D1 Evaluate the Influence Different Stakeholders Exert in One Organisation
I am going to evaluate the influence that stakeholders exert on Zotefoams PLC. I will be evaluating the following stakeholders: customers, employees, shareholders, suppliers, the government and owners.
Customers
Customers contribute to profit levels and turnover through buying products and services. People are stakeholders in a company for financial reasons; customers do not want to have to spend an excessive amount of money to purchase a product, so if one of Zotefoams competitors can produce the same product for a lower price the customer may be tempted to change suppliers.
Without its customer Zotefoams would not exist, they survive through customer loyalty and their ability to attract new custom. To ensure that they get regular customers Zotefoams ensures that all of its products are the best on the market. Customer service is also held very highly. By offering these incentives Zotefoams are getting regular customers which bring in more profit which then can be used to help expand the business.
In the resent economic down-turn Zotefoams business customers have been demanding cheaper products, and with the risk of losing contacts worth millions of pounds Zotefoams has had to expand its manufacturing base with factories in the UK, USA and now in China. This diversity allows them created not only cheaper products but also more specialised one too. This has opened up a larger market for them which have increased their share prices by 50% in two years. This has all been brought on by the need to satisfy their existing customer and increase their potential one.
Employees
Employee is any person hired by an employer to do a specific job. Employees are important as any other stakeholder because they have first contact with customers so if the customers want to ask a question about the organisation or about a product then the employees can help with that and that employees could also recommend products to customers which will bring in more profit.
Customers
Customers contribute to profit levels and turnover through buying products and services. People are stakeholders in a company for financial reasons; customers do not want to have to spend an excessive amount of money to purchase a product, so if one of Zotefoams competitors can produce the same product for a lower price the customer may be tempted to change suppliers.
Without its customer Zotefoams would not exist, they survive through customer loyalty and their ability to attract new custom. To ensure that they get regular customers Zotefoams ensures that all of its products are the best on the market. Customer service is also held very highly. By offering these incentives Zotefoams are getting regular customers which bring in more profit which then can be used to help expand the business.
In the resent economic down-turn Zotefoams business customers have been demanding cheaper products, and with the risk of losing contacts worth millions of pounds Zotefoams has had to expand its manufacturing base with factories in the UK, USA and now in China. This diversity allows them created not only cheaper products but also more specialised one too. This has opened up a larger market for them which have increased their share prices by 50% in two years. This has all been brought on by the need to satisfy their existing customer and increase their potential one.
Employees
Employee is any person hired by an employer to do a specific job. Employees are important as any other stakeholder because they have first contact with customers so if the customers want to ask a question about the organisation or about a product then the employees can help with that and that employees could also recommend products to customers which will bring in more profit.