The term stakeholder is used to describe an individual or organisation that has a direct interest in a service being provided.
The views and feedback of stakeholders are an important part of information we receive about the type and quality of services and have a great effect on a business. They are the end-users or clients, the people from whom requirements will be drawn, the people who will influence the design and, ultimately, the people who will reap the benefits of a completed project.
Value, Quality, Customer Care. These are a few examples of what customer interests are and what they want out of a business.
Profit, Performance, Direction
They rely on Richer Sounds to buy there goods, to make money.
Third party distribution
They rely on Richer Sounds for work. They also earn money from Richer Sounds.
They lead money n charge money for interest so they are interested in Richer Sounds to make more profit.
Jobs, Involvement, Environmental issues, Shares
Richer sounds interact with their
Customers every day in store, either over the telephone or through their website. They have several methods of gaining customer feedback. They also communicate with their customers through their in-store catalogue as well as indulging in conversation on a daily basis. They aim to respond to customer concerns and meet customer expectations to a high standard.
Their customers influence the way they operate by their intense expectations rather then their reasonable yet highly specific suggestions. For example, their Marketing department seeks out the crucial needs of their key customers and figure out what they want.
* Value for money products and
* Excellent service.
Richer sounds introduced a till receipt customer questionnaire, which includes space for customers to detail any suggestions that they may be viewing, that could potentially improve their customer service.
Richer sounds however cannot meet all the demands of their customers due to the suggestions either being non-practical or due to costs being too much. This does not mean that richer sounds do not receive useful suggestions.
Richer sounds use many methods to satisfy their customer’s needs for example:
* Introducing extra-special services to their first-time customers, which include showing them around the store and giving them a special gift.
* Offering to reserve goods for customers who make a telephone enquiry and then faxing (or posting) them a map and a catalogue by first-class post.
* By providing their customers detailed written quotations that relate to the importance of the product that there are interested in.
* Making Customer Happy Calls to every customer who has been a first time buyer, who has been unsure about their purchase or who has bought an item when the store was very busy and perhaps did not have as much opportunity to talk to a sales colleague, as they would have liked. This brief phone call is never used as a sale call but is purely to check that the customer is happy with everything so far and knows where to contact us if they need help later.
* By arranging demonstrations richer sounds enables their customers to become more knowledgeable about the equipment that they are buying. Most of their stores have special demo rooms, which can be booked in advance when required. Richer sounds prefer their customers to go away and analyse what they are purchasing before making a sale.
Richer sounds seem to meet all of their stakeholders needs; however, they concentrate particularly on their customers due to them being their most important key stakeholder. This is good in some ways because customers help the business to succeed and meet their target profit. In addition, customers help to improve the businesses technique and strategy towards selling and promoting products by providing them with useful suggestions. On the other hand, by focusing on one particular group, they could potentially be forgetting about the needs of their other important stakeholders. This could then affect the business immensely, causing a great divide within the business communication.
In addition to the effort that they put in towards there customers they also illustrate that towards their other stakeholders. For example there colleagues.
Richer sounds tend to most of the needs of their staff by:
* Insuring security to staff
* Handing out fair financial support
* Giving extra bonuses
* Paying for holidays
* Taking into account their views and opinions
* Creating a “no redundancy” policy
However, Richer sounds takes into account that they cannot fulfil everybody’s needs, for instance customers could complain that opening hours are too short, but Richer sounds cannot change that due to staff and contracts.
Stakeholder in rank order
Customers: because the influence the business the most and provide knowledgeable feedback that could create potential success for the business. Also due them helping the business to achieve many of their goals for example; meeting their profit margin.
Customers also depict whether or not a business will be successful because they can change their mind on whether they continue going to that particular store or not.
Employees: they have such an important roles towards the business. They contribute labour and expertise to an endeavour. They deal with crucial situations and manage to make sure that all customer are well looked after. Employees have to make sure that they are able to think fast on their feet and are able to calm down any issue. Each employee has a different strength that they apply towards the business. They encourage the smooth atmosphere around their working environment by ensuring that they are on task.
Suppliers: because they deliver goods needed to sell and therefore control the pace/ movement of stock. They are crucial to the success of the business due to how quickly they can deliver stock making sure that time is not wasted. They provide the business with high quality products ready for customers to buy.
Financers: they help the business by making sure that all crucial business payments are made and keep on top of any profit or loss occurring within the business. Also they help to sort whether or not the company is eligible for a loan so that they can provide better goods for the company. They are also in touch with how much money there is to spend and spread around the company ensuring that every area is covered.
Community: is the last because they help to advertise the business by word of mouth and basically help get that business publicity. This helps to draw in more punters helping the business to become more successful.
I did not include Julian Richer, clearly, because he is the sole holder and has the greatest hold on Richer Sounds.