Case Study: Thorpe Park
M1
Within any company there would be stakeholders that may have more influence over the company than some as is the same with Thorpe Park as they have four main stakeholders and each of them have their own
Customers-The customers play an important role in any business’s company especially Thorpe Park as the main purpose of their business is to provide a service. The company uses different tactics to keep the customers happy such as promotions, for example; Thorpe Park offers discounts to the customers that arrive together in large groups. Customers have a potent influence not only in Thorpe Park but in other businesses as the companies not only want to maximize profits but also they want to their company have generally recognized with a …show more content…
reputation that satisfies customers, which then creates a long-term relationship with them and this leads to them returning to the company which is a key step in building a successful and profitable company. From the information that I gathered from my trip to Thorpe Park’s establishment by their spokesperson I was able to gain the knowledge that park has a marketing department which ensures that the park has a new ride every two years as to maintain customers attention and to also entice new customers to their establishment
Shareholders: shareholders of Thorpe Park has a key role and interest in the running of the company as they have invested time and money into the business, for example; Before Thorpe Park was the amusement park it is today it was initially built on a gravel pit that then got partially flooded though they were able to turn it into a water based theme park that then became successful and they were eventually able to expand. The shareholders of Thorpe Park also have a strong influence over the company as they provide the park with the investments they need in order to create new rides and expand their business etc. With the shareholders having this level of influence on the business can cause a minor degree of struggle within the company as the shareholders in their own right partly own the business and would therefore think that their wants and desires for the business should be performed within the company, which then causes the owners of the park to consider their desires/wants of the shareholders though they may not have considered it before that moment as they want to keep their shareholders satisfied in order to ensure that they would continuously reinvest in their company. However the shareholders and owners share the interest that they both want to achieve its aims and objectives as if these were to be achieved the company may attain a profit as within each profitable organisation the main aim/objective of the business is to attain a profit and provide excellent customer service.
Employees: The employees play a key role in the running of Thorpe Park as without them there would be no one to assist customers on the rides, no one to ensure the ticket stand is being run and so forth. Thorpe Park has provided employees with different benefits to ensure that they stay working for them and that prospective employees are encouraged to apply for a job with them, for example; Thorpe Park employees has a free admission pass to all of Merlin Entertainments Group LTD attractions, good competitive pay wage of £6.19 per hour or more depending on the position you hold. Employees have an influence on Thorpe Park though not exceeding the influence of a customer nor a shareholder. Though t will determine the amount of influence through:
* The contract between the employee and the employer. Which include pay and working conditions, fringe benefits like a company car, discounts, and travel/health insurance?
Local community: The local community play a key role in Thorpe Park’s business as they are residents within close vicinity of the park which affects the residents in both a positive and negative way. The local community are affected in a positive way as Thorpe Park provides job opportunities for the residents
However the local community are also affected in a negative way as Thorpe Park happens to be a huge tourist and local attraction it can cause congestion, noise and land pollution within their community. The park had to then find a solution that would satisfy the local community which was to create environmental department that focuses on cleaning, recycling and protecting residents from the brunt of water flooding that happens within their community, this shows the great influence that the community has over the park as if the community didn’t express their displeasure, the park may not have decided to create an entire department that then needs employees who then needs to be paid which causes the park extra expenses that may not have been necessary if not for the local community .
From the information that I have gathered, analysed and evaluated it appears that out of the four main stakeholders of Thorpe Park, the customers seem to be the most favoured whereas the local community seemed to be the least favoured causing a conflict of interest among the stakeholders.
M1
Within any company there would be stakeholders that may have more influence over the company than some as is the same with The Cancer Research UK which has three main stakeholders ;
Funders: The funders are an important role in the Cancer Research UK as they are a charity and receive no funding from the government but from the community. Therefore if the public was to stop donating to their charity, the charity would not receive any type of funding would therefore have to discontinue their cause, this mere fact is one of the reasons that this particular stakeholder group has such a strong influence on the organisation as if the funders were to suddenly become dissatisfied with the results of the company and were to stop donating, the company would suffer tremendously as with no donation there would be to money to invest in machinery, hospitals, patients care etc the Cancer Research UK would fail in its quest to find a cure for the sickness as there would be no money to fund research. With the information gathered this particular stakeholder may possibly have the most influence over the organisation as they are its foundation without them they failure is guaranteed.
