Tanzim Hussain Unit 1: Business Environment Task P2
P2 & M1 : DESCRIBE THE DIFFERENT STAKEHOLDERS WHO
P2: Describe the different stakeholders who influence the purpose of two contrasting businesses.
INFLUENCE THE PURPOSE OF TWO CONTRASTING BUSINESS
Stakeholder:
A stakeholder is a person, group or organisation that has an interest in an organisation or business on
the decisions and actions it makes. Stakeholders can affect or be affected by the decision of the
organisations actions and can have an influence on the business/organisation.
KFC AND STAKEHOLDERS
OWNERS/SHAREHOLDERS:
- Definition: Owners and shareholders are people who own the business. They often have the
most important role as they are the decision makers of the business. Owners/shareholders
want to see their profits increasing and their business expanding.
- Interest of Business: KFC owners keep an interest in their business because they want to
keep up the reputation and the success of the business in order to make a lot of sales and
earn more profit. If owners do not keep the up the reputation of KFC then it could decrease
their sales hence decrease profits.
- Influence on the business: Owners have a major influence on business they make the
decisions of the company and have to decide the decisions to make in order to gain the full
potential of the company. The make the decisions on what should be the top priority on a
day to day basis.
- Influence Of Owner On Meeting Aims and Objectives:
o The owner’s aims are to make break-even, profits maximisation and growth of the
company. The owner will make the best decisions for the company in order to
achieve this however sometimes decisions can go wrong and the aims of a company
can be stalled.
SUPPLIERS:
- Definition: A supplier is a group, business, or individual that sells their good or services to a
company/organisation to make money.
- Interest of Business: KFC suppliers keep an interest in the business that they supply because
they want to know if the business is doing well or not, so they can continue to supply their
goods and services. If the business they are supplying is not doing very well business might
decrease the quantity they buy from the supplier or even stop buying items from them. If
this happens then supplier will have to look elsewhere for another company.
- Influence on the Business: Suppliers have an influence on businesses as they can affect the
availability of stock in a business. For example in KFC if their chicken supplier doesn’t provide
them with enough chicken on a particular day then KFC sales on that day could be low hence
profits become low. Also suppliers can potentially have an impact on the profit of a business,
say if KFC suppliers for milk increase the prices of milk then the profits will decrease.
- Influence Of Suppliers On Meeting Aims and Objectives.
o Quality- suppliers can positively or negatively affect the quality of you product. If you
have high quality products then customer satisfaction increase and returns or
products will decrease, whereas if there were low quality products then customers
will be less happy and there is a more chance of returns.
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, Tanzim Hussain Unit 1: Business Environment Task P2
o Time- If the suppliers are not up to date and running at a particular time for the
company that they are supplying then this can have a negative effect on your
business. If the suppliers are running late then it makes the company delay their
daily processes
o Competitiveness- They can give you information on your competition on how they
are pricing items, the quality of their products and knowledge of the industry trends.
o Innovation- Suppliers can make major contributions to new product development.
o Finance- Suppliers can almost determine the profits you make on your products if
they their products for a low price then you can get more profit out of them or they
can sell you it for a higher price and you will make less profit.
EMPLOYEES:
- Definition: A person that works for a company or organisation to earn wages or salary.
- Interest of Business: An employ of KFC would want the business to succeed as the business
proved them with a livelihood. They would want the business to make more money and
profits which could increase them with the chances of getting a bonus or higher wages. If the
business ends up closing down then employees will be at the risk of losing their job leaving
them unemployed.
- Influence on the business: Employees make a business because for example if KFC had bad
service then customers will be reluctant to go there and go to the competition which may
provide them with a better service. KFC employees would want to make good amount of
sales as it will provide them with better or good wages. They would also want KFC to succeed
as a company in order to keep their job and avoid becoming unemployed.
- Influence Of Employees On Meeting Aims and Objectives:
o Job Satisfaction: Employees are the ones gives the companies goods and services to
the customers, if they run a well organised service then customers will keep coming
back to them.
o Wages/Salary: Employees may want a pay rise from their company; this is a negative
impact for a business as it reduces the profit of the company.
CUSTOMERS:
- Definition: Customers are people that buy goods and services from the business, which keep
the business running.
- Interest of Business: The customers at KFC are interested in the company as they want to see
what type of food KFC can offer them at reasonable price. They would want to see the range
of things offered to them.
- Influence on the Business: Customers have a great influence on the company. KFC customers
want good quality food for an affordable price. They consume food from the company
because they know that they are reliable and they recognise the brand of the company, this
is why KFC keeps up there reputation in order to keep their existing customers as well as
influence new customers to buy from them. KFC customers also require good quality service
so they feel welcome and happy to buy food from them; the company make sure that they
keep the customers happy in order to keep their business running. Customers may also
recommend the company to friends and family which will enhance the business.
- Influence Of Customers On Meeting Aims And Objectives.
This study source was downloaded by 100000841417753 from CourseHero.com on 03-07-2022 03:56:18 GMT -06:00
https://www.coursehero.com/file/12892873/P2M1-Describe-the-different-stakeholders-who-influence-the-purpose-of-two-contrasting-businesses1/
P2 & M1 : DESCRIBE THE DIFFERENT STAKEHOLDERS WHO
P2: Describe the different stakeholders who influence the purpose of two contrasting businesses.
