Business Environment
George Coulston
Unit 1 Business Environment
D1
1.0 INTRODUCTION
In this assignment I will rank the stakeholders of Tesco relating to importance to the organisation with 1 being the most important and 7 being the least important. I will then write a statement about the importance of each stake holder relating to Tesco.
2.0 IMPORTANCE OF STAKEHOLDERS STAKEHOLDER | IMPORTANCE 1=HIGHEST - 7= LOWEST | JUSTIFICATION | Customers | 1 | Customers are the most important stakeholder, without them Tesco can’t make revenue or profits | Employees | 2 | Employees are also important as they are the ones that help function the business | Owners | 3 | Important because they overlook and set aims and objectives | Communities | 4 | Relationships with communities are important in terms of carrying out activities in a sustainable way | Suppliers | 5 | Reasonably important in terms of Tesco maintain regular stock intakes | Governments | 6 | Not important in terms of creating revenue and increasing market share | Trade unions | 7 | Not important because not every employee belongs to trade unions and any problems that do arise regarding employees, Tesco are big enough to deal with the situation |
2.0 IMPORTANCE OF CUSTOMERS (1)
Every business needs customers because without customers they have no one to do business with and therefore cannot perform their everyday activities. Customers are the most important stakeholder. They influence how Tesco complete their aims and objectives the most because without customers Tesco cannot perform well financially as they will not be able to increase revenue or grow their current market share, this will make it difficult for Tesco to complete their aim which is ‘to broaden the scope of the business by entering new markets abroad’.
It is essential that Tesco keep relationships with customers as they need to retain customers because they are the most important stakeholder. Tesco retain their
Unit 1 Business Environment
D1
1.0 INTRODUCTION
In this assignment I will rank the stakeholders of Tesco relating to importance to the organisation with 1 being the most important and 7 being the least important. I will then write a statement about the importance of each stake holder relating to Tesco.
2.0 IMPORTANCE OF STAKEHOLDERS STAKEHOLDER | IMPORTANCE 1=HIGHEST - 7= LOWEST | JUSTIFICATION | Customers | 1 | Customers are the most important stakeholder, without them Tesco can’t make revenue or profits | Employees | 2 | Employees are also important as they are the ones that help function the business | Owners | 3 | Important because they overlook and set aims and objectives | Communities | 4 | Relationships with communities are important in terms of carrying out activities in a sustainable way | Suppliers | 5 | Reasonably important in terms of Tesco maintain regular stock intakes | Governments | 6 | Not important in terms of creating revenue and increasing market share | Trade unions | 7 | Not important because not every employee belongs to trade unions and any problems that do arise regarding employees, Tesco are big enough to deal with the situation |
2.0 IMPORTANCE OF CUSTOMERS (1)
Every business needs customers because without customers they have no one to do business with and therefore cannot perform their everyday activities. Customers are the most important stakeholder. They influence how Tesco complete their aims and objectives the most because without customers Tesco cannot perform well financially as they will not be able to increase revenue or grow their current market share, this will make it difficult for Tesco to complete their aim which is ‘to broaden the scope of the business by entering new markets abroad’.
It is essential that Tesco keep relationships with customers as they need to retain customers because they are the most important stakeholder. Tesco retain their