Unit 2 – People In Business. Myles Howson. 11G.
What are Stakeholders?
Stake holders are a certain group of people that have an interest in a business. Each group have their own interests in the business. Tesco has many stakeholders. They are as follows:
- Local Community
- Pressure Groups
Now I will explain what interests each group has:
Generally a customer wants quality goods at a low cost. They would also want a variety of products to choose from.
All customers want these things and by Tesco providing them Tesco will attract more customers because of people talking about it (Word-Of-Mouth). Tesco like most business’ need their customers because they are the business’ income as the customers are the people who buy Tesco’s products. The customers are a bit like a pressure group because they apply pressure to Tesco to meet their needs. Meeting the customer’s needs can be things such as expanding their stores or giving more variety on certain products. Tesco have feedback forms in their stores which allow customers to communicate with Tesco and tell how stores can be improved. This makes Tesco a more competitive supermarket. The comments Tesco will receive on their feedback forms will have a great influence on Tesco making them improve their stores to suit the customer needs.
I think that the customer’s comments have the biggest effect on Tesco because they tell Tesco from the customer’s point of view exactly how to improve there stores and make shopping easy and quicker. I think that the customers are a very powerful stakeholder because they have the power to create changes in Tesco. The customers will not physically themselves create these changes but they will do it by filling in the response forms that Tesco provide. Comments like “The isles are to crowded” or “There is not enough staff on the floor” have a big impact on Tesco because if Tesco do not respond to these comments Tesco may loose customers meaning less profits for shareholders.