In this chapter will the stakeholders and environmental factors explained from Royal Caribbean Cruises Ltd. Also these two will be explained how they affect the company. The stakeholders and environmental factors are part of the PESTEL. 6.1 Stakeholders To find out what the stakeholders of Royal Caribbean Cruises Ltd are, will first be explained the definition of stakeholders. According to Page & Connell (2014, fourth edition) is the definition: “Interest groups, such as businesses, residents and tourists, who are concerned with issues in an area, such as tourism”. For a company such as Royal Caribbean Cruises ltd are several stakeholders. A couple of the important stakeholders are the tourist booking a cruise, providers of finance, supplier, staff and media. The tourists, staff and media will be explained a little bit further in depth in what way they are so important …show more content…
Without tourists there will be no demand to the services and product packages in the cruise industry. This is the reason why Royal Caribbean Cruises ltd need to take in account what the needs of their customer are, so they can react on this. If there is more need for cruises for the whole family, so also for little children. They should react on this in the way of creating areas for the children and facilities. Another example, if the luxury and relaxation cruises are very popular now and there is a change in this. People want more adventure on board. They need to come up with ideas to fulfill the needs of their customers. If they will not do this, it can happen that it will become less popular and that the demand to the cruises will decrease. This can lead to the fact that they lose their
Key Stakeholders and Their Stakes A stakeholder is defined as an individual or group who has an influence or is influenced by any achievements made by an organization (Sexty, 2017). It is imperative for any business, especially in the banking industry, to be able to identify and respond to these various participants in order to remain successful. TD Bank has a myriad of stakeholders and has only recently looked to further its relationship with each of them in order to sustain a competitive advantage over other financial institutions (TD and Importance of Stakeholders, n.d.). One of the many groups that TD interacts with is the customer (Corporate Responsibility, n.d.).
Stakeholder is anyone with an interest in a business; stakeholders are individual, groups or businesses. They are affected by the activity of the business. There are two types on stakeholders who are internal and external. Internal stakeholder involves employees, managers/directors and shareholders/owners. External stakeholder involves suppliers, customers, government, trade unions, pressure groups and local and national communities.
In this essay I will be writing about the stakeholders of both The IPO and Waitrose. I will also be evaluating the impact of different types of stakeholders in one of these companies. Stakeholders can be any person or organisation that has an interest in the activities, goods and services of a business.
Stakeholders are individuals and constituencies that contribute, either voluntarily or involuntarily, to its wealth-creating capacity and activities, and who are therefore its potential beneficiaries and/or risk bearers1. There are several different types of stakeholders associated with a corporation, and those stakeholders can have different views and opinions on what corporation's goals should be and how they should be running. I have interviewed three different stakeholders of Staples Inc., an employee, a customer and a stock holder, to find their relationship between them and the firm. Then, I will use this information to suggest how the firm should proceed and continue to have a better and more beneficial relationship with its stakeholders.
Within my organization there are many different stakeholders. It is crucial to first understand what a stakeholder means. A stakeholder is a person who has something to gain or lose through the outcome of planning process. Within healthcare there are three types of stakeholders, those who receive health care, those who give health care, and those who manage the financial aspects of health care. Health care organizations do not face just one or a few stakeholders they hold many. Healthcare executives must learn to manage a portfolio of stakeholder relationships.
Stakeholder analysis is important for successful implementation of projects and/or strategic activities within any organisation. It is used to analyse the stakeholders in order to understand them and classify them according to their power, influence and interest. Stakeholders are people who have an interest in a commercial entity including those within the organisation and outside. These include the boss, senior executives, customers, suppliers, government, your co-workers, the team and others. All these people are important in the implementation and success of strategy.
Stakeholders and stockholders are a group of individuals that can affect the company and also are affected by the company. In order to be a successful company needs to maintain their investor’s confidence. Stockholders are also able to develop value for the customer because they invest on ideas that will produce success for the company. Stakeholders are all the individuals that have an interest in the company such as employees, customers, and the surrounding community.
Hence, the stakeholders which are described as those who are affected by the organisation performance ,actions and duties and those actions includes employees, clients, local community and investors as well. The theory of stakeholders also suggests that it is the responsibility of firm to make sure no rights of stakeholders are dishonoured and make decisions in the interest of stakeholders which is also the purpose of stakeholder theory to make more profit and balancing it while considering its stakeholders (Freeman 2008 pp. 162-165). In the other words organisation must also operates in a more socially accountable approach by carrying out corporate social responsibility as (CSR) activities.
Regarding to organizational stakeholders, there are three main groups of stakeholders: customers, employees and investors. The company attempts to link stakeholders’ needs and expectations to the company’s goals. For customers, the company must treat them fairly and honestly. For employees, the company needs to treat them fairly, make them a part of the company and respect their needs. For investor, managers should comply with the accounting procedure, do not manip...
By defining “real stakeholders” as those who have a legitimate claim and firm has responsibility towards them and the influence and power are reciprocal (Fassin 2009), the following groups are real stakeholders for whom Coca-Cola HBC is responsible in terms of both management and ethical issues.
In 2013-14 Tauranga had 83 voyage calls, 25 vessels entering with 83 port days in total. They also had 100 unique passengers and 149,000 passenger port days. Tauranga has established itself as a go-to destination for cruise passengers, with its natural beauty and friendly locals it is not hard to see why. Over the years, Tauranga’s cruise tourism has changed from the 2013-14 statistics, the amount of voyage calls this year has gone down but the amount of unique passengers has gone up to 160,100.
Stakeholders are interest of an individual or groups that directly or indirectly affected by the organisation’s activities, policies and objectives (Henry Frechette, 2010). Stakeholders can be divided as internal (managers and employees) and external (shareholders, customers, and suppliers) (BPP F9). Different stakeholders may have common interests or conflict interests with company. Company board members or management must take care about stakeholders’ interest. They can’t make the decision based on their own interest or their relation with others organisation. Conflict of interest will arise when interests of organisation act in concert with managers’ personal interests or interests of another person or organisations, (Anon, no date).
According to the ‘World Tourism Organization’ (UNWTO), the tourism industry is one of the fastest growing sectors in the world, as it is estimated that by the year 2020, 7.8 billion people (roughly a quarter of the world’s population) will embark on a foreign trip (Bennett & Gebhardt 15). The Caribbean is said to be the most economically dependent on this industry, as the ‘Caribbean Tourism Organisation’ states that the industry forms the “economic backbone of most countries in the Region”(“Caribbean Tourism Industry” 1). The implications for tourism’s affect on the region have arisen and have prompted further research into this matter. Since the 1970’s, research regarding tourism in the Caribbean has attempted to determine the social, cultural, environmental, and economic impacts of tourism. Much of the research has found that there are in fact many negative adverse effects, and Jackson’s article asserts that, “Governments often commit money and other resources to support the growth and development of tourism and often turn a blind eye to its negative impacts” (574).
Cruise Tourism is niche tourism and it forms a small part of the global tourism industry, according to Dowling (2006). A cruise refers to travelling by sea to undergo a vacation not for transportation reasons or cargo handling. (Mancini, 2004) A vacation taken up through cruising would allow tourists to relax, enjoy the floating paradise of restaurants, casino, swimming pool, indoor gym and other installations on the cruise ship. The cruise ship in this case, would be the destination of the vacation, as tourist would spend all of their time on board, except instances when the ship reaches port and optional activities can be taken up at the port.
Stakeholders refer to individuals or groups of people that have an interest in a business. Management argues that as long as there is wealth for shareholders, then anything is done in a responsible manner and things should be done to promote the interest of other stakeholders.