors. In fact they are influencing GEA by taking its customers by offering lower prices than GEA.
Banks and building societies are influencing GEA by offering to its customers a mortgage to help them to buy their houses. Finally we can mention the government which influencing GEA by taking taxes and legislating on matters affecting people, houses and businesses.
Why stakeholders want to influence GEA’S activities?
The main answer is because they have interests in GEA.
First of all we have Tom (the owner) whose main interest is to sell and to rent more houses to the customers to make more profit. We can also mention the customers whose interests are to buy or to sell or to rent houses at best prices and best value for money. As another stakeholders with interests in GEA we can point out the employees who interests are job security, friendly working atmosphere, good pay and a secure job if GEA closes down.
The government has interests in GEA. In fact the well being of all sections of the society, but in the case of GEA the government main interest will be the taxes. Finally we have the banks and buildings societies which main interest is to have lot of people borrowing money from them.
However, are there any changes of their interests or expectations?
Yes, there are some changes in some of stakeholders interests, because the interests of the different stakeholders may change over the time.
For example if we take the case of Tom (the owner), his main interest now is to retire and provide secure jobs for his employees if he closes down GEA. In fact he does not want his employees without job if he closes down or sells GEA. However the changes of the interests of the stakeholders can be link to the fact that certain stakeholders have different interest in GEA. In fact, because of what they have invested or done for GEA they have different interests.
How GEA has responded to them?
In fact GEA has responded by taking account of these needs of the different stakeholders. And also by using these needs to improve the personal service.
Meanwhile it is important to appreciate that the size of the business will affect the number of stakeholders involved in that business. Generally speaking, the larger the business, the more stakeholders will have an interest in it.
Greenway’s Estate Agents like, for example, will not have to worry about:
- Shareholders- there are none- Tom takes the profit
- The local community- Greenway’s Estate Agents is unlikely to make much impact here.
The one type of stakeholder Greenway’s Estate Agents will depend upon is the customer.
The customer is ignored at GEA’s peril!
If on the other hand the business is larger, a company for example, the while range of stakeholders is likely to influence what it does.
But, what is the consequence of the interests and expectations of the stakeholders?
The main consequence of the interests and expectations of the different group of stakeholders is the conflict.
This is what may happen between the students (tenants) and the neighbours. In fact the reasons why this conflict arose, is because the neighbours complaining about the student behaviour and about hearing music from the next door. Following those things the neighbours complaint to Tom. Finally Tom (the owner of GEA) negotiate a compromise to keep both sides happy.
