P2: To describe the influence of stakeholders on the business.
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 types of stakeholders:
– Internal: These are groups within the business including owners and workers. – External: These are groups from outside of the business including the community.
McDonald’s competition such as Burger King and KFC would have an interest in McDonalds as they will want to know how McDonalds are progressing in terms of products, service, marketing and pricing. They would use this information so that they can compete effectively and to ensure that their products would rival those of McDonalds.
On the other hand, Cheam High School competition, which effectively is all schools within the London Borough of Sutton, would have an interest in Cheam High School in terms of how they are progressing in exam results, teaching qualities and resources. As Cheam has a lot of resources such as a language and tennis specialist status which attracts a large amount of students, other schools may use this information to their advantage and hire specialist staff to improve their schools to rival Cheam High School.
The local community will have an interest in McDonalds as they will want to ensure McDonalds has a positive influence on their community, for example the community would want the franchise business to provide jobs for the unemployed locals or they would want McDonalds to support local projects. To summarise, the local community are important stakeholders and have an interest in McDonalds for a range of different reasons.
In the case of Cheam High School, the local community will have an interest in the school as they would want their children to gain a place in school. Furthermore, if their children were...