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BTEC Business Level 3 Unit 1: Exploring Business
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BTEC Business Level 3 Unit 1: Exploring Business
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BTEC Business Level 3Unit 1: Exploring Business Narges
Learning Aim A
To explore the features of different businesses and what makes them successful.
P2
Task: Explain how two contrasting businesses are influenced by stakeholders
The influence of stakeholders on business success
In this section I will be explaining how stakeholders influence Marks and spencer’s (M&S)
National Society for the Prevention of Cruelty to Children (NSPCC).
Stakeholders
A Stakeholder is any individual who has an interest in a business. It can be people,
organisations or groups.
Internal stakeholders are individuals or groups who are directly and possible financially
involved in the operative process in the business.
This includes:
o Owners
- individuals who hold substantial shares in the business. the owner is responsible for
the impacts the organisation has, a play a big role in strategy. They are interested in
how much profit the business is making and how successfully it is being run.
o Employees
- Employees are another example internal stakeholders, they have a major financial and
time investment in the business. They play a big role in the method, strategy and
overall operations that the business carries out. Business that are thriving will take
into consideration employee’ concerns, opinions and values when determining the
vision and mission of their business.
o Managers
, - Managers play an extensive role in influencing the strategy of the business and in the
operational decisions. Managers are responsible for the decision making and the
shareholders, board of directors and the organisation itself contact each other through
the manager.
This graph demonstrates the stakeholders
that are involved in search engine
organisation. Several groups impacted by
the operation such an owner, consumers,
financiers, government and advertisers.
External Stakeholder do not directly work with the business but are affected by the actions
and outcomes of the business.
Some of These include
o Suppliers
- suppliers are co-dependent as one’s success will influence the success of the other. As
a result, suppliers are a key external stakeholders as they are closely related the
business as they provide the business with supplies to run.
o Customer
- the business needs to understand itself central customer base, and adjust their products
and services to their wants and needs. The change all the time the business can
achieve this by understand trends and habits of consumers or they may simply go
elsewhere additionally, business needs to interact with their customers through social
media and emails.
o Local community
- A business can be a great advantage to a community as they offer tax money, local
access to goods and services, and jobs. Conversely, a business can likewise be a
, drawback to the community as it increases traffic when having deliveries, pollution
and also may take away customers from smaller business. Consequently, businesses
must look at the necessities of the community, and balance the advantages and
drawbacks when choosing a community to set up in and also engaging the
community.
o Government
- Business have to give a part of their revenue to government as tax and thus an
interest in the success of the business. Governments are seen as primary
stakeholders as there is a motive for profit. In addition, governments regulate
oversight to verify the accounting procedures, ethical practices, legal concerns are
being controlled accurately by the business representative.
Stakeholder at Marks and Spencer
Internal Stakeholders
o Owners
- The founders of Marks and Spencer are Michael and Thomas Spencer although
they created the business they are not the sole owners; M&S are a public limited
company meaning the public can buy a share of the business meaning they have a
saying in the decision making within the business they are known as the
shareholders. As of 2016 Steve Rowe is the CEO. Every year the shareholders are
invited to the annual meeting conference where they are updated with all the that
has happened in the business, as well as plans they have for improvements for the
coming year; and how much revenue they are making as it is the main concern for
shareholders. At these annual meetings M&S discuss the new plans for the
upcoming years for they business to improve and grow which would be on an
annual report. M&S must ensure their plans are realistic and that it will work so
that investors continue to invest as they would be left feeling assured and
confident. On how the business will be moving forward in the future.The
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