A well written, detailed assignment which meets the criteria for P2 M1 and D1 - Unit 37 Understanding Business Ethics. BTEC Level 3 Extended Diploma in Business. P2 - Explain the implications for the business and stakeholders of a business operating ethically
M1 - Assess how a selected business cou...
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Unit 37 - Understanding Business Ethics
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Conor Cunningham P2, M1, D1
LEARNER ASSESSMENT SUBMISSION AND DECLARATION
When submitting evidence for assessment, each learner must sign a declaration
confirming that the work is their own.
Issue date: 14.10.16 Submission date: 11.11.16 Submitted on: 11.11.16
Programme: BTEC Level 3 Extended Diploma In Business
Unit: Unit 37
Assignment reference and title:
Unit 37 Understanding Business Ethics
Please list the evidence submitted for each task. Indicate the page numbers where the
evidence can be found or describe the nature of the evidence (e.g. video, illustration).
I certify that the work submitted for this assignment is my own. I have clearly
referenced any sources used in the work. I understand that false declaration is a form of
malpractice.
a) Explain the implications for the business and stakeholders of a business operating
ethically
b) Assess how a selected business could improve the ethics of their operations
c) Evaluate the impact of a selected business’s ethical behaviour on stakeholders and
the business
This provides evidence for P2, M1 and D1.
Introduction
This report will explain the implications for Tesco and its stakeholders of operating ethically.
Conflicts of interest between stakeholder groups will also be looked at. Further into this
report, Tesco will be assessed in relation to how it could improve the ethics of their
operations and an evaluation will be carried out on the impact of Tesco’s ethical behaviour
on its stakeholders and on the whole company.
P2
Stakeholders in Tesco
Stakeholders are anyone who has an interest (or stake) in a business. Stakeholders are
individuals, groups or organisations that are affected by the activity of the business. They
can influence the business or they can be influenced by the business. Different businesses
will have different stakeholders. A company such as Tesco will have many different
stakeholders as it is such a large organisation and so many different people are a part of it.
Stakeholders include;
Owners – The owners are the people who have provided the capital for the business to be
set up or to be run. They may be sole-traders, partners or shareholders. Tesco is a PLC and
its owners are now the largest shareholders of the company. They are interested in the
profit which the company makes and this is usually paid to them in the form of a dividend.
Owners also want the share price to increase as this means the company is becoming more
profitable. They would also strive for the company to have a good corporate governance
throughout. If Tesco were to be unprofitable, the owner would not receive a good dividend
or return and they may then sell their shares and this could mean the price per share would
fall significantly on the stock exchange resulting in Tesco finding it more difficult to raise
new capital to continue operating or grow.
Employees – Employees are the human asset of the business and are an extremely
important stakeholder. They provide the man-hours which ensure the business keeps
operating daily. Within Tesco, employees have different job roles which all help the business
run efficiently and effectively. For example, managers, customer advisors, delivery workers
and cleaners. Some employees may be male, female, skilled, unskilled, have part time
contracts or full time contracts. Tesco recruit employees they feel will become a valuable
part of the company and help add to its success.
, Conor Cunningham P2, M1, D1
Employees want paid fairly and on time, to have a contract which they are happy with and
agree to, to be trained properly and have good working conditions as well as being treated
fairly. Employees are essential to ensure that Tesco operates so that they meet the needs
and demands of their customers and the aims of the company. If they are not treated fairly,
they can withdraw their labour and go to an employer with better workings or could take
industrial action against Tesco.
Customers – Customers are members of the public who purchase or avail of products
and/or services from businesses. Tesco have great consideration for their customers as they
know they are a stakeholder who are the difference between their success and failure.
Customers of Tesco are face to face customers as well as online more and more in recent
years. Their customers range from individuals, to families to other businesses. Some
customers may be children, adults, have high income, have low income and all are a very
important part of the company’s success.
Customers want low prices and good value for money. They also want good quality products
and services, good customer service, fair treatment and easy access to stores and the online
website. Customers can stop buying products and services from Tesco if they do not agree
with the organisations policies such as testing on animals, GM foods and environmental
policies. Tesco must try to meet the needs of the customers if they want to increase the
number of customers or to prevent them from leaving and going to competitors such as
ASDA and Sainsbury’s.
Suppliers – Suppliers are the organisations that supply the resources/materials/products
and services to keep the business running on a day to day basis. Tesco have many different
suppliers such as suppliers of their milk, cereals, fruit and vegetables, clothing and
cigarettes. They also have suppliers of training, professional services, internet access, waste
disposal and security.
Suppliers want to be paid on time. For example, if Tesco agree to pay a farmer for potatoes
30 days after collection, the farmer will want paid no later than 30 days. Suppliers also want
adherence to their rules and regulations. If the supplier is not treated properly, they may
withdraw the supplies they provide to Tesco which means the organisation may not be able
to carry out its daily operations or they may have to find another supplier which may be
more expensive.
Some suppliers may be so powerful that they could put the organisation out of business.
However, with Tesco being so huge across many countries, they sometimes appear to be
the more superior of the two.
Competitors – Competitors are those organisations which are your rivals. They typically
provide the same product and service as you and are competing in the same market. There
are local competitors which may be a Tesco and Sainsbury’s store in the same area. There
are also online competitors which may be local, national or even international competitors.
Competitors try to eliminate one another by lowering prices of products and services which
attract customers as well as offering promotions which steer customers away from
competitors.
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