Task 1, 2 and 3
The owner of a business is the person who the business belongs to, ASDA is a Walmart business and Walmart is owned by hundreds or maybe even thousands of people as they are the shareholders, anyone can own as if they want to buy shares, these shareholders don’t run the business they just invest their money, ASDA is ran by a board of directors, a group of people who make the big decisions for ASDA. An owner of a business is interested in the profits and how much money the business makes, the owner influences the business by increasing profits through proper management and proper business practices.
The owner’s views is for the business to succeed, they want ASDA to succeed as their main aim is to make money. To do this they need profit and to get profit they need customers to shop at ASDA and bring more business to ASDA. The objectives that ASDA have are to increase profits, they would do this by appealing to a larger audience by providing prices better than the competition. This will make people want to shop at ASDA as it will save them money. ASDA want a better reputation, they go about getting a better reputation by hosting, funding or sponsoring charity events or by making their customers feel valued by providing a loyalty card system. Employ more people, they would achieve this objective by opening creating more services for customers like to the door delivery or open up more supermarkets around the country. Re-invest money back into the business. Re-investing money into the business will improve the business, opening up new locations, providing more services, improving existing services like customer services is re-investing money as they are improving the company, this will grow the company, improve its reputation, profits and generate more repeat business. Owners can affect the achievement of aims of objectives, if they improve staff training, ASDA will get a better reputation because their staff will become more professional and helpful. If the owners do not improve staff training or at least keep a check on how their staff are operating along with other departments within the business, the reputation of the business will degrade and this will ultimately cost ASDA money which is the opposite of what the owners want. They can achieve their aims and objectives through proper management of the business, a properly managed business runs better and generates more profit.
An employee is a stakeholder, as without the company they will not have a job. They will rely on the income from the job. They will rely on the income from the job for personal security e.g. pay rent, mortgage, buy food etc. they want the business they work for to do well for their own job security. A hardworking, committed employee can help a business to gain repeat business. By gaining repeat business they are generating continued income for the business and ultimately profit. Poor service by the employee can lead to complaints and l...