Beneficiaries: The beneficiaries of The Cancer Research UK are the key part of the charity as everything the charity does is for the beneficiaries, for example; Of the four hundred and eighty-three million pounds (£483 million) made in the past year by The Cancer Research UK three hundred and fifty-one million pounds have divided into the thirteen types of cancer that the charity researches and the rest was dedicated to providing information for those diagnosed with cancer, influencing health policies and raising awareness of cancer risks and symptoms. In this particular case the beneficiaries are similar to customers in a profitable organisation as if they were to be dissatisfied the charity may gain a negative reputation which can cause a great disadvantage to them as with a bad reputation, there would be no patients willing to accept their help, which then leads to funders withdrawing the money invested and by extension causing the organisation to fail.
Employees/Volunteers: The Cancer Research UK employees are quite a vital and essential part to their charity as they help provide the beneficiaries with the service that they need.
The charity provides their employees with a number of benefits as to keep them happy motivated and to avoid employee turnover, for example; the charity provides their staff with a ‘Taste Card’ which can be used at more than seven thousand (7000) restaurants across the UK, which provides them with the service of ‘2-for-1’ meals and/or fifty percent (50%) off the food bill. As the cancer Research UK is a charity organisation there are 40 000 people who offer their services are a valued in the organisation as without them there would be few people to ensure that the aims of the charity is met and with the volunteers having this power within the charity they can influence in the Cancer Research UK to agree to their terms or possibly …show more content…
accept
D1- Thorpe Park
In a business it can be quite a difficult task to keep all your stakeholders happy and satisfied .Though Thorpe Park has only four main stakeholders there is conflict of interest within each of the four stakeholders as they each have different wants and expectations for the business for example;
Shareholders and Customers-There is conflict of interest between these two groups as Thorpe Park offers different promotions that give customers a percentage of money taken off their bill, though customers may appreciate and value this decision the shareholders of the company may think that this was a wrong decision as by giving the customers a discounted price the company is losing money and by extension they’re losing money also seeing that they invested a percentage of their money into Thorpe Park and would like to have it returned to them with interest .However, from the year 2009 to the year 2013 Thorpe Park’s prices have increased by 57% which had the impact of the customers being unsatisfied which led to the park’s visitors being dropped from 2 million visitors to 1.8 million visitors in the 2011-2012 but it also had the impact of the shareholders being satisfied with the increase in the price as it meant more revenue may enter into the business than usual. Though in a roundabout turn of events these two stakeholders have one common interest which is that they both want ‘their monies worth’ meaning that the shareholder invested their time and money into Thorpe Park and would like it not only returned to them but also with a hefty interest whereas a customer would like to pay for the service that they attain from each of the twenty-five rides that Thorpe Park host at a reasonable price. With both main stakeholders of the business being caught in a conflict of interest the owners of Thorpe Park had to decide on a solution that would satisfy both of their stakeholders as of the main stakeholders these two hold great influence over the owners of Thorpe Park as without the customers the business would fail to succeed as they are a profitable organisation which means without customers attending their park and
Employees and Shareholders-One of the main conflicts of interest that may appear between the employees and the shareholders of Thorpe Park is the fact that as one of the rewards/benefits of working with Thorpe Park, employees are able to gain free admission to any of Merlin Entertainments Group Ltd attractions which operates over 70 attractions, though the employees gain a great deal from this reward and are satisfied with the benefit, however the shareholders of the park may view this as the business losing money and as a result their money is also being lost.
