Examples of stakeholders
Stakeholders are people who have an interest or influence in the business. Examples of stakeholders that I will be discussing are customers, employees, shareholders, community and the government. The two businesses that I have chosen to investigate are Asda and Monica convenience store (Mcs). The owners or shareholders of Asda expect the business to expand and do well. They would expect the business to make a high turnover and they would expect all their products to be of a high standard. Asda’s shareholders expect to employee hard working employees that will benefit the profit of the business the employees can accomplish this by providing the best customer services possible to make the supermarket popular by offering good service, friendly staff, and a lot of advertising so everyone knows about Asda and obviously competitive prices, as well as keeping Asda a clean and safe environment that will make customers want to come and shop.
The customers of Asda expect the company to keep up with standards and customer services. Customers want high quality products that are provided in good condition, they would also expect these products to be cheap and certainly to beat their rival’s prices so shoppers at the rivals will come to Asda. Customers also want to have a good service, and want to be treated with respect. The customers would also expect the packaging on the products to be trustworthy and not misleading in any way e.g if Asda had stated in the ingredients that a product is 100% beef and is 100% pork then this is breaking trade descriptions act that states any item or service provided cannot be false or misleading.
Asda’s employees also have standards that they expect from the business. They expect to have respectable pay above the minimum wage. As an employee goes on in their career they would hope to go onto having more opportunities (promotions) and responsibilities within the business, they would expect to have the promotional opportunities if they have gave the business a lot of hard work and effort. Employees would also expect to be allowed some holidays that are paid and other fringe benefits such as discount and special offers. As well as all of the things I have stated, employees also expect to have equal rights and opportunities as every other employee has. They expect to be treated fairly in accordance to their, ethnic background, skin color, disability and sex. So Asda have to abide with the legislations that have to be met by for example the race relations act in connection with color and background, disability discrimination act in accordance to disability and sex discrimination act in accordance to gender.
The government expects Asda to sell healthy food and also to provide quality products. The government would also expect Asda to follow the laws and expect them to not sell any damaged or faulty product and would also expect them to not advertise falsely. The second business I have chosen to do is Monica convenience store (Mcs) The owner of Mcs would expect the standards in every department to be high. The owners (Mcs is a family business) would expect to make profit, it may not be a huge amount like the amount that Asda are making but it would be enough to for them to make a living. The owners would expect the business to run smoothly and not suffer from any major financial problems, and be able to pay the bills without any problems as he does not advertise like Asda to and make posters and magazines also sole traders pay less tax so costs would be less to run. Also the owners would expect to sell quality products, so that their customers would keep coming back. This will also mean that the customers are happy with the business so they will come back.