Business Studies Level 3 Unit 1 P2
Describe the different stakeholders who influence the purpose of two contrasting business. Stake Holders for Marks & Spencer’s and Pool Hayes Community School: 1. Customers 2. Management 3. Suppliers 4.
Employees 5. Owners/Share holders 6. Trade UnionsEmployer Associations 7. Local ; National Communities 8. Environment 9. Government Customers are the most important stakeholders in Marks ; Spencer’s as they are the people that by there products off of them.
They have the potential to make the business or break the business. The customer that buy form Marks & Spence will want to see regular change so that they keep buying there different products, this in turn ill stop them from going in competitors stores and spend their money in those. Marks & Spencer should also evaluate there offers and promotions that they will offer as because the customers will want to see different offers and not the same ones every time that walk in to your store.The management of Marks & Spencer’s is one of key stakeholders out of all of them as they will be making sure that all of the below stakeholders are in order and working well. They have a direct impact on what goes on in the business, so it important that the management work well as a team because if they don’t the business will get worse and fail. Also if the management are not doing a very good job it could lead to a mutiny among the general employees where they will over throw the management and start running the business for them self’s.
The suppliers that provide all of Marks ; Spencer’s clothing and food will want to keep a long-term relationship with them so that they keep buying of them. It is also very important that the suppliers are on time with there deliveries as if they are irregular Marks & Spencer might cut there contract with them. Both of the above are very important to the business as they are bringing the products in to the store so that the customers can buy them, if the delivers are wrong and not on time, the customer will not be getting the latest ranges.Marks & Spencer’s employees are the people that will have to sell and promote the product to the public, so it is key that the business treats them well. They can do this by making sure they are always providing opportunities where employees can get promotions or go on extra training courses, another way Marks ; Spencer will be able to keep employees happy to try and prevent them from taking any action against the company.As the general Public can by shares in the company, it is these people that own the business, with people buying shares they will always be looking for the company to be doing well so there shares go up and ultimately they make more money on them when they come to sell them.
If Marks ; Spencer don’t treat their shareholders right and don’t make the business do better for them, the shareholders could just sell their shares in the business equaling less money in the business. Or they could sell them to competitors; witch could lead to a take over of the business if they gain a lot of shares. Ranked in joint 6thRanked in joint 6th The trade unions that Marks ; Spencer employees will sign up for will play a small part in keeping the business staying a float, as they will be helping the employees to get more money for there wages out of the business. They will also help the employees with any other problems that they may have such as unfair dismissal, unsafe working environment and bullying with in the workplace. The employer associations are much the same as the trade unions apart from this is a section with in the business itself, it offers a much easier way of getting problems that the employee might have sorted out.They do all the same jobs that trade unions do, but this section of the business will be able to deal with the problems directly as they will have greater understanding of the business.
When a big business such as Marks ; Spencer wants to build new stores and warehouses, they will look at the local communities very carefully as they will not want to annoy them buy building right in there back yard, if they did not do this, Marks ; spencer could annoy a whole local community witch could potentially lose them customers that would normally shop in store.The flip side to building a new store in the area is that is might bring many more people in to the town of city witch might also help the other business in the local area. The second thing the business will want to make sure of is that the building and the opening of the new store or warehouse are not disrupting the local community. Marks ; spencer will have a significant impact on the environment in England where the stores and warehouses are but also in the courtiers where the products are made and manufactured.Marks ; Spencer will want to make sure that they make that impact as small as they can as it will save them money in the long run, and also will help them to become a more profitable business.
For example when they are building a new store, if they cheek that they aren’t building on local land that is used by the public or inhabited by a certain animal species. The government wont have much to do with the general operations of Marks & Spencer’s.All the government will want to make sure of is that the business is following all of the correct laws and regulations. It will make sure that it provides the right help to them if they are not. The government will be one of the main bodies that want the business to do well, as it will help towards the UK economy. They will also make sure that the business is looking after all of its employees fairly.
