Relationship of Internal and External Stakeholders on Business Practices of Marks and Spencer

PROFESSIONAL
DISCUSSION NOTES

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................1

INTRODUCTION
This report will discuss and analyse the relationship of internal and external stakeholders on
business practices followed by the organization Mark and Spencer. Business practices refer to
implementation of new methods and procedures in the organization. Business practices are
important because it helps in increasing the productivity of the business and it also helps in
increasing the morale of the employees. It will also help Marks and Spencer in retaining and
attracting employees.
MAIN BODY
A stakeholder may be defined as the group that has an interest in any activity or decision of an
organization. They are the persons who take interest in that project or business of a particular
organization. Stakeholders can be classified into two parts:
 Internal stakeholder
 External stakeholder.
Internal stakeholders are those persons who take part in the activities off the company by
maintaining direct relationships. External stakeholders are those who do not work directly with a
company but somehow affected by the actions and outcomes of the business.
Mendelow's Matrix represents the four boxes of stakeholders which are discussed as follows:
 High Interest and High power: Stakeholders of this group are considered as key
players and there is need of actively engagement of business by this group. The
stakeholder of this group has an influence which is very significant. If they are
unhappy with the strategy, then they have power to change or stop the strategy.
(Cillo,and et.al., 2019).
 High Interest and Low Power : This group of stakeholders has power by which
change can be influenced and this group also takes interest in what is happening.
They also have little power that they can attempt to join the forces of group, which
are powerful. This group should be kept informed.
 Low Interest and High Power: It is very essential that this group must be kept
satisfied because this is the group of stakeholders which has the potential to move
into the 'High Interest with High Power'. If this group will be satisfied than, they are
less likely to gain interest and also exercise their influence for power.