INFLUENCE THE PURPOSE OF TWO CONTRASTING BUSINESS
Stakeholder:
A stakeholder is a person, group or organisation that has an interest in an organisation or business on
the decisions and actions it makes. Stakeholders can affect or be affected by the decision of the
organisations actions and can have an influence on the business/organisation.
KFC AND STAKEHOLDERS
OWNERS/SHAREHOLDERS:
- Definition: Owners and shareholders are people who own the business. They often have the
most important role as they are the decision makers of the business. Owners/shareholders
want to see their profits increasing and their business expanding.
- Interest of Business: KFC owners keep an interest in their business because they want to
keep up the reputation and the success of the business in order to make a lot of sales and
earn more profit. If owners do not keep the up the reputation of KFC then it could decrease
their sales hence decrease profits.
- Influence on the business: Owners have a major influence on business they make the
decisions of the company and have to decide the decisions to make in order to gain the full
potential of the company. The make the decisions on what should be the top priority on a
day to day basis.
- Influence Of Owner On Meeting Aims and Objectives:
o The owner’s aims are to make break-even, profits maximisation and growth of the
company. The owner will make the best decisions for the company in order to
achieve this however sometimes decisions can go wrong and the aims of a company
can be stalled.
SUPPLIERS:
- Definition: A supplier is a group, business, or individual that sells their good or services to a
company/organisation to make money.
- Interest of Business: KFC suppliers keep an interest in the business that they supply because
they want to know if the business is doing well or not, so they can continue to supply their
goods and services. If the business they are supplying is not doing very well business might
decrease the quantity they buy from the supplier or even stop buying items from them. If
this happens then supplier will have to look elsewhere for another company.
- Influence on the Business: Suppliers have an influence on businesses as they can affect the
availability of stock in a business. For example in KFC if their chicken supplier doesn’t provide
them with enough chicken on a particular day then KFC sales on that day could be low hence
profits become low. Also suppliers can potentially have an impact on the profit of a business,
say if KFC suppliers for milk increase the prices of milk then the profits will decrease.
- Influence Of Suppliers On Meeting Aims and Objectives.
o Quality- suppliers can positively or negatively affect the quality of you product. If you
have high quality products then customer satisfaction increase and returns or
products will decrease, whereas if there were low quality products then customers
will be less happy and there is a more chance of returns.
This study source was downloaded by 100000841417753 from CourseHero.com on 03-07-2022 03:56:18 GMT -06:00
https://www.coursehero.com/file/12892873/P2M1-Describe-the-different-stakeholders-who-influence-the-purpose-of-two-contrasting-businesses1/
, Tanzim Hussain Unit 1: Business Environment Task P2
o Time- If the suppliers are not up to date and running at a particular time for the
company that they are supplying then this can have a negative effect on your
business. If the suppliers are running late then it makes the company delay their
daily processes
o Competitiveness- They can give you information on your competition on how they
are pricing items, the quality of their products and knowledge of the industry trends.
o Innovation- Suppliers can make major contributions to new product development.
o Finance- Suppliers can almost determine the profits you make on your products if
they their products for a low price then you can get more profit out of them or they
can sell you it for a higher price and you will make less profit.
EMPLOYEES:
- Definition: A person that works for a company or organisation to earn wages or salary.
- Interest of Business: An employ of KFC would want the business to succeed as the business
proved them with a livelihood. They would want the business to make more money and
profits which could increase them with the chances of getting a bonus or higher wages. If the
business ends up closing down then employees will be at the risk of losing their job leaving
them unemployed.
- Influence on the business: Employees make a business because for example if KFC had bad
service then customers will be reluctant to go there and go to the competition which may
provide them with a better service. KFC employees would want to make good amount of
sales as it will provide them with better or good wages. They would also want KFC to succeed
as a company in order to keep their job and avoid becoming unemployed.
- Influence Of Employees On Meeting Aims and Objectives:
o Job Satisfaction: Employees are the ones gives the companies goods and services to
the customers, if they run a well organised service then customers will keep coming
back to them.
o Wages/Salary: Employees may want a pay rise from their company; this is a negative
impact for a business as it reduces the profit of the company.
CUSTOMERS:
- Definition: Customers are people that buy goods and services from the business, which keep
the business running.
- Interest of Business: The customers at KFC are interested in the company as they want to see
what type of food KFC can offer them at reasonable price. They would want to see the range
of things offered to them.
- Influence on the Business: Customers have a great influence on the company. KFC customers
want good quality food for an affordable price. They consume food from the company
because they know that they are reliable and they recognise the brand of the company, this
is why KFC keeps up there reputation in order to keep their existing customers as well as
influence new customers to buy from them. KFC customers also require good quality service
so they feel welcome and happy to buy food from them; the company make sure that they
keep the customers happy in order to keep their business running. Customers may also
recommend the company to friends and family which will enhance the business.
- Influence Of Customers On Meeting Aims And Objectives.
This study source was downloaded by 100000841417753 from CourseHero.com on 03-07-2022 03:56:18 GMT -06:00
https://www.coursehero.com/file/12892873/P2M1-Describe-the-different-stakeholders-who-influence-the-purpose-of-two-contrasting-businesses1/
