Influence of Stakeholders in Tesco
Introduction
Company stakeholders have interest, influence, and concern about a business’ operations. Different stakeholders influence the decisions and operations of a company differently. Founded in 1989, Tesco is a shopping mart located in the UK and sells grocery and general merchandise to its market. In this paper, the influence of different stakeholders of Tesco will be evaluated. The main stakeholders that will be evaluated are customers, suppliers, employees, the government, pressure groups, financiers, owners and the local/national community.
Customers
Customers are external stakeholders of Tesco. All merchandise and grocery products produced by Tesco are sold to its customers. Its customers purchase the products and services; this increases the company’s income and turnover degrees. As key stakeholders of Tesco, customers influence its fiscal power. Customers do not desire to spend huge sums of money in purchasing merchandise. In the case of Tesco, its products and services are sold in fair prices; and this attracts more customers to the company hence increased sales and profitability.
Employees
The success of Tesco is highly attributed to its highly motivated and hardworking workforce. The workers of Tesco have a first contact with its customers in occasions customers require any assistance. The employees of Tesco have high convincing power, and always recommend products to customers that raise the company’s productivity and profitability. The employees of Tesco understand the customer service policies of the company, and this is why customer service for the customers in the company is of top quality.
Financiers
Financiers offer companies with financial assistance in form of loans. The success of Tesco is highly attributed to its credit worthiness. The company’s high reputation in UK and its ability to repay loans puts it into an edge over its competing firms even in other countries such as Woolworths.
Suppliers
Owners
Pressure Groups
The Government
Local/national community