Evaluate the influence different stakeholders exert in ONE organization. Provide an in depth evaluation of the influence stakeholder have Which stakeholders have the greatest influence? Identify any changes the business has made as a direct result of the actions of various stakeholder groups Do some of the stakeholders work together? What common interests do they have? What opposing interests do they have? How are these differences resolved? In this report I will be evaluating which Stakeholder holds the most influence over Marks and Spence’s.
Al also be addressing the changes marks and Spencer have made as a direct result of the stakeholders influence. Employees Employees do have an influence over the business but it is not a massive one. They influence small things affecting the business such as the amounts of costs spent on wages. The employees need to feel valued by the business so Marks and Spencer need to meet there subtle demands. In scale, these problems are small but need to be addressed.
If some employees feel there wage expectations are not being met then they could potentially strike; resulting in a lack of trading n the business and a loss in income.
Employees also have an influence on business actions in Marks and Spencer as staff meetings are held in which the employees opinions are voiced. If any idea is voiced that is actually good the management and development teams could put it into effect. Therefore the employee has some influence in the business. In terms of working together, employees wok with trade unions to achieve various employee demands; both want a better wage(if needed) and suitable working conditions.
Customers Customers arguably hold the largest influence over Marks and Spencer as all f Marks and Spencer aims and targets are customer central. Whether it is to involve the customer more or to save money, the business has to think about the customers position. There is a bigger impact made by the customer in a business like M as the business is prided on quality and public perception. If M made a change they would have to investigate via research how this would affect the customer; due to the customers influence and quality expectations.
If M chose a cheaper supplier to get products they would have to measure the effect on the customer base. Any subtle flaw in quality could turn some customers and therefore revenue away from the business and it would be because of the lower quality produce. M have also changed some aspects of their business to meet customer demands. Due to the poor economic climate, prices have been lowered so some customers are not alienated by the high prices. Target markets have also been changed as the classic target markets proved unyielding in comparison to the newer, larger target markets.
Shareholders As Marks and Spencer is a public limited company it is owned by shareholders, hose shareholders make the decisions in the business as they are essentially the owners. I believe they hold the most influence over the business as any change as a result of any other stakeholder action is made by the shareholders. As they are the owners, shareholders work with many of the other stakeholders to achieve the businesses main aim of profit. Shareholders will coordinate strategies with suppliers and customers to raise the profile and awareness of the business.
One example is the plan A strategy that is currently in effect which involves many different stakeholders. As with nearly all the stakeholders, shareholders main aim is to make money. Suppliers The influence suppliers hold over M is not huge but it is important. M needs to be careful when communicating with its various suppliers as it needs to maintain good connections with them. If relations between the business and its suppliers become edged then the supplier could complicate things for and simply put more time and effort into another of its customers to make its own money.
Also, if a supplier raises its prices then all its customers have a knock on effect of raising their own prices, so in that respect suppliers do have a considerable influence. M would have to directly change the price of chicken produce if the chicken farm it gets supplies from raises it prices to meet the new costs. Government The government have an influence over Marks and Spencer in many different ways. The government regulate many things to do with businesses in the UK such as tax rates and planning. Mainly economy based, when the government changes something the business will have to change accordingly.
For example, hen vat rose businesses had to charge extra to maintain there usual revenue levels. Business actions are also restricted by laws and regulations put in place by the government so a business like M will have to abide by them. In conclusion, shareholders hold the biggest influence over Marks and Spencer. Other stakeholders to have influences but the shareholders hold the biggest as they make the decisions which directly affect the businesses actions.
Cite this Stakeholder
Stakeholder. (2018, May 15). Retrieved from https://graduateway.com/stakeholder/