Unit 1 - The business environment (unit 1 p2 p6 m1 m2 m3 d1 d2 ) business BTECw level 3 90 credit extended diploma
10 views 0 purchase
Course
Unit 1 - The Business Environment
Institution
PEARSON (PEARSON)
Book
BTEC Level 3 National Business Student Book 2
This document covers criteria (unit 1 p2 p6 m1 m2 m3 d1 d2 ) every task in this document covers the btec criteria and has been proof read. it is a very in-depth well articulated assignment that can aid greatly in your studies.
WGU C213 OBJECT ASSESSMENT ACCOUNTING FOR DECISION MAKERS 2023/ 2024 EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERT...
NATIONAL PILATES CERTIFICATION EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERTS |LATEST VERSION 2024 WITH GUARANTEE...
UNIT 1 - EXPLORING BUSINESS ASSIGNMENT 1 P1, P2, P3, M1, M2, D1 EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERTS |L...
All for this textbook (538)
Written for
BTEC
PEARSON (PEARSON)
Business 2010 QCF
Unit 1 - The Business Environment
All documents for this subject (128)
Seller
Follow
businessteacher
Content preview
UNIT 1 P2- PASSED
Describe the different stakeholders who influence the purpose of two contracting businesses
In this assignment I will be investigating two different businesses, one private sector and one public
sector business. The businesses I will be looking at are; Tesco and Cancer Research.
A stakeholder is an individual person or a group of people who have an interest in the success of a
business in delivering successful results and maintaining the activity of the businesses products and
services. There are internal and external stakeholders within every business. An internal stakeholder
is someone who is internally linked to the business that have personal interests which they may
pursue. An external stakeholder can be an individual or a group of people such as lenders, public,
customers, suppliers who are influenced by a business but are not internally in the business. There
are multiple different types of stakeholder which can be seen as;
Tesco
Customers
Tesco's have many stakeholders who influence the business and the way they perform. One of their
stakeholders are the customers, because they are the people who purchase Tesco's stock and allow
Tesco to make a profit from them. Tesco try to keep up with customers needs because this means
that customers will purchase from Tesco if they offer their preferences. Tesco's customers are
interested in buying quality goods from a large supermarket so they want to be ensured that the
products are fit for purpose and they are getting value for money. Tesco use market research in order
to get research about customer needs and presences to ensure they are constantly up to date with
the market trends and other competitors. The influence they have on Tesco is the customer service
they can give back to Tesco. The customers have the ability to offer their review and feedback in
order to help Tesco be the best they can be and find ways to improve specific areas within the
business. Also, customers can recommend the business to their associates and allow Tesco to get a
good reputation because of word of mouth. Therefore, the customers influence Tesco majorly
because they can help towards making the business the best it can be and allow it to get a better
reputation over its competitors.
Competitors
Tesco have a very high amount of competition in the supermarket industry, which means that they are
in a big competition with many other large supermarkets such as; Asda, M&S, Morrisons etc. By
having competitors, it will allow Tesco to strive to be the best by constantly offering good customer
service and trying different things in order to gain more customers and the better reputation. Tesco
can use their competitors as motivation in order to succeed because it will mean they may offer
different things to try and stand out. Tesco may change their prices in order to be different from their
competitors because prices is something supermarkets work on carefully.
Suppliers
Tesco's suppliers provide them with stock for their stores which is extremely essential, because
without the suppliers, Tesco would have anything to sell. Tesco ensure they have good quality
suppliers who are able to offer them better stock than their competitors. Suppliers help Tesco
because they provide them with the stock in order for their business to run and be successful,
although Tesco help the suppliers because they provide them with a lot of money because they have
large bulk orders at a time. The suppliers will gain a good name for themselves because they supply
their goods to Tesco and Tesco is a successful high-street business therefore the suppliers will get
more business.
Managers
Tesco's managers are also stakeholders, because they manage the salaries along with the
performance of Tesco. The standards of the business need to be managed effectively all the time in
order to ensure Tesco runs successful. The managers supervise the staff and make sure the image of
the business is good by having good customer service and various other things. If they do not do their
job properly, then something could go wrong or not bring as much profit as needed and then Tesco
will not be run efficiently which is why the managers have a huge impact on Tesco.
Workers
, The employees within Tesco really impact Tesco because they are essentially the 'faces of the
business' because they are representing Tesco when people come into the store. They have a huge
part in enticing customers to repeat purchase because if they are polite and helpful to customers then
customers will return and bring other customers however, if an employee is unhelpful and rude to the
customers they will not come back and will shop at one of Tesco's competitors. They also have huge
pressure in order for them to make the business successful because they are generating the sales.
Shareholders
Tesco's shareholders have an interest to share prices to increase the profit each year and they want
to see how well the business is doing and the reputation of the business. The shareholders have an
influence on Tesco's because they can be interested in a good long-term return therefore they have a
positive influence because they could invest more money into Tesco which means Tesco will be
helped out and can use their money for other things.
Cancer Research
Government
The government hugely impacts the charity, because they support Cancer Research in order to make
sure its stable and able to make a different to people who are in need and come to this charity for
help. Cancer Research get some money from the government as it is a huge charity and therefore this
helps the charity a lot because it enables them to perform things they may not have been bale to do
with less money.
Community
Cancer Research's stakeholders are the community, because it is a charity. They are the people who
make up the charity and make it as well-known and successful as it is. They help to raise money to
fund for the things the charity does such as, fun runs, bake sales etc. They all come together to raise
money to help people within the charity. They impact the charity because without people around it,
they would have no money to help people in need.
Both Tesco and Cancer Research have different stakeholders because they have different business
structures. They are both successful businesses, one being a leading supermarket and the other
being a well-known charity therefore they are both successful with having different stakeholders.
Different people have different roles for different businesses which means without stakeholders a
business would be able to run smoothly and be successful because they all have an impact on the
business.
UNIT 1 P6- PASSED
An explanation of who the key stakeholders of the business are both internally and externally, and an
explanation of who influences the purpose of the business
Political Factors
These factors which all businesses follow, because they comply with the laws. The laws were put in
place in order to ensure the business is a safe and fair working environment for all the people within it.
If no businesses followed political factors then the business would be able to run effectively and it
wouldn't run well. This is because they laws are put in place to make sure that working environments
are safe and fair, so that the business can run effective and be successful. In different countries, there
are different political factors which could affect the business if the operate or have stores in different
countries. By following the political factors, it will ensure the businesses are stable and know what
they are doing. Examples of some political factors the businesses have to abide by are to do with
payments, wage, operating times etc. One common factor that applied to most countries is the trading
times for a Sunday. Another political factor that is commonly known about is taxation and the different
types.
Legal Factors
These are also extremely important which every business needs to abide by. They ensure no laws are
broken and that every stakeholder within the business are treated fairy and equally. Changes are
constantly changing to the legalisations, and they get developed due to the modern changes. They do
this so that they fit into modern day life and this is good for businesses starting up. All the legal factors
will affect the way in which the business functions and how it runs. They play a significant part within
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller businessteacher. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.69. You're not tied to anything after your purchase.
