The Development and Use of the Six Markets Model

In this task I will be describing eight different stakeholders which are; customers, employees, suppliers, owners, trade unions, employer associations, local and national communities and the government. I will be stating what they are, who they are, why they useful, how they influence stake holders on organisation and why they are useful to business I have chosen which is Tesco and The British Heart Foundation.

The first stakeholder that I’m going to talk about is the employees. Employees are internal stakeholders. Employees are one of the most important stakeholders because they are the first ones to interact with the customers. The employees are the ones that will be answering any questions that a customer may have, they are able to give the customer reliable information. Also the employee is able to recommend more products that the customer may be interested in; this would increase the sales of the shop which would result in more profit for the company. If the employees at Tesco are disrespectful and they are not being helpful to the customers then that customer might not shop at Tesco any more. They may also tell their friends and family about their experience. This would result in them shopping at other stores which would decrease the sales of the store. So it is important that employees do their job or else they would influence the customers into not shopping with Tesco anymore.

A stakeholder is anybody who is affected by the business; they could be internal or external, as well as being in contact with them very often or only on occasions.

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.”

The stakeholder theory made popular by Ed Freeman (1984) does seem to represent a major advance over the classical view (Freeman, 1984). It might seem inappropriate to refer to the stakeholder position as neoclassical. Bowie (1991: 56-66) has defined stakeholders as a group whose existence was necessary for the survival of the firm--stockholders, employees, customers, suppliers, the local community, and managers themselves.

Stakeholders have a significant influence on the aims of an organisation. They are the people who are affected by or interested in the business. In some organisations the shareholders are stakeholders, and at times have some of the decision power. In trade organisations, customers are also considered stakeholders; therefore their needs are part of the organisation’s overall objectives.

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

A strong believer in his reconceptualized Stakeholder Theory of the Modern Corporation, R. Edward Freeman believes the key to success in business is

It is extremely important for any organization to manage their stakeholders satisfactorily as they have a significant impact on the organization’s progress, (Madura, 2012, p.25). In this report, the author will look at Aldi Limited and their stakeholder relationship. Aldi Limited started their initial operations in 1946 in Germany as the biggest retailers of groceries, (Telegraph, 2013). Aldi Limited became very familiar among the people because of their low prices and the self service arrangement, (Aldi, no date).

The first stakeholder I am going to evaluate is customers which are external stakeholders. Customers contribute to profit levels and turnover through buying products and services. People are stakeholders in a company for financial reasons, customers do not want to have to spend an excessive amount of money to purchase a product, so if the product is cheaper in one store, such as Tesco, than in another store then customers will buy the cheaper one which then attracts more customers.

The first stakeholder I will evaluate is customers. In a newsagent, customers are the businesses main source of finance; this is because the customer’s main influence is to buy the newsagent’s products and services. Customers are external stakeholders which mean

In the first major paper on stakeholder theory, Edward Freeman and David Reed state that a stakeholder is "Any identifiable group or individual on which the organization is dependent for its continued survival." (Freeman and Reed 89) Given that these groups' input are all vital part of an organization's success, creating solutions that benefit all stakeholders is important for long term success. Solutions that conflict with the interest of one of the stakeholders, could result in that stakeholder withdrawing the support that the organization needs to survive. When leaders of an organizations are servants first, when they "make sure that other

In general ,the stakeholder approach may be more conducive to balancing a wide variety of corporate interests and thereby discouraging impropriety.Executives and boards should take the perceptions of both shareholders and stakeholders into account when formulating strategy and enunciate their stance in all organizational communications. Only within that kind of clearly delineated context, can managers be expected to make appropriate decisions. Indeed, some of the most successful businesses are those which have embraced stakeholder values for example Bodyshop. However, we see that generally, shareholder value

Stakeholders are people or groups with interest in an organization that can affect or be affected by the organization itself, its objectives, or its policies (BusinessDictionary, 2015). Each stakeholder brings their own perspective to the table based on their relationship with the organization (e.g. internal or external role), their level of experience, and their area of expertise about the subject matter they are involved with. At a high level, the list of stakeholders for any organization could include people or groups such as: customers, employees, government agencies, suppliers, unions, community resources, shareholders, and business owners. For the purpose of this assignment, I will discuss and review stakeholders relative to the

The (word) stakeholder means any person with an interest in business, someone who can contribute to the company grows and success or who benefits from its success. The various stakeholders in business have differing role and their level of involvement in the enterprise varies