Stakeholders come in ranks of importance depending on what the business is, and this is what I will be talking about in my essay. Tesco Customers Customers are really important to business like Tesco as they are the people who will be purchasing their products and generating the income for the business. The customers will want to make sure that they are buying a quality product at a reasonable price. Customers can be play a key part in the way Tesco makes decisions, this is because if customers don’t like a certain product then Tesco will have to decide to remove the product for the shelves. If customers are not happy with a product then they will report it to Tesco and Tesco will have to take action to do something about it.
The ethical and social implications in the decision revolve around the fact that Whirlpool did not consider the best interests of all it's stakeholders. The effect on the local community and vendors in Evansville stretches far beyond the effects of just the plant workers losing their jobs. So while the company may have met its economic responsibilities in it's attempt to maximize profits and meet consumer price expectations, it fell short on its ethical responsibilities. 2. Whirlpool has many legal and ethical responsibilities in the plant-closing example.
Stakeholders In this task I am going to be explaining the features of stakeholders within Tesco and the Walton Centre. A stakeholder is anyone who is affected by a company for example the employees, trade unions, the owners, the customers, neighbours etc. Stakeholders are identified in order to develop businesses sufficiently because they are the most important people within a business. Tesco’s aims and objectives: • To be the most highly valued business by the customers they serve, the communities in which they operate, their loyal and committed colleagues and the shareholders. • To be an outstanding retailer in stores and online.
The expansion and success is apparent, Tesco have thousands of employees who are working for them; they even have a team of employees to simply market the company. They marketing team research into customer needs and think of new ideas on how Tesco can be the market leader. As their profits started to increase, the owners implemented further structure by organising the business by customer needs. This means that they specifically employed staff on their background, for example if Tesco were looking for a manager for Tesco Mobile, they would specifically employ someone who has managing experience and a background in mobiles or information technology. This would be the same case for the clothing, electrical, fresh produce and finance departments of Tesco.
One action that the customers can take to influence Sainsbury’s is their customer service as it has a big impact as if the staff of Sainsbury’s were to be rude and obnoxious to the customer then this will result in a bad feedback with leads to a bad reputation for Sainsbury’s as one of Sainsbury’s aims is to be there for the customer and have their colleagues making the difference which is to give a good customer service. Customers can impact Sainsbury’s as businesses such as Sainsbury’s rely on customer loyalty (regular customers), Sainsbury’s ensures that they get regular customers buy giving them promotions such as their campaign with Asda called Price Match which lets customers come back the next time they shop to get a certain amount of money off their purchase. Customers can demand cheaper products so local and national Sainsbury’s stores will try to have the cheapest products for customers to buy, if the customers aren’t satisfied with the quality of the products that Sainsbury’s have then they are able to protest which
Competency 310.2.1 Ethical Issues In Business EVALUATION From the information given, it seems that company Q has a negative attitude towards social responsibility. Company Q has begun to listen to the needs of its customers, and is attempting to address those needs by supplying the desired products. However, it seems that company Q is selective in which customer’s needs it will address. By closing two stores in high crime rate, or in other words, lower income areas, they have sent the message that they appeal only to a more affluent crowd. Also, company Q’s only concession to changing policies is to begin carrying high margin, or high cost, products at all of its stores.
Lincoln had a lot of results control in the company. The first thing to mention is that the company created a piecework system where the employees were paid for producing more and more. Therefore, there were some workers on the factory floor who had earned more than 45,000 in a single year. Other employees had the chance to own their own houses and cars and they didn’t have any debt. The company didn’t reward only for productivity, but they also rewarded for high quality, cost reduction, and new ideas.
Davis service group is affected by the Economic indicators that affects their business. Such as Provides employment- it would be booming, because people would have money to spend, affect the general environment within the area. This would enable to generate enough income into their business because they are able to expand their organisation within local and residential areas and also generate more employment and workers within their organisation. Inflation: Inflation is measured by looking at collective goods that customers buys from the organisation each month. Inflation can have a bad impact on Davis service group through many problems such as because their customers wouldn’t want to spend income on goods in their business because the pricing of goods would be high.
Many Americans did not trust these new business ideas and the “Sherman antitrust act” came into play. Small business owners and farmers felt like they were being pushed around and treated unfairly by these corporations. The next issue that people had with business was the new labor laws. People were working outrageous hours, in unsafe areas, and on top of that getting paid vey low wages. The working citizens expressed their need for the government to interject into the issues and
A business is then formed from these people, and they become business people. Business people use their services to produce whatever a consumers demands, when these demands are fulfilled, the consumer pays and then the business gains money. If businesses want to gain more money, the business must spend more money, more money spent means more money flowing through the economy. A strong economy makes a strong government, and a strong government makes strong people to support the government. Although the business cycle is not as simple as I stated, fundamentally that is how it works, by using their greed business people end up helping everyone instead of hurting, and thus business people are captains of industry.