Business Level 3 Unit 1 P1

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Stakeholders Stakeholders are anyone who has an interest in the business and are affected by the activity of the business. A stakeholder can vary from the owner to the government to a customer. An internal stakeholders is anyone who is within the business and can also be a shareholder, these include people like managers and employees. An external stakeholder is someone outside the business like the local community or the government. In a firm such as Tesco where profit is there main objective customers are the ones who decided whether they will shop there or not and so the company must appeal to them as best as possible. The Hospital however doesn’t have any stakeholders as it is a non-profit organisation. Customers Customers are stakeholders as they bring business to the company so the company can turn a profit. Also companies can specifically see what sells the best and which selling tactics work best like “buy one get one free”. The customer also benefits from a competitive market so there are more offers and lower prices. A customer is also and external shareholder as they don’t work within the business. Tesco’s customers for example will determine how much revenue they get and if something specific doesn’t sell then Tesco will know to take it off the shelves. The hospitals customers are paid for by the NHS and so they don’t need to worry about prices and revenue. Managers…show more content…
Managers are internal shareholders. In Tesco they have managers for each of their stores, they determine if they need more staff and make sure everything runs smoothly. The hospitals have managers for each section of the hospital which makes it much easier to control everything that goes
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