Explain the Roles of Both Internal and External Stakeholders in the Selected Business and Show How Their Objectives and Expectations Have Changed over Time

Decent Essays

Explain the roles of both internal and external stakeholders in the selected business and show how their objectives and expectations have changed over time.

What is a Stakeholder?

A stakeholder is someone who is interested in a company or business, e.g. Tesco; they can either be an internal or external customer to the business. They may also be affected in a situation that happens to the company because they them selves may of given and invested money into the company or may just be interested in it and use it quite often. They can either have direct or indirect control of the business, internal usually being direct while external being indirect control of the business. Key stakeholders are those who draw in resources such as money …show more content…

As well as the other all management of the staff and the pay they are being given, they will also focus and concentrate on the reputation of Tesco. If the company has a bad reputation then customers and other companies may not shop and buy products from them. For instance, if another company offered to buy ten thousand units of baked beans and they were not successfully delivered, this would create a bad reputation for the company. The managers would not only have to make sure that these situations are not to occur but how to handle them if they were to occur. They may offer discounts to improve their reputation to other customers and companies, they may also offer dividends to share holder. People will not want to buy shares and feel they would want to pull out if the reputation of the company was not good.

Managers would also want to make sure that Tesco reaches the targets set for it each year. For example, if a meeting were held and the conclusion of it was to open three new shops in London; the manager would have to make sure that the target is going and on the ‘right track’ to be met. If the aim was targeted to finish in three years, then the manger may examine and survey that a new shop would open in London every year for the next year.

Managers may be given more responsibility of the supermarkets they run because of the ‘redundancies’ now days. As companies were and maybe still are facing the heat of the recession, they may want to cut staff

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