Businesses have many different stakeholders who each have a key interest in how a business operates. Stakeholders often have influence over the decisions made by business organisations.
Customers are the people who purchase the product or use the service. They are the stakeholders who decide whether the business will be a success or not.
Customers will show loyalty to a business they like. However if a firm does not satisfy customers鈥 needs continuously, the customers will simply take their business elsewhere. This will have disastrous results for the business.
Customers have an interest in a business doing well so that they:
want quality products and services
want low prices
want value for money
Customers can influence how a business operates by:
can decide whether or not to purchase the product or use the service
can affect organisation鈥檚 reputation by word of mouthWhen people pass on their opinion of something to others.