Unit 37 P2
TASK 2:
Stakeholder is a person or a group who are inquisitive and focused on business. It could be anyone such as an individual, bank, customer, and employee. They also include owners who are focused on how much money the business makes. P2:
Marks and Spencer,
Emaar:
The main stake holders for Marks and Spencer are the owners, banks, suppliers and the customers.
The stakeholders for Emaar are the suppliers, government, trade unions and the owners.
The owner are people who own the business and hence they have a word in the final decision made to proceed in the business. They are interested in the business because they have put in the money and it’s their money. If the business suffers a loss then the owner suffered a loss too and if the …show more content…
It is very vital for a business to know the needs and demands of the customers. After this hey should promote their goods in a way that it attracts their customer so that it is only their brand the customer wants to buy. For Emaar, they need to produce buildings with comfort and have to mould their designs according to the demand, which will attract the customers.
The government impacts a business in a number of ways: firstly the business have to pay taxes for the land they have their building set up for. Like for Emaar, it have to pay the tax for the land it is basing its building on and for Marks and Spencer they have to pay for the land on which they have their stores on. Next the business have to pay a certain amount of tax on the profit they are making. They are also pretentious to the different economic policies for example f the interest rates are increased then it might not motivate the business to take loan and invest less in a …show more content…
Moreover, if the owner wants to keep a good relation with the suppliers he needs to make sure that he meets the supplier face to face, being cooperative and placing orders on time which will provide sufficient time for the suppliers to transfer the materials. All the suppliers expect is that there money is paid. Also that if raw materials does not reach the company on time due to some unexpected circumstances, the owner accepts it and does not create a fuss about it. If the company places an order and gives sufficient time to the suppliers it will benefit them as they can take more orders and provide the same quality while making more profits. They will choose whether to increase the price for orders which will affect the company’s profit. Another cause that could affect production is the supplier’s ability to supply the materials on time. If the raw material do not arrive on time, it could lead to the product not being ready for the customers on time. Like for Marks and Spencer if the supplier does not provide cloth, the company will not be able to design and stich it. For Emaar, if the raw materials does not arrive on time the building they are working on will not be finished and hence it would be a loss to the company as they will have to pay a certain amount of money to the people who bought the
Stakeholder is a person or a group who are inquisitive and focused on business. It could be anyone such as an individual, bank, customer, and employee. They also include owners who are focused on how much money the business makes. P2:
Marks and Spencer,
Emaar:
The main stake holders for Marks and Spencer are the owners, banks, suppliers and the customers.
The stakeholders for Emaar are the suppliers, government, trade unions and the owners.
The owner are people who own the business and hence they have a word in the final decision made to proceed in the business. They are interested in the business because they have put in the money and it’s their money. If the business suffers a loss then the owner suffered a loss too and if the …show more content…
It is very vital for a business to know the needs and demands of the customers. After this hey should promote their goods in a way that it attracts their customer so that it is only their brand the customer wants to buy. For Emaar, they need to produce buildings with comfort and have to mould their designs according to the demand, which will attract the customers.
The government impacts a business in a number of ways: firstly the business have to pay taxes for the land they have their building set up for. Like for Emaar, it have to pay the tax for the land it is basing its building on and for Marks and Spencer they have to pay for the land on which they have their stores on. Next the business have to pay a certain amount of tax on the profit they are making. They are also pretentious to the different economic policies for example f the interest rates are increased then it might not motivate the business to take loan and invest less in a …show more content…
Moreover, if the owner wants to keep a good relation with the suppliers he needs to make sure that he meets the supplier face to face, being cooperative and placing orders on time which will provide sufficient time for the suppliers to transfer the materials. All the suppliers expect is that there money is paid. Also that if raw materials does not reach the company on time due to some unexpected circumstances, the owner accepts it and does not create a fuss about it. If the company places an order and gives sufficient time to the suppliers it will benefit them as they can take more orders and provide the same quality while making more profits. They will choose whether to increase the price for orders which will affect the company’s profit. Another cause that could affect production is the supplier’s ability to supply the materials on time. If the raw material do not arrive on time, it could lead to the product not being ready for the customers on time. Like for Marks and Spencer if the supplier does not provide cloth, the company will not be able to design and stich it. For Emaar, if the raw materials does not arrive on time the building they are working on will not be finished and hence it would be a loss to the company as they will have to pay a certain amount of money to the people who bought the