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Unit 1 business environment essay
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Unit 1 Business and administration. All essays have followed the assignment brief. Achieved Distinction
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Damini Dhiman 259477TESCO AND NHS
What is a stakeholder and why are they important?
A stakeholder is an individual, group, or party that is interested in a business and
when a business makes an immense decision, which would affect two or more
stakeholders. They have taken an interest in a business and want profit, diligence
and value of shares to increase. Some stakeholders are dominant and can influence
how the business operates. However, some stakeholders have much less control
and can have their views overlooked by the business. Stakeholders are important as
they provide financial benefits and profit.
Different types of stakeholders:
Internal stakeholders:
Internal stakeholders are groups who work within the business who are interested in
the business for example, owners or shareholders, employees, managers, trade
union. Moreover, they do not care about small businesses.
External stakeholders:
External stakeholders are groups outside the business or project for example, the
community, customers, suppliers, society, media, organisations and the government.
Furthermore, they try to authorise the decisions by applying political pressure.
Stakeholders who are affected by Tesco’s:
As Tesco is extremely popular this means different stakeholders are influenced by
the business. Also, there are many different stakeholders which Tesco’s affect.
Owners are affected as it effects their reputation and Tesco’s reputation as a
business and the earnings. Therefore, the owner would be attentive in how much
profit Tesco is making.
Employees who work for Tesco are also affected in a way as they are focused on
their wages, health and safety, safe environment, security and pay rises. For
example, if Tesco were not making much profit due to a decrease in a number of
customers then the employees would have less pay.
The customers who are the most important as most factors rely on them. Customers
want low-priced and affordable products as that provides profit for the owners and
wages for Tesco’s employees. For example, if Tesco’s products were expensive
then there would not be as many people purchasing the items and would not shop at
Tesco’s. Therefore, Tesco would lose profit.
The local community are the people who live near a Tesco and are appealed in
buying Tesco’s goods. They are also against the expansion of the business, as this
will cause more pollution and environment sustainability. However, a business
expansion means more jobs.
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