Stakeholder in a Business
Stakeholders in a business
Terms of reference
I have been asked to compile a report on the different stakeholders of a business. Stakeholders are a group of people who have an interest in the business. I have been asked to research, investigate and explain the stakeholders that influence the running of Tesco and Harrods.
Procedure
Firstly described the following stakeholders and stated the interest they had for the business: * Customers * Employees * Suppliers * Owners * Pressure groups * Trade unions * Employer associations * Local and national communities * Governments
I then described how they could impact the running of the business using information from company reports. Lastly I described the conflict that happens between different stakeholders and how this can affect the business. (A) Customers
Customers are an important stakeholder to Tesco because they are the main source of income. They buy products and act as pressure groups because they put pressure on Tesco’s to meet their needs. Customers influence Tesco because Tesco listens to their concerns and acts upon it. If a customer’s concern was that the product they want to buy is never in stock Tesco’s aim would then be to make sure they always had products in stock and on the shelves. Customer comments make the most impact because they are telling Tesco’s exactly what it is doing wrong and what needs to be done to improve it so Tesco is encouraged to improve their store for the sake of their customers. They have a big influence on the store because if Tesco’s did not listen to their concerns it would lose customers and sales which could go to other competitors. Customers are split into socio economic groups based on the occupation of the head of the household. It is used to see how people in different socio economic groups react to the same stimuli. The first 3 socio economic groups A, B and C1 will shop at Harrods because they have better more professional jobs which in
Terms of reference
I have been asked to compile a report on the different stakeholders of a business. Stakeholders are a group of people who have an interest in the business. I have been asked to research, investigate and explain the stakeholders that influence the running of Tesco and Harrods.
Procedure
Firstly described the following stakeholders and stated the interest they had for the business: * Customers * Employees * Suppliers * Owners * Pressure groups * Trade unions * Employer associations * Local and national communities * Governments
I then described how they could impact the running of the business using information from company reports. Lastly I described the conflict that happens between different stakeholders and how this can affect the business. (A) Customers
Customers are an important stakeholder to Tesco because they are the main source of income. They buy products and act as pressure groups because they put pressure on Tesco’s to meet their needs. Customers influence Tesco because Tesco listens to their concerns and acts upon it. If a customer’s concern was that the product they want to buy is never in stock Tesco’s aim would then be to make sure they always had products in stock and on the shelves. Customer comments make the most impact because they are telling Tesco’s exactly what it is doing wrong and what needs to be done to improve it so Tesco is encouraged to improve their store for the sake of their customers. They have a big influence on the store because if Tesco’s did not listen to their concerns it would lose customers and sales which could go to other competitors. Customers are split into socio economic groups based on the occupation of the head of the household. It is used to see how people in different socio economic groups react to the same stimuli. The first 3 socio economic groups A, B and C1 will shop at Harrods because they have better more professional jobs which in