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A stakeholder is referred to as an entity (person, individual or organization) that is has an interest in a venture and expects to benefit from it. (Sanford, 2011). Stakeholders, different from shareholders, do not own the business but only have an interest in the business. Two key stakeholders are discussed in this paper – internal and external. The key difference between them is their position relative to the organization. Internal stakeholders are entities within the organization while external stakeholders are entities external to the organization. (Boundless, 2016). Internal stakeholders include shareholders, management, and employees among others while external stakeholders include customers, lenders, suppliers, the government and trade unions among others.
In this research paper, we analyzed selected stakeholders and their effects in the operations of 360 caffe in Manchester. The caffe is an exemplary restaurant, bar, and lounge with a wide selection of customers. Our research would be based on both the internal (employees and management) and external stakeholders (customers) in the restaurant.
First, we conducted both primary and secondary research on various stakeholders in the restaurant and food business before settling on our key selections. We collected secondary research consumer reports on London dwellers who go out to drink and eat in the city.(London.gov.uk, 2016) (figure 1). We as well held an online survey via survey monkey to identify the target customer group of restaurants (figure 2). Based on the impact of business on society (Carroll and Buchholtz, 2003), customers as the external stakeholders while employees and management as internal stakeholders were a justifiable selection.
An analysis of the customer objectives revealed that their concern with visiting the restaurant was on low pricing, quality food, drinks and good customer service. With the employees, possible objectives we analyzed included job security, satisfaction at work, good pay and availability of career opportunities. For the management, profit was of key importance as well as survival and growth in the restaurant industry.
Employees, as internal stakeholders, influence and are influenced by the business directly. As the business improves and does well, they get their salaries on time, have good working relationships among themselves and with the management and serve customers much better. On the other hand, by lowering their productivity and efficiency in their daily tasks, the business performs poorly and fails as a result. The business depends on the employees to attain its objectives as the employees depend on it.
Customers, as external stakeholders, have a pivotal role in ensuring the success of the business. They solely decide whether to buy from the business and maintain its operations, or fail to support the business leading to its closure. The business needs to ensure that it maintains quality relationships with its customers to ensure it survives and grows in the long run.
Data Analysis and Results
Our secondary research from the London consumer reports showed that about 58% of London dwellers always go out to eat, drink and shop. Such statistics enabled us to realize that customers are a key aspect of concern in successfully running restaurants. Where they decide to spend their money will, as a result, affect the businesses they interact with. Being a consistent figure, 58%, this captures a wide range of incomes as more than half the population are involved. Our primary research methodology from survey monkey showed that a high percentage of people are willing to go out and spend money in a restaurant.
From the analysis of the results, our research indicated that customers, management, and employees are of pivotal importance in a business and their influence as stakeholders must be highly regarded. Good strategy and policy formation by management helps steer the business and consequently, efficiency and productivity of employees in their daily tasks helps increase profit for the business. On the other hand, by maintaining good relationships with customers, the business is able to sustain itself, survive and grow.
However, inasmuch as there is the intention of the business to grow, key issues lead to conflict between different stakeholders. Firstly, the relationship between customers and the business is often strained in cases where the business offers low - quality products and services to its customers in an effort to reduce its costs. Customers, on the other hand, will be unwilling to continue buying from the business hence leading to failure of the business. Secondly, a strain occurs in the relationship between employees and management. Poor pay and unfavorable working conditions may be imposed by management in an effort to reduce costs in the business thereby maximizing profits. (Weber, 2006). Employees may, in turn, boycott their duties, go on strike or leave the business. This will have a profound effect on the business as it will be unable to deliver on its objectives.
