Town B Although Town B looks more competitive 10 competitors vs. The definition of a potential customer will depend on your type of business. For example if you are opening a small shop selling office furniture then your market will be all the companies within your delivery range. You would however factor it when assessing the value of the market.
Stakeholders can be defined as all entities that are impacted through a business running its operations and conducting other activities related to its existence. Businesses must consider the needs and expectations of its stakeholders, though it need not consider them to be of equal importance.
Certain stakeholders such as owners and investors are more important than others. Business Stakeholders Stakeholder is a catch-all term that includes a broad range of disparate entities ranging from individual people to large-scale public and private organizations.
Stakeholder Analysis Before a business can consider the needs and expectations of its stakeholders in the course of its planning, it must identify those stakeholders and sort them in their order of importance to the business. One method to accomplish this is to list the stakeholders and then determine the degree of their interest and influence in the business.
If stakeholders have a high degree of interest, the business needs to communicate with them on a regular basis and keep them informed about its activities.
The business also needs to keep them placated. Stakeholder Needs and Expectations Once the business has identified its stakeholders and their importance to the business, it can begin to plan based on their needs and expectations. Each stakeholder has concerns that it expects to be met by the business.
The importance of each stakeholder to the business determines the degree to which the business attempts to accommodate the stakeholder in the course of planning its actions. Stakeholders and Business Planning The impact of stakeholder needs and expectations on businesses is inescapable and ubiquitous.
Businesses exist to meet the expectations of one specific stakeholder in the sense that businesses are set up and operated to produce profit for their owners and investors.
Businesses also must consider the needs and expectations of other stakeholders because of their ability to help and hinder their operations. For example, a business should be considerate of its host communities because that improves its reputation and strengthens its market presence.
On the other hand, if the business chooses to ignore its host communities, that disregard becomes a black mark on its reputation and can result in other sanctions if relations become bad enough.
The only stakeholders that businesses can ignore are the ones with little interest and influence on their operations.Elements of a Business Plan There are seven major sections of a business plan, and each one is a complex document.
Read this selection from our business plan tutorial to fully understand these. A business plan is "merely" a "plan for the business," where the business may be a profit-making company, a government organization, or a non-profit organization.
A business plan can also represent a product line, an individual product, a line of service products, or some other part of . The business plan serves several purposes:it (1) enables management to think through the business in a logical and structured way and to set out the stages in the achievement of the business objectives.
tutor2u™ GCSE Business Studies Key Study Notes for Exams in Authors: Dan Cottrell, Charlie Boddington Cranleigh School kaja-net.com Online Learning Res. Tutor2u - The Home of Economics, Business Education and the Humanities. Bized - The learning and teaching education resource for business and economic studies The Times - Teaching business studies by example.
Business Stakeholders. Stakeholder is a catch-all term that includes a broad range of disparate entities ranging from individual people to large-scale public and private organizations.