This presentation aims to demonstrate the various roles and engagement of the stakeholders in Morrison’s business procedure and development, productions, supplies, deliveries, and promotions. This paper describes the various types’ stakeholders in the business and their several activities in the business. Morrisons is one of the best online marketing and superstore that provides groceries and own manufactures food chain.
What is a stakeholder?
A stakeholder refers to a business or person who contributes to a business, influences business activities, or is a very important part of the company (Dorobantu 2018). The stakeholder primarily may be employees, suppliers, investors, customers, and shareholders for business perspectives. Stakeholders are varied of two kinds: internal and external.
Mendelow’s stakeholder Matrix (1991) discusses four factors is below:
- Low Interest-Low Power, e.g. Customers
- High Interest-Low Power, e.g. Employees
- High Interest-High Power, e. g. Shareholder
- Low Interest-High power, e. g. Government
Corporate social responsibility (CSR) refers to a type of global private corporate self-regulation that targets to contribute to societal goals of a philanthropic, activist, or charitable nature by appealing in or supportive undertaking or ethically-oriented practices.
The triple bottom line is considered as the key part of CSR. The triple bottom line includes plant, people, and profit. Regarding issues related to planet focuses on the environmental performance of a business, where issues related to people focus on social performance and issues related to profit focus on the economic performance of a business. The sustainability of a business depends on the performance of these three factors.
Stakeholders performed with any kind of organization. Stakeholders help a business in decision-making by sharing their ideas and knowledge. In this case, staff and their knowledge contribute a lot. Secondly, stakeholders contribute to increasing business profitability. In this case, lenders and customers contribute a lot. Thirdly, some stakeholders like the government contribute to business expansion in both domestic and international markets.
There are various types of stakeholders within a business acting as the key part of a business. Stakeholders are mainly classified as internal and external. Internal stakeholders are those who internally engage with business such as staff, owners, managers, shareholders and investors. On the other hand, external stakeholders are those who externally engage with business such as customers, competitors, lenders, media, government, and the local community.
Stakeholders can be of two types like internal and external. Internal stakeholders are those people whose attention in a company originates through a straight relationship, such as ownership, employment or investment. External stakeholders refer to the people who haven’t interest in a business but are involved in some way by the activities and results of that company. Shareholders, trade unions, public groups, suppliers, and creditors can be examples of external stakeholders.
The managers of the Morrison play vitally important roles in different sectors and departments segmented with groceries and food chains. The managers usually control the employees, check mails, observe the activities of the employees (Dorobantu, 2018). The employees in the Morrison serve the customers as their demands and sweet will, they behave with the customers cordially. Industrial employees and laborers do production and manufacturing duties (Morrison, 2020). The owner of the business arranges funds for the business generates ideas and makes supreme decisions for the issues. The owner checks the report and suggests necessary plans, (Morrison, 2020).
Society and the local community support a business with employment and their skills and knowledge. On the other hand, the business contributes to local people by giving jobs, quality products at cheaper prices. Supplier engages in a business with their quality products, delivery on time, and supporting through credit. Various rules regarding health and security are demanded by the government need to be maintained by the workers in the Morrisons. Government imposes several laws like the employment act, safety act etc. Customers are the very important stakeholder who plays roles within Morrisons to buy and give good reviews, online business thus increased much through the customers, (Dorobantu, 2018). Shareholders and investors arrange funds and other necessities for the business measures (Morrisons, 2020).
All the stakeholders are engaged in Morrisons: to confirm transparency,
- To share better material,
- To safeguard better targeting, And to advance accountabilities and efficiencies etc.
- And to advance business services, knowledge and involvements
- Morrison should implement more strategies for its CSR activities. The stakeholders need to perform their respective duties properly so that the business does progress in every sector (Morrisons, 2020).
- This can be a vital important strategic process of making extra profit. And this can be done by the HR department recruiting energetic and skilled employees. Various skills among the employees can diversify the business.
- Morrison should deal with more reliable suppliers to collect quality and environment-friendly products. This will increase the brand image and goodwill of the business.
In the conclusion, it is found that stakeholders play very important roles in the development and business procedures, implementation rules and policies. Morrisons pay proper concentration to maintain better relations with their stakeholders as they are the part and parcel of the business. They employ the workers through very significant ways that they find the exact and fit person for the specific sectors. Suppliers confirm the business’s success mostly by providing the right materials and customers are the key stakeholders making revenues for the business. The business can adopt several steps to do better for the women employees within the workplace. The business mainly focuses on the supermarket and they can implement new business policies like affiliate marketing, agent business, franchisee appointment and any other advanced technological approaches that can bring extra revenue for Morrisons.