Stakeholder Engagement and Business Practices at Hotel Ritz Report

This report provides an analysis of the business environment, focusing on the case of Hotel Ritz, a global hotel and resort brand. The report begins with an introduction to the concept of the business environment and its impact on profitability. It then provides an overview of Hotel Ritz as an organization, highlighting its operations and the importance of its stakeholders. The core of the report examines the relationships and influences of both internal and external stakeholders, including customers, quality assessors, shareholders, and delivery staff, on the business practices of Hotel Ritz. It assesses how the business engages with these stakeholders to achieve its goals. The report concludes with a judgment on the effectiveness of stakeholder engagement and a summary of the key findings, emphasizing the importance of understanding and managing the business environment. References to relevant academic sources are also included.

Business Environment

Table of Contents
 Introduction
 About organisation
 Relationship and influence the internal and external
stakeholders have on the business practices.
 Assess how the business engages with these stakeholders
 Judgement
• Conclusion
• References

Introduction
Business environment is defined as collection of people, entities,
culture, values and other factors which may affects the business and
profitability. There are many factors which arises while running a
business and focusing on their activities so they can operate their
business. This report is based on Hotel Ritz that is global brand of full
services hotels and resorts in London, England.

About organisation
Hotel Ritz is a large size organisation that is operating a business by
offering number of food products and staying services to customers.
This hotel is managed by number of people and stakeholders who are
playing an important role in organisation and increases the business
performance. The management understand the needs and wants of their
customers who wants to avail the products and services which provide
higher satisfaction to people and influence them to buy more products
and services.

Analyse the relationship and influence the
internal and external stakeholders have on
the business practices.
In business environment, number of hospitality services are established
where high competition are facing by organisation which can affect
their productivity and profitability. Every management has
responsibility to build good relations with their stakeholders which
can help to operate and manage the business activities.

Continue..
External stakeholder – This means group outside a business or people who
does not work in the organisation but affected by decisions and action of a
business. In Ritz Hotel, external stakeholders are as defined:
Customers: This means people who buys products and services from an
organisation by paying the fees. The business performance and decision
of Ritz Hotel affected due to customers as they provide their positive and
negative feedback which can help to continue the practices. If customers
have given negative feedback then management bring some changes
according to requirement which can satisfy them and improve the
performance.

Continue..
Quality assessors: This means other people who have authority
of check the quality of products and services which are
offering by companies that can help to increase the brand
image. In context to Ritz Hotel, quality assessors have interest
in business decision as they assess the quality of products and
services then give rating which can help understand guest to
purchase or not to purchase. Therefore, they are also consider
in external factors who have impacts on business practices.

Continue..
Internal stake holder: This means people who works inside the
organisation and make decision which has impacts on
business.
Shareholders: Such stakeholder have wider interest in business
organisation as they provides the funds and invested capital
for running further activities in expects of getting higher
return. These people have right to participate in activities and
decision so they can get right information about profitability.

Continue..
Delivery staff: These people are more important in hospitality
industry who take customer's order and deliver them ordered
products and services which influences people and encourage
them to buy again. In Ritz Hotel, delivery staff is working
properly as they manages all orders and deliver the products to
customers accordingly which can help to attain the business
goals.

Assess how the business engages with these
stakeholders
From the above discussion it has analysed that business engages
with internal and external stakeholders by understand their
demands and fill them properly which can help to operate the
business. In Ritz, management engages with employees,
shareholders, delivery staff, board of members and quality
assessors which can help to provide the better quality of
products and services and maintain higher profitability. This
can help to take the competitive advantages by satisfying
customers and improve the brand image.

Judgement
Therefore, Ritz is maintain good relation with stake holders
and provide them expected benefits by increasing
business practices and operate a business successfully.
This can help to bring changes in taste and varieties of
services as per customer's demand which satisfied them
effectively.

Conclusion
From the presentation it can be concluded that it is important for people
to analyse the business environment before running a business and
implementation of plans so it can help to understand how come to
know from the risk and how they can be manage effectively. In
organisation number of people are working from different culture and
tradition which can affect the organizational activities and performance
in changing environment. Business is engages with stakeholders who
have interest in activities and making right decisions.