Customers are the reason businesses do what they do because they want to impress them and convince them to stay.
Another type of stakeholder is employees that work for the business, they are interested in high wages, benefits, keeping their job, discounts, promotions and the ability to grow within the business. They have control over how the business is run for example with an online retailer they will make sure the website looks good for customers and with a bricks store the employees will have control over how the store is laid out.
Employees look after the customers to keep them happy, so when the customers are happy it increases the business.
A third type of stakeholder is the owner, they are interested in the profits, and they want the business to do well and to also reinvest in the company. They have control over the whole business, they are the reason the business is there in the first place because they invested it. They have control over the finance, employees, suppliers and everything else.
For Boohoo this influences their business .
because they want to impress their customers therefore they will do anything that their customer wants
For example customers look for improvements so Boohoo introduced ‘Boohoo Fit’ which brings more customers in as well as encouraging the original customers to stay. If Boohoo ignores the concerns of their customers they will lose sales to their competition like Missguided. A customer could either decide to continue to purchase goods from Boohoo or to take their custom elsewhere.
They also have very cheap prices, which also helps them with the competition of other retailers. Employees influence Boohoo because without them the online website wouldn’t be able to exist the way it does. Employees help the business to grow and to improve which benefits the business so without them there wouldn’t be a business to run. The employees can also influence the success of Boohoo by the tasks that they do everyday. The owner will have an influence on Boohoo as their decisions make the business.