Btec Business Unit Essay
I am going to evaluate the influence that stakeholders exert on Kingsbury. I will be evaluating the following stakeholders: customers, employees, shareholders, suppliers, the government and owners. The first stakeholder I am going to evaluate is customers which are external stakeholders. Customers contribute to profit levels and turnover through buying products and services.
People are stakeholders in a company for financial reasons, customers do not want to have to spend an excessive amount of money to purchase a product, so if the product is cheaper in one store, such as Kingsbury, than in another store then customers will buy the cheaper one which then attracts more customers. An organization survives through customer loyalty I. E. Having regular customers. Kingsbury ensures that they get regular customers by giving them loyalty cards, promotions such as “buy one get one free”, discounts and other special offers.
Kingsbury are getting regular customers which bring in more profit which then can be used to help expand the business even more. Customers demand cheaper products so local and national stores such as Kingsbury will try to have the cheapest products for customers to buy which then encourages competition between the stores, whichever store has the cheapest price for
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The second stakeholder I am going to evaluate is employees which are internal stakeholders. An employee is any person hired by an employer to do a specific Job. Employees are important as any other stakeholder because they have first contact with customers so if the customers want to ask a question about the organization or about a product then the employees can help with that and that employees could also recommend products to customers which will bring in more customers.