On analysis of both the business and the key stakeholders, there seems to be a profound relationship between them. The business requires the services of the internal stakeholders – (management to steer the business in terms of strategy and policy), employees (to implement strategy and perform required duties for the business to achieve its goals) and as well the customers to buy from the business ensuring its growth and continuity. As a result of this interconnections, the business cannot be separated from its stakeholders. The stakeholders are key in ensuring that the business achieves its objectives while the business, on the other hand, influences the behavior of the stakeholders. (Tricker and Tricker, 2014)
From our research study, we concluded that stakeholders have a key role in ensuring the success of a business. Findings from our primary and secondary research helped reveal consumer trends showing the fundamental impact customers as external stakeholders have on the restaurant business. Management, employees, and customers were seen to have the highest impact on the survival, growth, and success of restaurant businesses especially when they are small in size and where the management role is tied to the owners. As a result, the influence of stakeholders in businesses is high despite the size of the organizations. With large organizations, they may influence the management team that directs operations of the business while with small businesses, they influence the daily operation of the same.
On the other hand, we were limited in our research in the aspect of time allocated for the same. This meant that we reviewed less primary and secondary research materials within the allocated time. As well, we could not manage to get to visit other restaurants to compare our results. Availability of consumer reports on restaurants in London was as well noted as a challenge. In future, allocation of more time and research resources will help in the analysis of the study.
Sanford, C. (2011). The responsible business. 1st ed. San Francisco: Jossey-Bass.
Carroll, A. and Buchholtz, A. (2003). Business & society. 1st ed. Mason, Ohio: Thomson/South-Western.
Weber, L. (2006). Profits before people?. 1st ed. Bloomington: Indiana University Press.
Tricker, R. and Tricker, G. (2014). Business ethics. 1st ed. London: Routledge.
Over the last quarter century, the fast foods industry has grown tremendously in the United States to be one of the wealthiest economical sectors in the country. The growth of fast foods industry has been simulated by various changes including industrial changes and social changes. Further, political influence has also played a major role in the growth of the fast foods industry. For instance, the government initially offered subsidies in the food sector without proper regulations. Today, the fast food industry has reduced home cooking by almost 50% compared to the last decade. The thesis of this essay is to analyze the issues leading to low wages in the fast foods sector despite the sector being a leading income earner for the country. Moreover, my arguments are based on Eric Schlosser’s research “why we eat.”
Schlosser explains that the once employment motivated industry has now turned into a capitalist industry. The fast foods sector peaked in the last two decades around 1973 when wages were adjusted for inflation. This speculation of wage adjustment led to many women joining the fast food chain stores as workers. The demand for fast food jobs by women reduced the average demand for households to make foods on their own. Today, about 50% of the money used to buy food is spent on fast foods. The fast food industry is one of the most thriving private sectors in the country. However, the issue of low wages in an extremely rich sector is twisted around various key players. Schlosser explains that the fast foods industry is bigger but not better. This is because of the negative externalities caused by the growth of the fast foods sector. Although the fast foods sector contributes highly to the United States economy mostly through employment, the wages are relatively low. According to Schlosser, “the only Americans who consistently earn a lower hourly wage are migrant farm workers”.
The food technology employed by fast food firms reduces the overall demand for human labor. This food technology incorporates innovative ways of preparing meals and cooking ingredients without wide aspects of human labor. This has lowered the use of human labor in food processing and preparation. This cutting cost through technology has reduced the demand for human labor, and increased output at a lower production cost.The fast food industry targets low-income earners who are eager to get jobs and easy to move from one job to another. They do not require qualified workers, thus, this increases their attraction for low wageworkers. This is a good way to cut business costs but it is still unreasonable. A group of wealthy investors, at the expense of the low wage income earners, gain the high profits realized in the fast foods industry.
The government had federal agencies to protect workers against manipulation. However, these agencies have failed to achieve effectiveness due to corruption and other financial favors. According to Schlosser, the key members of the government are connected to the failure of the federal agencies. Bills formulated against the fast foods industry for low wages and farmers’ exploitation fail to pass because of business ties between fast foods firms and some government officials. Despite the introduction of minimum wage, the fast food industry still realizes huge profits at the expense of low wages and exploitation of farmers.
The situation is speculated to continue if the government does not intervene efficiently. The fast foods firms now own the large fields in the rural or suburban areas of the country originally owned by farmers and average American citizens. Therefore, the economical situation created by the fast foods industry is because of the logical consequences of America’s economical and political choices.
Schlosser, E. (2012). Fast food nation: The dark side of the all-American meal. Boston: Mariner Books/Houghton Mifflin Harcourt.
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