Case Study of Boots Plc Essay

Daft (2012) defines stakeholders as “any group within or outside the organization that has a stake in the organizations performance.” Stakeholders within the organization include the owners, managers and employees while external stakeholders includes the organizations customers, suppliers, community, workers unions, creditors as well as the government. Due the variety as well as different nature of the stakeholders, each stakeholder has a different expectation from the organization as concerns their stake. It is from this characteristic and expectation that each stakeholder will be affected differently by actions and decisions as well as policies and practices implemented by the business from those of another stakeholder (Carroll & Buchholtz, 2014). This also means that the different stakeholders will act or make decisions that affect the business in a way best situated for them. Carroll & Buchholtz (2014) discuss the relationship between the business and stakeholders as one that has a two-way interaction; businesses will affect stakeholders as well as stakeholders affect the business, that is an interchange of influence. The complexity of the stakeholder-business relationship calls for

I am going to discuss the different stakeholders involved in two contrasting businesses. I am going to explore the stakeholders involved in each business and how they are affected by the company. My first organisation is Boots Alliance, a pharmaceutical shop on most high streets. My second organisation is Oxfam charity. Both provide goods or services to the public; however they have different stakeholders affecting their decisions. Stakeholders are anyone that affects or can affect a business’s decisions. This could be a consumer, an employee, a supplier or many others.

There are two kinds of stakeholders in any organization i.e. internal and external. the internal stake holders are people within company that can be impacted by the actions of company and in turn influence the actions of company and the external ones have similar function but they reside outside the organizational boundaries (Needles, Powers, and Crosson, 2013). in case of Philips one of the major internal stake holders are its employees, such that the employees give innovative ideas and feedback to Philips and the company rewards them in return in form of acknowledgement, rewards and compensation as they believe that employees have paramount role in customer satisfaction. Employees have interest in the financial statements and the indices

It is important to explain first of all who are the stakeholders. They are the groups of people interested in a particular business organisation. They can be separated into internal, external stakeholders and connected stakeholders.. The internal stakeholders are the employees of an organisation as well as the managers.. Connected stakeholders are the retailers, distributors, customers, suppliers. External stakeholders are the government, the press as well as the pressure groups and local communities. The whole society can also be classified as an external stakeholder. The key stakeholders for the company are employees, competitors, environmental issues, government, suppliers, media, customers, financial institutions, shareholders and local communities.

 Internal stakeholders include managers and employees and are those that are situated within the company and affect the ‘day-to-day ' running of the organization.  Connected stakeholders cover groups such as shareholders, suppliers and customers, and are parties which invest or have dealings with the firm. The third group, External stakeholders, are those not

In most businesses, stakeholders are the customers, investors, shareholders, employees, suppliers, government agencies, communities and others who have an interest in a company’s products, operations, and markets (Ferrell, Fraedrich, & Ferrell, 2011). Ultimately, they not only influence the course and direction of the company, but the company can influence them as well (Attend, 2015). Additionally, there are secondary stakeholders, such as: media, trade associations, and special interest groups who can have a positive impact, especially in times of corruption (Attend, 2015).

25. A number of European countries require public companies to include employee members on their boards of directors, so: A. The employees are available to answer questions. B. Management does not have to attend the meetings. C. That their interests will be explicitly represented. D. They have more power than any other stakeholder. 26. Stakeholder groups can include: A. Stockholders. B. The media. C. Environmental activists. D. All of the above. 27. Which one of the following is considered to be a nonmarket stakeholder of business? A. Customers. B. Media. C. Creditors. D. Stockholders. 28. Which of the following is not considered to be a nonmarket stakeholder? A. Government agencies. B. The natural environment. C. Activist groups. D. Non-governmental organizations. 29. The phenomenon of a person or group holding multiple stakeholder duties is referred to as: A. Role sets. B. Primary Stakeholder(s). C. Ownership Theory. D. None of the above. 30. A stakeholder analysis: A. Creates equality among all stakeholder interests. B. Allows managers to examine two primary questions. C. Involves understanding the nature of stakeholder interests. D. All of the above. 31. The four types of stakeholders' power recognized by most experts are: A. Voting,

The stakeholders or those who have an invested interest in this business – those who make the decision or one who impact this organization internally and externally - are:

The main article, which will guide my review, is scripted by (Bourne and Walker, 2006) – Visualizing Stakeholder Influence – Two Australian Examples; who describes stakeholder’s influence as being poorly misguided, poorly understood and underestimated. He states that project can be blindsided by stakeholders whom are deemed irrelevant but with enough connection to disrupt a project. The focus of the article is essentially to contribute to the relationship management aspect of a project to ensure its success, while noting that it

While they can influence the company in a positive way; employees can have negative effects on the company, if they aren’t good at their job it would reflect poorly on the company and cause negative effects on the company. If the employees aren’t happy with pay, working conditions, the policies of the company either existing or new policies they can take action on the company, either making complaints and taking it further to the owners of the company. Employees are classed as internal stakeholders the next group of people that have an influence on a company that I will write about is the customers.

The Multiple Stakeholder Approach forms as a framework to understand the relationship of an organisation with its external environment and individual/Group actor. Stakeholder involvement in cooperatives have helped create social innovation that satisfies unmet needs.

Hence it is extremely important to manage stakeholders efficiently at every stage of the company’s life cycle. Management of stakeholders needs to be done very effectively as each stakeholder’s powers differ with their importance and their interest in the business. A few stakeholders have the power of either blocking your business or letting it roll successfully. You business also depends on their interest as some may be interested in what the business is doing and how is it performing however some stakeholders will not even care about your business. For example you are into a project in which your boss will be extremely interested and so will be your family; however an outsider not directly related to you will not be as interested. Similarly in a business the owner and the employees will be very interested however the community and the media will not really be

There are two types of stakeholders in a business corporation. The primary or internal stakeholders are the people or entities who are engaged in transaction with the corporation directly. The secondary or external stakeholders are not engaged in any kind of transaction with the corporation but can affect or can be affected by the actions of the corporation. As an international business corporation Unilever or its subsidiary Lever Brothers Bangladesh Ltd has many stakeholders around the world as well as in the country. A brief description of Unilever’s stakeholders in Bangladesh is given

According to Laville and Nyssens’s book, ‘Towards a theoretical socio-economic approach’, a community-based business is a trading organization which has the capability to rebuild and develop social capital in a community destroyed or depleted by contemporary business thinking. ( Laville, J. L. and Nyssens, M. 2001), Compared to the traditional enterprise’s ownership rights held by investors, different persons including investors hold the property rights of community-based enterprise, workers, managers and others who related to the business, and all of them determine the enterprise’s objectives. They argue that the community-based enterprise has to serve the community, and satisfy the collective benefits. “Serving the community may be

Stakeholders are the group or number of people who are directly or indirectly related to a particular business. Stakeholders can be directors, customers, employees, government, agencies, owners, suppliers, unions and the community from which the business draws its resources (Campbell, 2002). However, stakeholders are a crucial part for the success of business. If an organisation knows it’s stakeholder, then it can determine where, there is prospect for business and also by analysing stakeholders, business can set its operational activities (Graham, 2005).