Describ the Types of Stakeholders Involved in Two Contrasting Businesses
Task 2- P2
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.
Boots is a high street pharmaceutical store and therefore directly affects the customers. Customers determine what new products the company will make and what brands to stock. Customers show where demand is in the market through sales. Boots need to ensure they have the products and sufficient stock to provide for the customers wants in order to gain loyalty. Customers look for the best quality products at good prices and therefore influence the price of a good as they determine the sales for the store. Customers provide recommendation through word of mouth to other potential customers and therefore companies must give the customer what they want. Customers determine the revenue of a business, therefore if a company doesn’t provide the product the consumer wants they will not create revenue. Employees are very important as stakeholders as they also determine whether customers will return. Good customer service is key in retail. Employees perform better with higher wages and better job satisfaction therefore companies must ensure employees have fair wages. Not unlike employees managers also thrive off job satisfaction and fair wages. Managers help to run the company and therefore get higher wages than general employees and have more responsibilities. Managers make the decisions for a company which could determine the revenue, the customer satisfaction and overall image of the
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.
Boots is a high street pharmaceutical store and therefore directly affects the customers. Customers determine what new products the company will make and what brands to stock. Customers show where demand is in the market through sales. Boots need to ensure they have the products and sufficient stock to provide for the customers wants in order to gain loyalty. Customers look for the best quality products at good prices and therefore influence the price of a good as they determine the sales for the store. Customers provide recommendation through word of mouth to other potential customers and therefore companies must give the customer what they want. Customers determine the revenue of a business, therefore if a company doesn’t provide the product the consumer wants they will not create revenue. Employees are very important as stakeholders as they also determine whether customers will return. Good customer service is key in retail. Employees perform better with higher wages and better job satisfaction therefore companies must ensure employees have fair wages. Not unlike employees managers also thrive off job satisfaction and fair wages. Managers help to run the company and therefore get higher wages than general employees and have more responsibilities. Managers make the decisions for a company which could determine the revenue, the customer satisfaction and overall image of the