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
Firstly Stakeholder is an individual or a group who has an interest in the success of a business I delivering high results and maintaining the viability of the business’s products and services.There are internal and external
Tesco's has recently had to make many changes in their staff and have had to change the management structure to be able to pay every manager fairly and pay the wages for their general employees. These effects were taken place due to a major profit change and an unstable financial system. Another effect that has been changed is the Tesco pension scheme back in 2012. The Tesco pension scheme had changed due to financial problems however this would mean employees who have a pension scheme with Tesco will have to work longer if they were in their early 60's . This became a challenge for Tesco's as they couldn't afford to pay out on pension schemes at that precise moment.
Stakeholders ‘are those individuals or groups that have an interest in what the organisation does. The stake holders can be within the organisation, connected to the organisation or external to the organisation.’ (F1,BPP Learning Media) There are three different types of stake holders in an organisation; 1. Internal stakeholders The internal stakeholders of the companies would be the shareholders, employees, managers and directors.
A stakeholder is anyone with an interest in a business. Stakeholders are individuals, groups or organisations that are affected by the activity of the business. There are two different types of stakeholders; internal and external. Internal stakeholders are groups within the business e.g owner/workers and employees. External stakeholders are local and national communities and governments, these are groups outside of the business.
Tesco Plc is a Public Limited Company who securities and shares are included in the stock exchange and list of different countries. In UK, companies like Tesco Plc are registered under the companies Act 1980 and its shared are offered to public in regards of limited liability. In addition, Tesco is associated with retail sector that carries out a majority business of the company and contribute their share in country’s economy to a huge scale. Apart from the retail sector, Tesco Plc faced tough competition all over the world from companies like Wal-Mart, Asda, Sainsbury, and others. Although, Tesco is not in dominating position in the current retail market in the UK, but the company is one of the biggest retail companies working in the UK, North America, Asia, Europe and other. The company
A stakeholder are anyone with an interest in the actions of the business. Apple is a business that has both internal and external stakeholders. These stakeholders are really important within the business as they help to keep the business running and also help the Apple to be successful overall. The best way in which Apple can have really good relationships with their stakeholders is by communicating effectively. There are many ways in which Apple as a business can dothis. Onemethodis the way they approach their stakeholders. This is important because if they (the company) approach their stakeholders in a positive way then they will get a positive outcome.
John Kew and John Stredwick mention that Jonhson et all 2011 defines a stakeholder as “those individuals or groups who depend on the organisation to fulfil their own goals and on who in turn the organisation depends.”
1. Explain why change happens in a business environment. You should include at least three reasons in your answer.
A stakeholder is a party that has an interest in a company. It may affect by the business or organization actions. Typically, the prime stakeholders are customers and employees. Patagonia is eco-friendly clothes are gaining the support of consumers and non-governmental organizations in the U.S. Since the company is a certified B Corp, they provide workers with certain benefits, the community and the environment. Patagonia outdoor clothing and gear retailer is well known for sustainability. They protect the environment and inspire social change. The company overall environmental and social performance is measured and independently verified a third party. Patagonia believes that full of practice transparency will be the ones in the future rewarded
i – A stakeholder can be an external or internal figure who affects or is affected by any actions, objectives or policies put into place by a business. For example, a creditor or owner. An internal stakeholder would be someone within the business who's affected by decisions made, such as an employee rather than an external stakeholder who would be someone on the outside of the business who is interested in it’s success. A stakeholder will require useful financial information about the business, as well as information about their future position and how things may change, for example any changes to employment or income that may be imminent.
In this assignment I will be evaluating the influence different stakeholders have in one organisation. A stakeholder is someone who takes an interest in a business whether it being small or big. For example, in Nike, a stakeholder could be an employee or a customer as they would have to take massive interest in the business.
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.
A stakeholder is someone who someone who benefits or is burdened by a corporation, or someone who the corporation benefits or is burdened by. (Steiner). Stakeholders are represented by two main groups; primary and secondary
Tesco aims to ensure that all roles work together to achieve their business objectives. It needs to ensure that it has the right number of people with right skill for the right job at the right time. To do this, Tesco has a arranged a process for recruitment and selection to attract applicants for both managerial and operational roles (Recruitment and selection,
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).