Business Btec Level 3
Task 1.2
What is a stake holder in a business?
A stake holder in a business is somebody that can affect or be affected by the actions of the business. Businesses have several stake holders each. Anybody associated with a business can be a stakeholder of that business in some way.
Who are the stake holders at Morrisons PLC?
External Stakeholders-
The customers- The customers of Morrisons PLC are a big stakeholder in the company. It is because of the customers that the business is able to function. The customers are able to affect Morrisons because if they are not happy they will not shop at Morrisons but will go to one of their competitors instead. This will harm Morrison’s profit and therefore result in a decline of the business. Therefore it is important that Morrisons develop a good relationship with their customers. If a customer was not happy about something associated with Morrisons such as the price of a product or service, that customer can switch to Tesco, ASDA, Sainsbury’s or any other competitor of Morrisons. A customer can also voice their complaint by speaking to a manager or writing to the business. Some chains of Morrisons offer forms to be filled out giving the shop feedback on its products, services, employees and many other factors associated with the chain. A customer can feedback to the business through this method and complain about any issues they think require changing. The chain will then most probably contact the unhappy customer letting them know what has been done to resolve the issue.
Government- The government is a big stake holder at Morrisons and its competitors. The government sets policies and laws regarding supermarkets such as Morrisons and many of its competitors. The government can decide on any taxes that the business needs to pay, what the business is allowed to sell, where the business is allowed to expand to and much more. Sometimes big shops such as ASDA, Tesco’s and Morrisons are not allowed to open a store in a
What is a stake holder in a business?
A stake holder in a business is somebody that can affect or be affected by the actions of the business. Businesses have several stake holders each. Anybody associated with a business can be a stakeholder of that business in some way.
Who are the stake holders at Morrisons PLC?
External Stakeholders-
The customers- The customers of Morrisons PLC are a big stakeholder in the company. It is because of the customers that the business is able to function. The customers are able to affect Morrisons because if they are not happy they will not shop at Morrisons but will go to one of their competitors instead. This will harm Morrison’s profit and therefore result in a decline of the business. Therefore it is important that Morrisons develop a good relationship with their customers. If a customer was not happy about something associated with Morrisons such as the price of a product or service, that customer can switch to Tesco, ASDA, Sainsbury’s or any other competitor of Morrisons. A customer can also voice their complaint by speaking to a manager or writing to the business. Some chains of Morrisons offer forms to be filled out giving the shop feedback on its products, services, employees and many other factors associated with the chain. A customer can feedback to the business through this method and complain about any issues they think require changing. The chain will then most probably contact the unhappy customer letting them know what has been done to resolve the issue.
Government- The government is a big stake holder at Morrisons and its competitors. The government sets policies and laws regarding supermarkets such as Morrisons and many of its competitors. The government can decide on any taxes that the business needs to pay, what the business is allowed to sell, where the business is allowed to expand to and much more. Sometimes big shops such as ASDA, Tesco’s and Morrisons are not allowed to open a store in a