Though employees and shareholders do have the common interest that they both want the company to retain a profit even if they want the company to retain it for different reasons as shareholders are focused on the fact that they’ve invested time and money into the company and would like not only the money they invested back but also with an interest whereas employees would want the company to retain the profit in order to ensure them job security along with the fact that if the company is doing well, employees then have a chance of gaining a promotion which then results in a pay rise for employees.
With the employees having that particular common interest with the shareholders, it can result in the shareholders gaining an advantage as the employees would be motivated to work hard in order to keep their jobs and allow the company to have a hefty profit
margin.
Local Community and Owners-The conflict of interest that appears between these two stakeholders seems to be a one-sided conflict as from the information that I have gathered the local community has complained about the constant screaming within the park during its operating months of March to – November. Though the local do benefit from the fact that Thorpe Park created job opportunities within their community, they also suffer from the consequences of the park being within close vicinity of their residing home, for example; as the park is a popular attraction there might be road congestion which put the residents that live nearby at an inconvenience as it takes them longer periods of their time to arrive and leave their homes.
The local community and the owners of Thorpe Park share the common interest that they both want to protect their surrounding environment by the park having an environmental department that focuses on cleaning, recycling and protecting residents from the brunt of water flooding that happens within their community.
In conclusion Thorpe Park as an option to keep all their stakeholders satisfied they should have meetings discussing the changes that are going to be made and all the stakeholders to share their opinion for example; Before Thorpe Park publish their promotional offers to the public, they should have a meeting with the shareholders discussing how by the company using these offers can benefit them and earn the business and themselves a profit. They can also in that meeting mention that by the company giving their employees free admission to all their attraction can encourage other people to apply for jobs at Thorpe Park; it also motivates the employees at Thorpe Park as it shows in their annual report of 2012 they gained ninety-seven percent (97%) customer satisfaction due to the enthusiasm of their staff. This solution also gives the stakeholders the feeling that their opinion is valued and appreciated which can lead to the stakeholder keeping their investment within the company rather than taking the interest they’ve earned out of the business and possibly investing it in another company
Within any company there would be stakeholders that may have more influence over the company than some as is the same with Thorpe Park as they have four main stakeholders and each of them have their own
Customers-The customers play an important role in any business’s company especially Thorpe Park as the main purpose of their business is to provide a service. The company uses different tactics to keep the customers happy such as promotions, for example; Thorpe Park offers discounts to the customers that arrive together in large groups. Customers have a potent influence not only in Thorpe Park but in other businesses as the companies not only want to maximize profits but also they want to their company have generally recognized with a …show more content…
reputation that satisfies customers, which then creates a long-term relationship with them and this leads to them returning to the company which is a key step in building a successful and profitable company. From the information that I gathered from my trip to Thorpe Park’s establishment by their spokesperson I was able to gain the knowledge that park has a marketing department which ensures that the park has a new ride every two years as to maintain customers attention and to also entice new customers to their establishment
Shareholders: shareholders of Thorpe Park has a key role and interest in the running of the company as they have invested time and money into the business, for example; Before Thorpe Park was the amusement park it is today it was initially built on a gravel pit that then got partially flooded though they were able to turn it into a water based theme park that then became successful and they were eventually able to expand. The shareholders of Thorpe Park also have a strong influence over the company as they provide the park with the investments they need in order to create new rides and expand their business etc. With the shareholders having this level of influence on the business can cause a minor degree of struggle within the company as the shareholders in their own right partly own the business and would therefore think that their wants and desires for the business should be performed within the company, which then causes the owners of the park to consider their desires/wants of the shareholders though they may not have considered it before that moment as they want to keep their shareholders satisfied in order to ensure that they would continuously reinvest in their company. However the shareholders and owners share the interest that they both want to achieve its aims and objectives as if these were to be achieved the company may attain a profit as within each profitable organisation the main aim/objective of the business is to attain a profit and provide excellent customer service.
