M1 Stakeholders

M1 Stakeholders Report

 

To: Mr Hirst

From: Eloise Preen

Assessment Criteria: M1

 

Business Aims & Objectives for Tesco and Cancer Research UK:

Tesco’s Aims and objectives include being wanted/needed all around the world. This means that people are interested to visiting the store; however also require purchasing products from the store. Another objective for Tesco is that they aspire to be a growing business, opening up new opportunities and ideas all the time; this could be directed to both customers and colleagues. Tesco aims to sell products and make the largest profit possible. To achieve this, they can advertise everywhere to entice customers and consumers, or giving off the best deals for certain products against competitors, like Sainsbury’s for instance. Cancer Research on the other hand, is trying to make the largest profit to help towards finding a cure for cancer, and also helping families/victims who have gone through hard times. This business is a non-profit business, since they are not aiming to earn the money for themselves.

 

Profit Business: Tesco

 

Non Profit Business: Cancer Research UK

 

Stakeholders:

Tesco’s Stakeholders:

§  Employees – Would like to see a clean, friendly environment in which they are able to thrive in when serving customers.

§  Customers – Want the store to be inviting and appealing, also to see a large range of products to choose from.

§  Local Communities – People who are surrounded by a Tesco in their area would want the store to give off more job opportunities.

§  Suppliers – A supplier would want Tesco to ask for larger orders so their supplying business prospers.

§  Owners – An owners ideal aim would to see Tesco’s profits and margins rising, therefore they are able to invest in more.

 

Cancer Research’s Stakeholders:

§  Government – The government would want to see that Cancer Research is using all of their resources efficiently, and to see a large profit being made so they can invest it into scientific research.

§  Employees - Would like to see a clean, friendly environment in which they are able to thrive in when serving customers.

§  Customers - Want the store to be inviting and appealing, also to see a large range of products to choose from.

§  Suppliers - A supplier would want Cancer Research to ask for larger orders so their supplying business prospers.

§  Owners - An owners ideal aim would to see Tesco’s profits and margins rising, therefore they are able to invest in more.

§  Local Communities - People who are surrounded by a Cancer Research in their area would want the store to give off more job opportunities.

 

Many conflicts are possible to happen between an organization and a stakeholder, therefore stakeholders have an aim for that business in order to achieve and thrive. Shareholders aim for share prices to rise; therefore they can keep a good and sustainable corporate image. Also, if the business the shareholder has invested in achieves high profits, it means that the shareholder will obtain a higher dividend. Employees aspire to have good security whilst working, and it is very important for a business to make an employee feel safe in their environment, otherwise they will not perform to the highest standard and then profits may lower. Good working conditions, high levels of pay, opportunities for promotions and job enrichments are also favoured highly by employees, because it will make the employee work to their best standard and also make customers more enticed and interested. Likewise, a customer expects to see very high quality products at a low price, excellent service by the employees and a wide range to choose from. This is important because it means that the customers are more likely to buy products, which increases the profit for a business and means that they will have more to spend on advertisement, making stores more appealing and buying better products. Prompt payment and steady growth tend to be wanted by suppliers. If this happens, it means that suppliers are more likely to give their products more quickly and efficiently to a business, which also connotes on to the fact that the business will be more likely to order a larger amount from the supplier in the future. Owners are often acknowledged to be the most important stakeholder since they tend to be the foundation of a business and also contribute the most of their life into setting up and starting that business. An owner would aim to see their profit and income rising throughout time, and also like to see that their business is of a high value. The people who would buy the products from a business and most likely to share the word around would be the general public, and local community. These people would want the business to provide employment opportunities, which would provide the training for the job too. The business should be generally friendly and inviting to local communities, as they are the ones who will make the business thrive. For some businesses, the government would want to see that they are using effective and efficient use of their resources, and also to comply with the legal standards which include consumer protection and health and safety hazards. Trade unions aim to see that the business are taking in the employee’s views and interests, and also securing higher wages and better working conditions for their members. Employer Associations possible aims include the same as trade unions, however also want the business to represent the interests of the employers in that specific industry.

 

Conclusion:

Tesco’s stakeholders contrast against Cancer Research’s stakeholders since Tesco is a larger company. This means Tesco has larger prospers for making a profit, however Cancer Research is investing all their profit into scientific research to find a cure for the disease. These two businesses are very different from each other; however still maintain the basic principles, for instance: providing good and helpful service to customers. These businesses also aim to achieve a high profit so they can branch off even more. Therefore, Both Tesco and Cancer Research meet the aims and objectives that a stakeholder requires.