ASOS Stakeholders
Within both business, internal and external stakeholders have control. The amount of control possessed by the stakeholder shows the amount of influence that the individual would have on the business on a whole. The factors would impact the performance of the business and how they are seen among competitors.
The key stakeholders within a retail business includes:
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With a retail business the owners have a big say in how the business operates, on what platforms and have the upper hand in decision making. Judging how well the business is performing allows the business to have increased profits and changing certain aspects to allure the consumer into buying their products rather than their competitors. The actions of the major influence of the businesses success. Without the guidance of the owner/s the business wouldn’t have a clear direction or any type of aims and objectives that as a company would be working towards
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In-store the employee allure the consumer via the presentation (Visual Merchandising), excellent customer service in store and online. The employees address the concerns that they may have and how they think the business can improve as they only have a small amount of control within store. They would influence the business through the amount of consumer allured into the store from promotions put up and service. Without the employees in-store the business woold only make a
profit online and not both which means that they would be missing out on profit. An employee’s behaviour, attitude, mood and aims effects a retail business. They can influence the success of the business as their daily productivity and efficiency on the job is as if they are ‘on stage’. It is important to keep employees happy as bad working conditions, pay or polices can lead to sit-ins, strikes and individuals quitting. While also wanting to earn high wages and keep jobs (if possible).
However, the customers have the largest control. As business that ignore concerns of customer find themselves losing sales to rivals. If the business doesn’t cater to the needs of the consumers will be lost. The control that the consumers has is to spend money on a products/service that they feel that they need/want, if not met the money is spent elsewhere. The influence that the customer has on a business is that if a business doesn’t produce fast fashion, new trends and good promotion their loyalty may be lost to competitors.
To conclude, all types of stakeholders have different types of controls and influences in business which effect there performance and success overall.
Controls and influences in Business