Employees: The employees play a key role in the running of Thorpe Park as without them there would be no one to assist customers on the rides, no one to ensure the ticket stand is being run and so forth. Thorpe Park has provided employees with different benefits to ensure that they stay working for them and that prospective employees are encouraged to apply for a job with them, for example; Thorpe Park employees has a free admission pass to all of Merlin Entertainments Group LTD attractions, good competitive pay wage of £6.19 per hour or more depending on the position you hold. Employees have an influence on Thorpe Park though not exceeding the influence of a customer nor a shareholder. Though t will determine the amount of influence through:
* The contract between the employee and the employer. Which include pay and working conditions, fringe benefits like a company car, discounts, and travel/health insurance?
Local community: The local community play a key role in Thorpe Park’s business as they are residents within close vicinity of the park which affects the residents in both a positive and negative way. The local community are affected in a positive way as Thorpe Park provides job opportunities for the residents
However the local community are also affected in a negative way as Thorpe Park happens to be a huge tourist and local attraction it can cause congestion, noise and land pollution within their community. The park had to then find a solution that would satisfy the local community which was to create environmental department that focuses on cleaning, recycling and protecting residents from the brunt of water flooding that happens within their community, this shows the great influence that the community has over the park as if the community didn’t express their displeasure, the park may not have decided to create an entire department that then needs employees who then needs to be paid which causes the park extra expenses that may not have been necessary if not for the local community .
From the information that I have gathered, analysed and evaluated it appears that out of the four main stakeholders of Thorpe Park, the customers seem to be the most favoured whereas the local community seemed to be the least favoured causing a conflict of interest among the stakeholders.
M1
Within any company there would be stakeholders that may have more influence over the company than some as is the same with The Cancer Research UK which has three main stakeholders ;
Funders: The funders are an important role in the Cancer Research UK as they are a charity and receive no funding from the government but from the community. Therefore if the public was to stop donating to their charity, the charity would not receive any type of funding would therefore have to discontinue their cause, this mere fact is one of the reasons that this particular stakeholder group has such a strong influence on the organisation as if the funders were to suddenly become dissatisfied with the results of the company and were to stop donating, the company would suffer tremendously as with no donation there would be to money to invest in machinery, hospitals, patients care etc the Cancer Research UK would fail in its quest to find a cure for the sickness as there would be no money to fund research. With the information gathered this particular stakeholder may possibly have the most influence over the organisation as they are its foundation without them they failure is guaranteed.
Beneficiaries: The beneficiaries of The Cancer Research UK are the key part of the charity as everything the charity does is for the beneficiaries, for example; Of the four hundred and eighty-three million pounds (£483 million) made in the past year by The Cancer Research UK three hundred and fifty-one million pounds have divided into the thirteen types of cancer that the charity researches and the rest was dedicated to providing information for those diagnosed with cancer, influencing health policies and raising awareness of cancer risks and symptoms. In this particular case the beneficiaries are similar to customers in a profitable organisation as if they were to be dissatisfied the charity may gain a negative reputation which can cause a great disadvantage to them as with a bad reputation, there would be no patients willing to accept their help, which then leads to funders withdrawing the money invested and by extension causing the organisation to fail.
Employees/Volunteers: The Cancer Research UK employees are quite a vital and essential part to their charity as they help provide the beneficiaries with the service that they need.
