Unit 1 - Business Essay

1149 Words Nov 1st, 2015 5 Pages
Importance of stakeholders (easy Jet)
List in order of importance
1. Owners
2. Employees
3. Customers
4. Suppliers
5. Government
6. Media
7. Trade unions
8. Local businesses
9. Local and/or national communities
Owners are by far the most vital stakeholder in the running of the business, I believe that they are the reason that the business is up and running they allow for vital decisions to be made within the business, things such as various location of the branches have to be carefully taken into account to therefore determine the success of the business. In easy jets case,Sir Stelios Haji-Ioannou created a huge success of the company by considering all aspects of the business carefully. Things such as locations, prices, and
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Customers are allocated above suppliers because if the customers were not providing the business with their personal funds then the business would not be able to create a set sum of money to cover the cost of supply’s e.g. petrol, food, and technology. Although customers are located above suppliers they are below employees, this is due to the fact that if employees were not existent within the business then the customers would have not services and therefore would go elsewhere.
Suppliers are seen as a support within the business. The owner has a set amount of suppliers coming in and out of the business each month. This would allow for the business to keep on top of petrol supplies and various others. I believe that I placed suppliers above the government because the most essential element of the business is to allow for the business to continue running, this would create a margin of safety for the business, however then the legal requirements set by the government would be abided by. I believe the owner carefully analysed these rules and regulations in the making of the business however once up and running the business would be updating their processes to accommodate for new laws to the business performance. This is in fact below suppliers because suppliers help the business to function, whereas government only set laws for the business to abide by.
The government sets a number of laws and regulations in which affect the way a

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