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The role and importance of stakeholders

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Introduction

Unit 2 - People and Business Introduction In this coursework, I have been given an external task about two businesses I must choose, in order to investigate the value of stake and interest in the company and how the stakeholders affects its business. The two businesses that were exhibited for decisions were Tesco PLC and Guilford Spectrum. However, the business I have decided to investigate about is Tesco PLC because it is known in existence and it is one of the biggest retailers in the UK, whereas it has a wide range of stakeholders and information to consider the facts about Tesco PLC. Task 2A The role and importance of stakeholders In this part of the coursework I will be identifying Tesco's stakeholders, their relationship with Tesco. I will also be showing how stakeholders and Tesco's interest clash and how they solve this. People who are affected by the company or can influence it but who are not directly involved with in the company work. Examples are Managers affected by the day-to-day running, Owners, People who work there, internal departments that support the day-to-day operation, customers, suppliers, and financial department. Common and conflicting interests of stakeholders The different stakeholder groups have different interests some in common with other stakeholders and some in conflict. Examples of common interests: * Shareholders and employees have a common interest in the success of the organisation. ...read more.

Middle

The external stakeholders are: * Customers * Pressure Groups * The Local Community * Government * Suppliers * Bankers Tesco's Stakeholders: The internal stakeholders of Tesco's are: * Staffs * Owners The external stakeholders of Tesco's are: * Suppliers * Customers * Investors * Non-governmental organizations Internal Stakeholders Type of Stakeholder Internal or External What interest they have in the business i.e. Tesco PLC. Staffs Internal Staffs interest in the business covers a wide range of expectations. Staffs expect a safe and clean working environment, to receive salaries and wages promptly and on time. Owners Internal Owners are directly affected by Tesco's because they own the business, and they must rely on Tesco's because, if they gain a loss or profit, it will be a big effect on them. The owners will have similar interest as their staffs, because if Tesco's gain high profits, this will interest the owners because they presume that their business is very successful and they will want more shares in their company from the profits Tesco's make. Managers Internal Managers are directly affected by Tesco's because they will have to take decisions by managing financial information, i.e. sales from Tesco. They will make managerial decisions about Tesco's due to its sales and profit; therefore, it will be easier to take decisions, i.e. expansion, new products because the sales in Tesco's are profitable. ...read more.

Conclusion

Staffs have a very big interest in Tesco; they have an interest in the business in the form of wages, bonuses, discounts, and holiday pensions. The business may be affected by how well their staffs do in customer service. If a customer experiences poor customer service, it is more like that they will tell someone else that if they got a good customer service. Therefore employees need the right type of customer training in order to be successful to the business. Non-governmental organizations They regularly meet with non-governmental organizations to understand and respond to issues of concern. Suppliers Suppliers are probably the third most significant part in a business, they provide the products and if they are not on time it brings a great threat to the financial state of a business. On the other hand, suppliers aren't that important in decision making because they're scared of losing their contract with Tesco. The main jobs of the suppliers are to sell fresh stock daily at market price. Investors Tesco's Investor Relations team regularly meets analysts from the financial institutions which invest in themselves or represent their shareholders. Owners In contrast it may want a decrease in pay rise for their employees. You could say that the owners are probably one of the most significant people in a business because they set rules. However, they expect repetitive business profits and respectable customers. ?? ?? ?? ?? Anthony Israel ...read more.

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