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Gcse Business Unit 3 Essay

2857 words - 12 pages

Activity 3
Topic | Information needed | Sources of information used | Gathered by?(date) | Completed by?(date) |
Stakeholders | Number of employees, what they do in main jobs, examples of pay for main jobsNumber of shareholders, latest declared dividend if the business is a companyAmount of tax paid in latest accounts Facts and figures on the local people and organisationsTurnover of the business & facts and figures on number and type of customers, including market share | Internet Edexcel business textbookTalking to employeesTalking to the store owner | 2/2/2013 | 9th February 2013 |
Attracting and retaining customers | Market shareProducts offeredPrices chargedPlaces where ...view middle of the document...

Nominee companies are the second highest shareholder in the business with 6,447 numbers of holders who own 13.89% of the business. From this you can see that the business is owned by over 40,000 people these can be people from different countries. Morrison’s PLC is a national business but has shareholders from different countries however there are also more shareholders of the business but they don’t own over 1% of the business but have over 600 numbers of holders with a majority of them being deceased accounts (298 number of holders) and limited companies who have 222 people who have shares in the business.
Customers are the second most important stakeholder this is because without the customers there would be no business which will mean it will be forced to close down. Customers also have a major part in a business growing this is due to the fact that the more customers that shop in the business will increase the profit the business makes, and each store around the country set themselves a target of how much money the business should get in one day if they exceed their target the business will be gaining profit but if they have not met the target they have lost money and customers are needed to meet the target set by the business. Many customers attend the business to buy products or services that are fairly priced if they are too expensive the customers will not attend the business and if the business prices the goods/services too low it will mean that the business will not make any profit even though more customers will attend the store. The customers should also receive good customer service because this will increase the number of customers that attend the business will increase the number of customers that shop in the business. The second most important stakeholder is the customers because without the customers there would be no business because the customers are the people who bring the most money to the business by purchasing good and services. They can also give ideas to the managers of the stores on what they should improve on because by customer complaints they can also use it to improve the business and by improving the business they can compete with the business at the top supermarkets.
Employees are very important in every business because they are the one of the reasons why customers attend the store because they provide good customer service which increases the chance of customers coming into the store. They also work for Morrison’s to develop their career, for example they could work part time in Morrison’s whilst still in college this is to see how it is to earn money. Employees also have the right to be fairly paid starting at minimum wage which is £6 per hour this is because it is against the law if they are getting paid below £6 per hour. Employees are the third most important stakeholder because employees are the people who work in the shop and they also try to help the business meet its...

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