• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11

The role and importance of stakeholders

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE People in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE People in Business essays

  1. Tesco's different stakeholders are:Employees

    There are cash-points at the front of the store to enable people who prefer to pay by cash to get cash out of their bank account instead of not getting any shopping and going somewhere more convenient with cash machines.

  2. Functional Areas of Tesco

    The communication helps the running of Tesco. Usually it is a four-stage process: 1. Obtaining the information. 2. Sharing information with relevant colleagues. 3. Deciding what information is needed. 4. Communicating the decision or plans for action. A range of different communication in a business is needed for different reasons.

  1. Shareholders - Tesco

    Their influence on Tesco is that they are the ones basically making the business successful because they are the people getting up every morning and coming to work for Tesco and putting out the goods on the shelves that the customers will buy and Tesco will receive profit from.

  2. Report: Type of ownership of J-Sainsbury

    extra than normal for things such as food products, household Product and things such as Food. They are all new, clean and packed products this shows that they have added value so the consumer will pay a little extra for the added value.

  1. The Boots organisation is a public limited company (PLC).

    * Use of computers to replace a range of standardised operations involving the interface between an organisation and its customers. * The use of Internet web site to create a communications link between the organisation and the market * Also the use of the internet to find out new developments

  2. Unit 2 STakeholders of Cadburys

    As I mentioned above Cadburys will listen to the needs of their suppliers and will do all they can to satisfy their suppliers. The government is a stakeholder of Cadbury's because of the money they can earn from this business.

  1. This is a report on Marks and Spencer a well known retail company in ...

    It should only be kept restricted if the information giving out has to be confidential if not I think open communication is the best route to informing their workers. Motivation When we examine motivation in a business context, we study why people behave the way they do at work.

  2. Analysis of a Contract Specific Organisation

    and processes * Quality of resources, training, motivation, career development * Innovation / investment in processes, IT / New technology * Health & Safety * Financial capability / financial standing * Loss of service continuity due to employee churn * Technical capability, available matrix / infrastructure * Supply Chain Capability

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work