Role of Stakeholders in Business

MAIN BODY

TASK 1

Two main categories of Stakeholders of a business

There are basically two categories of stakeholders which has mainly given out starting point and those are being described below:

• Users: These are the people who will utilise the products and thus they will give various kind of benefits. They are the reason for which the manufacturing of goods and services are being done, son this basis they are being categorised. Example can be taken up of customers or another internal sector (Calabretta, Durisin and Ogliengo, 2011).
• Governance: These are the people who has the interest upon the things by which they are being managed within the project or programme. They are the one who provide final goods and services to the consumers and thus on this basis they are being classified as stakeholders (Klapper,Lewin and Delgado, 2011). Example can be taken up of management boards or the steering groups.

TASK 2

Four Stakeholders of a High School

There are mainly four kind of stakeholders which a high school mainly possess in UK. The high school which is being taken is Education First Academy. Below described are the stakeholders:

• Parents: These are the most essential one for the High school as they are the one who will send their child to learn and provide fee to the school. Parents help out with monetary terms and thus give school a chance to develop child by giving proper education (Langhoff, 2012).
• Students: They are the reason due to which a school mainly runs. In normal terms, they are the major customers of the Education First Academy. Without them, there is non chance of running the school in effective way. This way they create main relationship with school.
• Trustees: Trustees are the major part of the school as they are the one who provide finance to the school due to which students gets many of the facilities. They invest and thus share the profit which is being earned in return (Cole, 2013). They look after all kind of operations which are being operated within school.
• Employees: They are one of the stakeholders who are the source by school is being operated. They are indulged with various factors like giving education to students, taking care of the stakeholders and many more (Ma and et. al., 2012). This way they are highly related with the education system of high school.

TASK 3

Stakeholder Power and Influence factor elements

There are basically four factors by which power and influence factor can be recognised and those are mainly described below:

• Legal Factor: There are various kind of relationships are present with Stakeholders and thus in that employees has the right, customers have protection, contracts with vendors who carry out legal obligations pertaining to few kind of stakeholders (Galbraith, 2014). It is highly to meet all kind of criteria in order to deal with stakeholders which can meet up the needs of law.
• Economical Factor: There are various new projects which needs financial support from stakeholders. It is highly essential to safeguard the relationship of stakeholder where the money is stake. These kind of power will allow to avail benefits and thus it can also be a factor of giving influence (Scofield, 2011).
• Social Factor: There are various kind of purposes of a business for which it mainly runs. Business basically belongs to community whether it is of any type or not (George and Bock, 2011). Main influence can be observed as the failure to contribute positively for the community which in turn can mainly result in social pressures in mode of negative word to mouth campaign complaints to community and Govt. or even protests.
• Decision-Making Factor: There are some of the stakeholders which can impact negatively on business plan and thus can cause uncertainty within business operations. These can actually influence or thus veto the decision making process.

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TASK 4

“Mission Statement” for the High School

“EF provides life-changing education for global citizens. For over 50 years, our mission has been to give confidence and freedom to people of all ages, nationalities and backgrounds.”

“With the desire to define your own path in life, and a little courage, EF opens up a world of possibilities.”

“We our with precious stakeholders look out for the stars and thus provide education which can make person not only successful but also a good citizen of country. Over many decades, team of EF is giving out their best for making world a better place to live.”

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TASK 5

Objectives & Purpose typology framework

CONCLUSION

From the above report, it is mainly concluded that stakeholders plays essential role in making the structure of business in much more effectual manner. They also provide ways by which certain modifications can be done for future development along with attaining goals and objectives in better mode.

REFERENCES

• Amit, R. and Zott, C., 2012. Creating value through business model innovation.MIT Sloan Management Review. 53(3). p.41.
• Calabretta, G., Durisin, B. and Ogliengo, M., 2011. Uncovering the intellectual structure of research in business ethics: a journey through the history, the classics, and the pillars of Journal of Business Ethics.Journal of Business Ethics. 104(4). pp.499-524.
• Cole, R.A., 2013. What do we know about the capital structure of privately held US firms? Evidence from the surveys of small business finance.Financial Management. 42(4). pp.777-813.
• Galbraith, J.R., 2014.Designing organizations: Strategy, structure, and process at the business unit and enterprise levels. John Wiley & Sons.
• George, G. and Bock, A.J., 2011. The business model in practice and its implications for entrepreneurship research.Entrepreneurship theory and practice. 35(1). pp.83-111.
• Klapper, L., Lewin, A. and Delgado, J.M.Q., 2011. The impact of the business environment on the business creation process. InEntrepreneurship and Economic Development(pp. 108-123). Palgrave Macmillan, London.