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.
Waitrose is a national supermarket chain with over 305 stores across the UK and Channel Islands. Waitrose is part of the John Lewis Partnership with aims and objectives based upon their future expansion. From the “about Waitrose” webpage, it states that ‘Waitrose aims to extend its store presence whilst improving price perceptions and developing an integrated multi-channel offer.’ Furthermore they have three main aims, ‘Increase advantage of
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Partners’, ‘Realise market potential’ and to ‘Grow efficiently’. These aims have been created because they want to make the company ‘bolder, clearer and more confident’. The first stakeholders are the employees whose main interest is to have a highly safe and efficient working environment. They can work to the best of their level, leading to good job satisfaction and the company delivering a great product and service to the public, whilst maintaining job retention rates. The employees are one of the most important stakeholders within a business.
They are the face of the company, therefore if a big group of employees are not satisfied with the running of their Waitrose store, or John Lewis shop, or their salary then then the products and services would therefore differ leading to that particular store having a bad reputation. From a media perspective this would therefore give the JLP poor publicity, and a threat of losing staff could be high. Secondly, employees are an important stakeholder because they are all owners, as the company’s business ownership is through a partnership. Each year the employees will receive a percentage bonus of their salary, dependent on …show more content…
profits. The second example of a stakeholder for Waitrose are the suppliers. Who are influential stakeholders for any supermarket chain. With Waitrose they get a vast amount of their supplies from organic farms and other Fairtrade suppliers. They also get so of their produce from the small amount of farms which they own. For example Leckford Farm. Who supply produce to local Waitrose stores. The suppliers are an important stakeholder to any supermarket because if the supplier delivers stock for the supermarket late then Waitrose would not be able to continue selling that particular item until the stock is delivered. If the item is bought regularly by customers then there would be a lot of complaints unless there would be stock reserved in case an issue such as this would occur. The third stakeholders for Waitrose are the local communities that surround their Waitrose stores.
When Waitrose build new stores they ensure they are in the heart it the local community. They do this to make sure they create local employment for that community. This may be paramount when a county, town or village has a low employment rate, thus Waitrose helps this by creating new employment. Another part to the local communities are the local charity and other organisations that they sponsor. In every Waitrose store they sponsor three local organisations, which the customers can choose to support, by voting green tokens given at the till. From their website they state that ‘Each month every Waitrose branch donates £1,000 (£500 in Convenience shops) between 3 local good causes that you choose.’ This local community scheme is called ‘Community
matters’. The fourth stakeholders are the customers, who shop at Waitrose expecting high quality products with low prices. This attract customers to supermarkets such as Waitrose because, customers don’t want to spend unnecessary amounts of money on their weekly shopping. The customers of Waitrose are important because they have an impact on items sold by Waitrose. For example, if there is a product that isn't selling well and the customer reviews for that product is bad, then Waitrose may consider removing it from their stores. The second company for which I’m evaluating the different stakeholders is The Intellectual Property Office (IPO). The IPO are a government run organisation which helps businesses and any other organisation receive patents with their intellectual property. Their aims and objectives are to educate UK businesses on how to protect their intellectual property. The IPO achieve this aim by giving discussions to the public. Another one of their aims is to achieve 4% return on the capital employed. One of the IPOs biggest aims is to work alongside the Trading Standards Agencies abroad, so that they can help strengthen the enforcement in order to reduce the amount of counterfeit goods that come into the UK. Their final aim is to inform consumers about the rights and respects to UK businesses, they do this by presentations and talks. The first stakeholders for The IPO are the Trades Unions. The Trades Unions within any business can have a big affect on the business especially, if many of them be, one to a Trade Union, who if unhappy with terms and conditions may decide to go on strike and cause chaos. The second stakeholder for the IPO is the Government. Who are important because they want to ensure businesses outside the UK don’t copy UK based companies. Therefore there are massive amounts of legislation laws to prevent this from happening, so that businesses can protect their intellectual property and any other patents and copyrights. The third stakeholders are the owners, the main owner being the Government, who want to ensure that the IPO have an ever expanding number customers, ensuring they are profitable and any investments made are worthwhile. The fourth and final stakeholders for The IPO are the local communities, which are very significant. In 1991 The IPO moved its offices from London to Newport in South Wales, as they outgrew their premises. Although some staff relocated to the new offices they were able to employ new staff in the Newport sera, which bought regeneration to that region. Overall, I believe that both Waitrose and The IPO meet the needs of their stakeholders partially. With Waitrose they meet the needs of their customer really well, however the employee benefits such as “a say in the business” is somewhat controversial, because they want to ensure that Waitrose is seen as a great company to work with, as the employees are also an owner of the business. With The IPO, again they partially meet the needs of their stakeholders, however I think that to meet the needs of stakeholders to 100% could be very difficult.
