A stakeholder is a person who will have an interest in my business. A stakeholder has a direct interest in how the organisation is performing as they have invested money in the organisation and if the business does well then they will receive more money than they originally invested although if the organisation don't perform to the best of there ability then they will not be happy as the money they have invested is not being used properly and is being wasted.
They are divided into two sections. Internal and externals Internal * Employees: I am intending to operate as a sole trader, therefore, I will not have many employees working for my organisation. This is mainly because to complete the tasks that I want to complete I wont need many employees. I will only need one or two people in the retail shop. One which will be serving the customers in the shop browsing through the product and the other employee standing at the till.
These employees will have several different tasks in the tasks in the job description, I could have employees cleaning the area of the shop so that it looks up to standard, then when the shop becomes busier they could do serve customers, and help with their queries.The government has a major role for my organisation, they could charge my organisation a lot of money on income tax rates and that could cost the organisation a lot of money. And this could have an effect on whether I meet my targets or not.
Interest rates have an effect on how much I will be paying back in loans, and the interest that is charged on the loan I have taken out. Inflation is a factor that I could look at to see how it will affect the amount of money I make or loss. This is because if the government decides to increase taxes, the general public would have less money to spend on pleasurable electronic. This would have an effect on my profit margins as I would need to keep reducing prices so that I don't lose any customers.
These are very important to my organisation, they provide the income into the organisation, and with this I can purchase new better products for the customers. I will need customers to keep the organisation running. I will need to ensure that I have a good reputation in the market, this will therefore increase the sales that are made and I also need to ensure that I provide the best quality for value products. I will also need to ensure that I package my items in an attractive manor as the carrier bag that the customer walks out with would be seen by everyone and they might decide to visit my shop.
I will also need to ensure I have high customer loyalty, one way I could do this is by introducing some sort of loyalty card, which could give the customers special rates if they spend over a certain amount. Local community: This is the community surrounding my business, I will need to interact with the local community this could be done by informing them about new products as soon as they are available, I could send leaflets through post. This would ensure that my company name builds up. * Suppliers: This is where I am going to purchase my products, before I sell it onto the customers.
As I am in the tertiary sector it means that I will buy my products from the supplier as I am going to sell them, but as I am buying the products in bulk I will get a cheaper rate, I could then add a certain amount of money to the price to make a profit. This would be my profit. It is very important that I have a good reputation with the suppliers. This is important because I can rely on the supplier to do the job for me. If I need urgent deliveries I should hope that the supplier can do this for me. Industrial Sector
There are four different groups into which industries may be divided: primary, secondary, tertiary, and quaternary. Primary industries extract or use raw materials; for example, mining and agriculture. Secondary industries are manufacturing industries, where raw materials are processed or components are assembled. Tertiary industries supply services such as retailing. The quaternary sector of industry is concerned with the professions and those services that require a high level of skill, expertise, and specialization.
It includes education, research and development, administration, and financial services such as accountancy. The industrial sector that my business will belong to is tertiary. This means that I am not going to manufacture any goods, I am just going to purchase the electronics products and add a certain amount so that I can make a profit before I sell it on to the public. I have chosen this industrial sector because I think it will suit my organisation best. And I think it will make the most profit for the organisation