Task 2 Stakeholders EDITED
Stakeholders
Key stakeholders can either have a positive or negative effect towards a business, or who are important to an organisation. Examples of key stakeholders may be funders, government, head of businesses and other community figures.
Customers: The customers are external stakeholders and they want the most they can get out of the business (in this case - school they have chosen to go to). As a business the customers want to see improvements in the organisation; for example improvements in the prices of products (better value for money). The brands of products are often important to customers too, therefore seeing good brands are also essential.
Suppliers: Suppliers are also external stakeholders. They don’t want to be supplying to someone who gives wrong orders all the time or an organisation that does not give the right payments at the right time; they should be able to pay debts within the time given. Therefore a bond needs to be earned between the business and suppliers for them to trust each other. If there is more trust then the suppliers can feel valued by the company.
Community: The community is also external. It is important that the business is what the people in the local community want. This is because the organisation can make a big impact on the community. The community want more good factors than bad – they wouldn’t want the organisation to give the community a bad reputation. Community leaders represent important interest groups as dangerous businesses would be unwanted by the community.
Employees: The employees want to work somewhere where they can be proud of their organisation and be proud to be a part of the team. They are internal stakeholders. They also don’t want to be made redundant all of a sudden and be left jobless; therefore they seek security of employment. If they commit their very best in what they do they expect rewards and bonus’ back. Also to keep employees within the business there should be promotion opportunities
Key stakeholders can either have a positive or negative effect towards a business, or who are important to an organisation. Examples of key stakeholders may be funders, government, head of businesses and other community figures.
Customers: The customers are external stakeholders and they want the most they can get out of the business (in this case - school they have chosen to go to). As a business the customers want to see improvements in the organisation; for example improvements in the prices of products (better value for money). The brands of products are often important to customers too, therefore seeing good brands are also essential.
Suppliers: Suppliers are also external stakeholders. They don’t want to be supplying to someone who gives wrong orders all the time or an organisation that does not give the right payments at the right time; they should be able to pay debts within the time given. Therefore a bond needs to be earned between the business and suppliers for them to trust each other. If there is more trust then the suppliers can feel valued by the company.
Community: The community is also external. It is important that the business is what the people in the local community want. This is because the organisation can make a big impact on the community. The community want more good factors than bad – they wouldn’t want the organisation to give the community a bad reputation. Community leaders represent important interest groups as dangerous businesses would be unwanted by the community.
Employees: The employees want to work somewhere where they can be proud of their organisation and be proud to be a part of the team. They are internal stakeholders. They also don’t want to be made redundant all of a sudden and be left jobless; therefore they seek security of employment. If they commit their very best in what they do they expect rewards and bonus’ back. Also to keep employees within the business there should be promotion opportunities