Relationship and Influence of Internal and External Stakeholders
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This presentation discusses the relationship and influence of internal and external stakeholders in an organization. It explores the benefits and importance of managing these stakeholders effectively.
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PROFESSIONAL DISCUSSION PAPER
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TABLE OF CONTENT INTRODUCTION RELATIONSHIPANDNFLUENCEOFINTERNALAND EXTERNAL STAKEHOLDERS CONCLUSION REFERENCES
INTRODUCTION Business environment are the activities which are associated with organization which are the external and internal factors influencing the working. Tesco is having its headquarters in England, United Kingdom with a numberof6,800storesworldwideand450,000numbersof employees working.
CONTINUE… The company is having net income of £1.320 billion as of 2019and the founders of the organization is Jack Cohen. The presentation consists of the influence, benefits and relationship of external and internal factors in an organization. These factors have to be controlled so that the company can have better reputationand brand image in the market for a competitive advantage and higher profitability.
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Relationshipandinfluenceofinternalandexternal stakeholders RELATIONSHIP External and internal stakeholders have a great influence and share a good relationship in the company which makes the company be able to function effectively.
CONTINUE… Thereisadirectrelationshipbetweentheinternalandexternal stakeholders so that there is a better functioning of the two which is going to make the productivity of the company increase. Internal stakeholders are owners, employees, teams, etc so that the right decisions can be taken for the external stakeholders to be satisfied. TheexternalstakeholdersofTescoarecustomers,suppliers, shareholders, etc who have to be satisfied and for them there are changes which are taking place in Tesco from time to time.
CONTINUE… Influence Internal stakeholders There has to be a good communication and a common language which is being used in Tesco so that the productivity is effective and the services and products reach the customers faster and effective. The products and services of the company are maintained by the internal stakeholders who are why they have to be motivated so that the company will be able to have a better functioning and the organization will be able to expand and worldwide recognition will be received by Tesco which is very good for the portfolio.
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CONTINUE… External stakeholders Theexternalstakeholdersmakethecompanyhavealotofchangesin operations and products and services of the company so that the customers are getting the best. Government of the country has put out the rights for customers and employees who the organization will have to get in so that they can have a strong base in the market for themselves and this is going to be beneficial for the company. The competition in the market is increasing therefore it is very essential for the organization to be able to operate effectively in the market.
CONTINUE… Benefits The company is going to have a better sense of direction to function within which is going to result in having higher profitability. There is a lot of investment which Tesco has gone over years so that they can make the satisfaction level of the external stakeholders of the company increase and their demands are met.
CONCLUSION From the above presentation it can be concluded that there is a need for businesses in the market to analyse and make decisions according to the internal and external factors so that there would be better functioning. There is a great influence of these factors in a business which will have to be considered by the organization in order to be able to operate ad gain profits in the market. Thecompetitioninthemarketisincreasingandifthesefactorsare considered then the businesses will be able to get a loyal workforce and customer’s base in the organization.
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REFERENCES Alotaibi,Y.,2016.Businessprocessmodellingchallengesand solutions:aliteraturereview. JournalofIntelligent Manufacturing. 27(4). pp.701-723. Camilleri, M.A., 2017. Corporate sustainability and responsibility: creatingvalueforbusiness,societyandtheenvironment. Asian Journal of Sustainability and Social Responsibility. 2(1). pp.59-74. Crowley, F. and Jordan, D., 2017. Does more competition increase business-levelinnovation?Evidencefromdomesticallyfocused firms in emerging economies. Economics of Innovation and New Technology. 26(5). pp.477-488.