Shareholders These are individuals or organisations to whom the businesses belong. These are most likely to be affected by the level of profits that the Peacocks makes, but they will also be affected by how much the business is worth. They contribute to the survival of Peacocks. Employees An employee is any individual who has a contract of employment to work for Peacocks. Employees are key stakeholders in Peacocks. They depend for their livelihoods on the incomes they earn from work and also upon the prospects available to them for career progression. Peacocks is among the majority of successful firms because it recognises the importance of its staff, and it spends a great deal of time and effort in training and developing its workforce and improving its working conditions so that its employees are happy and motivated at work.
Customers This is any individual or organisation that receives the products of Peacocks. Suppliers This is the business that provides Peacocks with the goods or services that it needs for its production. They might run out of goods and if they do, the business may lose sales. If Peacocks goes bust, the suppliers lose customers. providers of finance These are individuals or organisations that provide Peacocks with money which it can use to help it produce or invest.
The competitors This is any business that is trying to sell products to the same customers as Peacocks. An example is Primark, and Bonmache. Peacocks does everything to make sure that it attracts customers to its self. Such activities are reducing prices, offering high discounts and providing the best quality items. They also compete on offering a different type of product. When attempting to compete Peacocks ask themselves what their competitors are offering the customers. The government As a stakeholder, the government is any part of the state owned administration, which controls and regulates Peacocks. It also affects Peacocks by providing incentives for it to set up in certain areas. And demanding taxes from Peacocks. The local community The community is the society, and the people, where the business is located and carries out its production.
Trade associations This trade to make sure that the employees are paid a salary. how much power of influence each stakeholder has Peacocks over Customers Consumers create demand for the products offered by Peacocks. The wants of the consumers dictate to Peacocks what to produce and at what price. Peacocks understands its customers needs, which is important. Customers dictate the pattern of Peacocks activities, as Peacocks will only offer goods, which customers will buy.
Customers are not members of Peacocks, but they are virtual to their survival. Customers buy the goods that Peacocks offers. Spending by customers generates income for Peacocks. Customers may be individuals but could also be other businesses. E.g. sole traders may buy items from Peacocks and sell them at cheaper prices in the market. Demand This is the amount of a product consumers are willing to purchase at any given price. Demand is concerned with what consumers are actually able to buy, rather than what they would like to buy.
Customers have different relationships with Peacocks Peacocks needs to communicate with consumers to find out what they want. Market research helps Peacocks to collect information about its potential customers. As well as collecting information from customers, Peacocks also passes on information about the nature of products, the price charged, how products work and where they might be bought. Advertising is often used to do this.
Contact between Peacocks and customers take place when goods are bought. This can vary, when goods are not available at the time the customer wants them. The employees will then take done the customers details and contact him or her when the goods arrive. The goods are ordered for the customer from another branch of the company. onsumers are more aware of the products that are available in Peacocks stores. The prices, channels of complaint and product performance. Consumers have more income than ever before, and much greater expectations of products. Peacocks takes these expectations into account when designing, and marketing products.
Peacocks operates in a world consumers have increasing rights and protection. Because of increasing consumer expectations and awareness, improved consumer rights and fiercer competition in Peacocks, the vast majority of companies work hard at promoting good consumer relations. Peacocks accepts returned goods and reimburse customers without too much investigation. Increase in demand This is when a very large number of customers come to visit the store and buy large numbers of items each day. Raising demand can benefit Peacocks.
Decrease demand This can result in falling sales, profits and possibly enclosure of the business. Changes in demand Money It is reasonable to assume that the higher the incomes of consumers, the more they will be able to buy. When income in the UK as a whole increases, the demand for products in Peacocks will increase. The rise in income is unlikely to be same for everyone. Some consumers will have larger increase in income and others find that Peacocks products will only increase if the income of its customers buying its products increases. Tastes Some products are subject to changes in tastes and fashion. It is more usual for Peacocks to stop offering products which have gone out of fashion altogether.