Value Of Business Impact Stakeholder Analysis Of Hornby

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Register to read the introduction… Price is the measure of value exchanged by the buyer for the toys (value) provided by Hornby. Premium pricing strategy is justified by brand image for quality products and added value - aspiration by owning Hornby products. With regards to competitors price cuts Hornby tends maintain prices and respond with non-price actions justifying its price differential with product quality and brand heritage. High price is also a reflection of economic (non-manageable) factors, internal (manageable) factors: objectives (strategic and pricing), cost of production, elastic demand of the product, consumer aspects (perception and value for money), spend on NPD, advertising. As Hornby products are also sold beyond the UK a company should pay attention to personal objectives, competition, positioning, extra costs on export, advertising adaptation, packaging while pricing products on those …show more content…
Stakeholder analysis
Category Stakeholder Stake in business Impact Attitude Stakeholder management strategy
Internal Hornby employees Are fully responsible for doing business High Strongly in favor Employees have must the necessary competences; utilize internal marketing and enhance people management
Primary Shareholders Invest money with expectation to gain profit Medium Weekly in favor Public relations are important to keep them informed (eg, shareholder meetings)
Primary Retailers Sell Hornby products High Weekly in favor To encourage retailers to sell more by negotiating long term agreements; reward for good performance
Primary Producers
(suppliers) Produce Hornby products High Strongly in favor To select and work with the suppliers who can be a sustainable partner and provide toys in compliance with Hornby toy policies
Primary Customer groups Buy/own Hornby products High Strongly in favor To provide easy access to the company/company products, engage, inspire and communicate with them; gather feedback and react correspondently
Primary Licensors Gain profit by selling licences Medium Weekly in favor To monitor and negotiate deals which may have mutual benefit for both
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However, some improvements are required: possible trade-offs between Hornby products push the company to seek alternatives to diversify product portfolio. External opportunities are favorable for the company and they will obviously have a positive effect. However external threats which outcome from the industry can significantly harm Hornby business. Therefore Hornby must concentrate on product and market development utilizing its competitive advantages to address threats and succeed on the

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