Stakeholder Engagement at Wilko: Analyzing Business Relationships

This report provides a comprehensive analysis of stakeholders within Wilko, a retail chain specializing in homeware and household products. It examines the roles and relationships of both internal stakeholders, such as employees, managers, and owners, and external stakeholders, including customers, suppliers, government entities, and the local community. The report highlights the importance of stakeholder engagement in fostering effective communication, gaining insights into product and service issues, and achieving competitive advantages. It further emphasizes how effective decision-making processes are facilitated through collaborative efforts and open communication with stakeholders. The conclusion underscores that successful business operations rely heavily on cultivating strong stakeholder relationships to avoid potential losses and ensure sustainable growth, referencing academic sources to support its findings.

PROJECT

 Wilko is also known as cash and hardware store.
 The company is retail chain which sells home ware and household
products.
 This report will examined about the stakeholder in business and
relationship between external and internal stakeholder in business.
 Along with engaged benefits in organization with stakeholder.
Introduction

 In Wilko they operates across the countries and make their high range of
stakeholder in which they can come to know about market strategies. The
business can have such types of stakeholder:
 Customer:-
This are being more contribute towards retailing business and
make sure for buying various kind of products and services.
 Suppliers:-
Suppliers provide such a merchandize for sold, display fixtures
and storages for business. This could help more for the business in
providing the high quality of products and services.
Stakeholder of business

 Government:-
Wilko should make the proper rules, regulation, taxes, procedures
while in which the business can run smoothly.
 Employee:-
Wilko business practices need to have the better employment
which could led for having the relationship between two parties, usually
between contract who paid and one party. Employee in business make sure
for having the proper and rights for working with having the huge returns.
Contd…

 Stakeholder theory in which Wilko management is likely to having the
high perspective and opinions in which the succession can take place.
External and internal stakeholder which might be important for the
business in which the organization can take high granted in business.
 Internal stakeholder:
This are individuals or group who directly involved in financially
and operational process. This might be also include employee, manager
and owner. While this stakeholder help the business practice for being
succession.
Relationship and influence of
external and internal stakeholder

 External stakeholder:
There are quiet few at Wilko to keep in mind about the when
decision making is being carried out. Moreover, some of the basis thing
must be essential for which the process can be completed. Some
stakeholder are not limited such as customer, creditors, communities,
society and government etc. The primary services about the customer for
having the products and services with high fill needs. Suppliers and local
community can make sure for having then proper supply and make their
business for having those things which could keep the growth and make
their business for knowing about those things which could be essential.
Government and many other stakeholder which could help the business
practices for working with high rules and regulation in business.
Contd…

 In keeping engagement with the stakeholder the organization can make
sure for having the proper communication among their business.
 But, some of the practices can held for insights having the issues towards
the products and service which can help competitive advantage.
 This could be also important for knowing about those terms and condition
in which they can work and make the proper completion over the tasks
while in the form of communication and work in collaboration.
 The effective decision making can be take place while through which the
business can work and play the role for knowing about those thing in
which the issues and many other problem can be solved.
Benefits for stakeholder engaged in business

From the above report it had been concluded that, stakeholder in
business might be important while for which the roles and this could also
led them for working with the better practices. In having such cases about
not having stakeholder in business, as the organization have to pay huge
loss and sometime failure of business can be led. So having business
succession the organization need to make their stakeholder and try to make
sure for having those things which might be important for taking the
growth and better opportunities.
Conclusion

 Ferro, C. and et.al., 2017. Validating a framework of stakeholders in
connection to business sustainability efforts in supply chains. Journal of
Business & Industrial Marketing.
 Hiller, J.S. and Shackelford, S.J., 2018. The firm and common pool resource
theory: Understanding the rise of benefit corporations. American Business
Law Journal. 55(1). pp.5-51.
 Kaptein, M. and Van Tulder, R., 2017. Toward effective stakeholder
dialogue.
 Kujala, J., Lehtimäki, H. and Freeman, E.R., 2019. A stakeholder approach
to value creation and leadership. Leading change in a complex world:
transdisciplinary perspectives.
 Svensson, G. and et.al., 2018. Framing the triple bottom line approach:
direct and mediation effects between economic, social and environmental
elements. Journal of cleaner production. 197. pp.972-991.
REFERENCES