The charity provides their employees with a number of benefits as to keep them happy motivated and to avoid employee turnover, for example; the charity provides their staff with a ‘Taste Card’ which can be used at more than seven thousand (7000) restaurants across the UK, which provides them with the service of ‘2-for-1’ meals and/or fifty percent (50%) off the food bill. As the cancer Research UK is a charity organisation there are 40 000 people who offer their services are a valued in the organisation as without them there would be few people to ensure that the aims of the charity is met and with the volunteers having this power within the charity they can influence in the Cancer Research UK to agree to their terms or possibly …show more content…
accept
D1- Thorpe Park
In a business it can be quite a difficult task to keep all your stakeholders happy and satisfied .Though Thorpe Park has only four main stakeholders there is conflict of interest within each of the four stakeholders as they each have different wants and expectations for the business for example;
Shareholders and Customers-There is conflict of interest between these two groups as Thorpe Park offers different promotions that give customers a percentage of money taken off their bill, though customers may appreciate and value this decision the shareholders of the company may think that this was a wrong decision as by giving the customers a discounted price the company is losing money and by extension they’re losing money also seeing that they invested a percentage of their money into Thorpe Park and would like to have it returned to them with interest .However, from the year 2009 to the year 2013 Thorpe Park’s prices have increased by 57% which had the impact of the customers being unsatisfied which led to the park’s visitors being dropped from 2 million visitors to 1.8 million visitors in the 2011-2012 but it also had the impact of the shareholders being satisfied with the increase in the price as it meant more revenue may enter into the business than usual. Though in a roundabout turn of events these two stakeholders have one common interest which is that they both want ‘their monies worth’ meaning that the shareholder invested their time and money into Thorpe Park and would like it not only returned to them but also with a hefty interest whereas a customer would like to pay for the service that they attain from each of the twenty-five rides that Thorpe Park host at a reasonable price. With both main stakeholders of the business being caught in a conflict of interest the owners of Thorpe Park had to decide on a solution that would satisfy both of their stakeholders as of the main stakeholders these two hold great influence over the owners of Thorpe Park as without the customers the business would fail to succeed as they are a profitable organisation which means without customers attending their park and
Employees and Shareholders-One of the main conflicts of interest that may appear between the employees and the shareholders of Thorpe Park is the fact that as one of the rewards/benefits of working with Thorpe Park, employees are able to gain free admission to any of Merlin Entertainments Group Ltd attractions which operates over 70 attractions, though the employees gain a great deal from this reward and are satisfied with the benefit, however the shareholders of the park may view this as the business losing money and as a result their money is also being lost.
Though employees and shareholders do have the common interest that they both want the company to retain a profit even if they want the company to retain it for different reasons as shareholders are focused on the fact that they’ve invested time and money into the company and would like not only the money they invested back but also with an interest whereas employees would want the company to retain the profit in order to ensure them job security along with the fact that if the company is doing well, employees then have a chance of gaining a promotion which then results in a pay rise for employees.
With the employees having that particular common interest with the shareholders, it can result in the shareholders gaining an advantage as the employees would be motivated to work hard in order to keep their jobs and allow the company to have a hefty profit
margin.
Local Community and Owners-The conflict of interest that appears between these two stakeholders seems to be a one-sided conflict as from the information that I have gathered the local community has complained about the constant screaming within the park during its operating months of March to – November. Though the local do benefit from the fact that Thorpe Park created job opportunities within their community, they also suffer from the consequences of the park being within close vicinity of their residing home, for example; as the park is a popular attraction there might be road congestion which put the residents that live nearby at an inconvenience as it takes them longer periods of their time to arrive and leave their homes.
The local community and the owners of Thorpe Park share the common interest that they both want to protect their surrounding environment by the park having an environmental department that focuses on cleaning, recycling and protecting residents from the brunt of water flooding that happens within their community.
In conclusion Thorpe Park as an option to keep all their stakeholders satisfied they should have meetings discussing the changes that are going to be made and all the stakeholders to share their opinion for example; Before Thorpe Park publish their promotional offers to the public, they should have a meeting with the shareholders discussing how by the company using these offers can benefit them and earn the business and themselves a profit. They can also in that meeting mention that by the company giving their employees free admission to all their attraction can encourage other people to apply for jobs at Thorpe Park; it also motivates the employees at Thorpe Park as it shows in their annual report of 2012 they gained ninety-seven percent (97%) customer satisfaction due to the enthusiasm of their staff. This solution also gives the stakeholders the feeling that their opinion is valued and appreciated which can lead to the stakeholder keeping their investment within the company rather than taking the interest they’ve earned out of the business and possibly investing it in another company