Managing The Needs Of Business Stakeholders Business Essay

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Stake holders are a certain group of people that have an interest in a business. Each group has their own interests in the business. As Tesco is the largest British Retailer and is also the world's third largest grocery retailer with outlets across Europe, USA and Asia. The business began in 1919 with one man, Jack Cohen, selling groceries from a stall in the East end of London. Tesco has expanded by a combination of acquisition of new stores, retail services, Tesco has many stakeholders.

They are as follows:

  • Shareholders
  • Customers
  • Employees
  • Government
  • Local Community

ROLE AND INTEREST OF STAKEHOLDERS IN BUSINESS

Stake holders plays important role in the growth and continuation of any business, some of these and legally concerned and some are commercially interested in organization. Each stakeholder has its own aspect and sees the business to compare with its own expectations.

Shareholders:-

Investors seek competitive returns from their shareholdings, as well as assurance that their investments lie with a sustainable, well-governed business. They expect Tesco to have a robust strategy and report on our processes and progress in a meaningful and transparent manner.

Customers:-

Customers Generally a customer wants quality goods at a low cost. They would also want a variety of products to choose from. All customers want these things and by Tesco providing them Tesco will attract more customers because of people talking about it (Word-Of-Mouth). Tesco like most business' need their customers because they are the business' income as the customers are the people who buy Tesco's products. The customers are a bit like a pressure group because they apply pressure to Tesco to meet their needs. Meeting the customer's needs can be things such as expanding their stores.

Employees:-

Employees want secure, interesting jobs with fair terms and conditions and opportunities to get on. They want a helpful manager, to be treated with respect and to have a safe and healthy workplace. They are interested to see their job in foreseeable careers, Time to time training should be provided to employees to meet the current requirement to get new skills and to get aware with new techniques and technology. Incentives as Bonuses and Pensions are also the interest of the employees.

Government:-

Governments and regulators expect Tesco to comply with the law, provide secure, family-friendly job opportunities and good-quality training. They seek support on by Tesco, Such as those relating to health policy. Governments and regulators are interested for tax evaluations, collections and on foreign affairs.

Local Community:-

NGOs want Tesco to show leadership on CR issues from climate change to ethical trading. They expect Tesco to provide clear policies and principles and for organizations to communicate views to them clearly and openly. Our neighbors want job opportunities, healthy, regenerated communities and support for local causes and initiatives

Suppliers:-

Suppliers want to be treated fairly and honestly. They seek long-term relationships and opportunities for growth. They interested in businesses annual reports for the financial issues (Payment).

The influence of stakeholders in management process:

Measuring influence:-

Marketers, policy makers and opinion influencers have always been interested in understanding that has potential and actual influence over the issues they are focused on. The traditional (and only) way of identifying stakeholder influence has long been to rely on assessments by experts. While relying on experts has a number of benefits it inherently has a number of serious drawbacks.

These drawbacks range from lack of ability to effectively identify indirect influence; over potential self-serving biases; to systematically overrating familiar and underrating unfamiliar influencers.

Stakeholder Analysis:-

The concept of using citation indexes to measure influence is taken further by Onalytica in its Stakeholder Analysis product. In an Onalytica Stakeholder Analysis the influencers of an issue are identified and analysed.

An Onalytica Stakeholder Analysis consists of 3 main parts:

· Key metrics for each stakeholder, including the Issue Influence Index™ which ranks the stakeholders according to their structural influence on the issue.

· Relationship maps that graphically shows how the most influential stakeholders

influence each other.

· A statistical analysis of common words and phrases used by the most influential

stakeholders when "talking" about the issue in focus.

Similar to the structural influence calculated for academic journals, Onalytica has developed an index that measures the structural influence of stakeholders in relation to virtually any issue, the Issue Influence Indexâ„¢.

The issues analysed are diverse. Some recent examples include "further education", "functional food", "youth crime", "anti-social behaviour" and "liquid bio fuel".

Ref: Onalytica Ltd &

Browne, William G. and Boris W. Becker (1985), "Perception of Marketing Journals:

Awareness and Quality Evaluations, "in: Robert F. Lusch, Gary T.

Main Objectives of Tesco:

Tesco is one of Britain's leading food retailers, with 519 stores throughout England, Scotland and Wales. There are also 105 stores in France operated by Catteau, and 44 in Hungary operated by Global. Tesco is committed to:

Offering customers the best value for money and the most competitive prices.

.

Meeting the needs of customers by constantly seeking, and acting on, their opinions regarding innovation, product quality, choice, store facilities and service.

Providing shareholders with progressive returns on their investment improving profitability through investment in efficient stores and distribution depots, in productivity improvements and in new technology.

Developing the talents of its people through sound management and training practices, while rewarding them fairly with equal opportunities for all working closely with suppliers to build long term business relationships based on strict quality and price criteria.

Participating in the formulation of national food industry policies on key issues such as health, nutrition, hygiene, safety and animal welfare.

Supporting the well-being of the community and the protection of the environment

TESCO's expertise lies in the areas of the chemical, electrical, and mechanical details of liquid fuels terminal operations. TESCO is well known for its close working relationships with major gasoline additive injection and ethanol blending system suppliers. TESCO excels in the installation and maintenance of these TESCO is a very dynamic company. As the industry changes, TESCO changes with it. Tesco pledge to stay on the cutting edge of all liquid fuel terminals related technologies and services.

Strategical changes, to meet its objectives in all sectors. Some of the changes are as follows:

External Changes

Technological Factors

Technology is a major macro-environmental variable which has influenced the development of many of the Tesco products. The new technologies benefit both customers and the company: customer satisfaction rises because goods are readily available, services can become more personalised and shopping more convenient.The launch of the Efficient Consumer Response (ECR) initiative provided the shift that is now apparent in the management of food supply chains (Datamonitor Report, 2003). Tesco stores utilise the following technologies:

Wireless devices

Intelligent scale

Electronic shelf labelling

Self check-out machine

Radio Frequency Identification (RFID).

Internal Changes:

Change in Management framework

These changes impact the business overall in all sectors as, Tesco is concerned about the effect on environment. It has assumed responsibility for terminal air pollution control through its SYMEX Americas division. And will effect the local community for the growth of the business.

Change in management, strategies and working style will provide more care and anxiety towards its consumers. The internal change is mainly connected with human resource, As for change in management, and their working style. Human resource will have to provide great attention on staff training.

Impact of changes on Employees:

As the managerial framework of Tesco has change to meet its objective and to amplify the effect of globalization. It certainly has effect on its employees. As some of these found difficult to cope with new technology. And Its management responsibility to provide sufficient training for these staff to met their needs and diversify. Management should take various actions As,

Training Session:

Management should organize training session time to time for staff to updating their individual skills, and all the employees should given chance to participate in these training session.

Provision of jobs according to staff skills:

They should be provided their roles according to their skills, so they keep practicing the skill they learnt from these training sessions.

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