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 assignment I will discuss about key stakeholders who influence the purposes of two business, the business I have chosen are Tesco and Oxfam. Also, I will be talking about interest owners, customers, suppliers, employees, trade unions and employer associations have in the business. Another point I will be talking about is why business must consider local communities and pressure groups when operating their business.
The two primary stakeholders are the company’s customers and employees/suppliers who are directly involving in the company’s business. The two secondary stakeholders who do not engage directly with the business are the general public and environmental activist groups.
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.
Identifying stakeholders for an intervention is essential. Stakeholders are all of the individuals who are affected by and issue or problem (BOOK). The stakeholders are going to be the individuals who can work towards changing the problem and who deal with the concern at the front lines (BOOK).
Wm Morrison Supermarkets Plc was founded by William Morrison in 1899 in United Kingdom and also the fourth largest food retailer with more than 400 convenience stores from Bradford market stall. Their business is mainly on fresh food, fresh fruits and grocery with their unique technology procurement and quality. Nine million customers would pass through the stores to shop for their foods and grocery and 132,000 employees of Morrison would deliver great services to them such as ordered online they wants and delivered to their residential. Morrison helped consumers to save money every day by having some competitive prices and hundreds of special offers.
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.
Stakeholders are those groups or individual in society that have a direct interest in the performance and activities of business. The main stakeholders are employees, shareholders, customers, suppliers, financiers and the local community. Stakeholders may not hold any formal authority over the organization, but theorists such as Professor Charles Handy believe that a firm’s best long-term interests are served by paying close attention to the needs of each of these stakeholders. The modern view is that a firm has responsibilities to all its stakeholders i.e. everyone with a legitimate interest in the company. These include shareholders, competitors, government, employees, directors, distributors, customers, sub-contractors, pressure groups and local community. Although a company’s directors owes a legal duty to the shareholders, they also have moral responsibilities to other stakeholder group’s objectives in their entirely. As a firm can’t meet all stakeholders’ objectives in their entirety, they have to compromise. A company should try to serve the needs of these groups or individuals, but whilst some needs are common, other needs conflict. By the development of this second runway, the public and stakeholders are affected in one or other way and it can be positive and negative.
...nal supermarket retailers will reinvent themselves over a period of time, in order to attract and maintain a loyal customer base. New concepts, neighborhood marketing, and innovation will be the key to success over the next decade.” (Imlay, 2006) What is propose is that a smart mix of products, perhaps catering to demographic tastes and needs, may tempt the shopper not drive out to the big box store, but instead loyal to their local market.
There are many reasons for choosing to go into a store to purchase items needed. For instance, having some assist you in finding what you need, or just answer questions about the product. It is also a way to get out of the couch, away from the television, or off the computer. Another feature is you can see and examine what you are going to purchase, helps in the decision making for most people. You know the minute the salesperson ring you up the product are yours to take home and use right away. It also makes return on items simple, take it back to where you bought and get an exchange or a refund if needed. For the draw backing for in store shopping is you do spending hours looking for the right product or in the lines trying to just purchase it. Or listening to all the people around you and all the additional noises you hear in stores. Not to mention store have set hours on when you can shop and when you can not, this is something which can change with assign on the door.
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).
Employee stakeholders have another story. The discrimination lawsuits ranging from female employees not getting equal pay or equal positions, to disabled employees, class-action lawsuits stating that Wal-Mart doctors questionnaires to prevent disabled workers from applying, Wal-Mart does not rank very high with these employees. Lawsuits stemming from Wal-Mart’s failure to monitor labor conditions at oversea factories and hires illegal immigrants add to the rift in relations between the employees and the company. Wal-Mart continues to deny charges...
No longer just a place to buy food, the supermarket has become a place to cash a check, buy a birthday card, or pick up some tulip bulbs. These new extras are all centered on the idea of convenience. We all hope to find a few extra moments in our days, so supermarkets offer us a way to save time. I'll be the first to admit that buying three things at the same store is nicer than driving across town. Saving time can definitely be a good thing.
We always make sure that when they come to our stores they experience the best shopping and that they find what they want to buy and we have a reason for them to buy. We make sure that our merchandising is up to standards and it motivates the customers to shop in our stores.
Employees at every level have an interest in how the business is performing financially, as it impacts their remuneration.