Stakeholder Engagement and Analysis Report for Tesco Business

This report provides a comprehensive analysis of the stakeholder environment for Tesco. It begins by defining stakeholders and differentiating between internal (employees, managers, board of directors, and investors) and external stakeholders (customers, suppliers, creditors, and the local community). The report then explores various engagement strategies, such as meetings, conferences, trade fairs, and events, emphasizing the benefits of stakeholder engagement like improved products/services, identification of areas for improvement, complaint resolution, and gathering stakeholder views. The report concludes by highlighting the importance of effective communication and interaction between Tesco's management and its stakeholders for sustainable success. References to academic sources are included, demonstrating a research-based approach to stakeholder analysis.

Business Environment

Table of contents
 Introduction
 Stakeholders of a business
 Engagement of business with stakeholders
 Judgment
 Conclusion
 References

INTRODUCTION
Business Environment refers to the sum of different external and
internal factors which create an impact on the operations and functioning of
the organization.

Stakeholders of a business
A stakeholder refers to a party which has a particular interest in a business
and can affect it and can get affected by it. Like other organizations Tesco
also has stakeholders.
There are different types of stakeholders of a business. In the context of
Tesco these are as follows-
Internal stakeholders- These stakeholders are present within the
organization itself and can affect its working pattern. In Tesco these
stakeholders are-
 Employees- The employees of an organization have an interest in its
working.

Continued…
 Managers- The managers in a company have an influence on its
functioning.
 Board of directors- The board of directors of a company takes the
important decisions.
 Investors- The investors in a company invest their money in its operations.

Continued…
External stakeholders- These stakeholders are present outside the
organization and therefore can affect its working pattern. In the context of
Tesco these stakeholders are-
 Customers- The customers of an organization have an interest in its
functioning.
 Suppliers- The suppliers in a company take interest in its working pattern
because they are the ones who supply the goods to it.

Continued…
 Creditors- The creditors in the company have a particular interest in the
way it functions.
 Local community- Local community has a particular interest in the way a
business functions.

Engagement of business with
stakeholders
A business needs to actively engage with its stakeholders. There are
different ways through which Tesco can engage with its stakeholders. These
are as follows-
 Meetings- Through meetings, the organizations can quite actively meet
with its stakeholders.
 Conferences- Through conferences, the companies can know the needs and
demands of their stakeholders which they are required to fulfill.

Continued…
 Trade Fairs- In Trade Fairs, there are different companies showcasing the
products and services which they offer.
 Events- There is various events in which a company takes part.

Continued...
Benefits of engaging with stakeholders-
 Better products and services- Through engaging with stakeholders, an
organization can get to know their expectations which can be fulfilled.
 Improvement- By engaging with the stakeholders, the organizations can
get to know their deviations and variances.

Continued…
 Solving complaints- There may be different stakeholders who may have
complaints with the business.
 Views- Engagement with the stakeholders helps the businesses a lot to get
their views.

Judgment
Tesco has both internal as well as external stakeholders. Thus for it is
extremely necessary to make sure that is managers can communicate and
interact well with them.