Essay: Relationship of Starbucks with Stakeholders
Starbucks pays special consideration and recognition to its most important relationship in business i.e. its stakeholders. The main stakeholder groups of company include its customers, employees, suppliers, shareholders, partners and community. These are those people who have been directly contributing to the company in the form of capital, inventory and efforts. Moreover, they have an equal share in the company’s output as well and Starbucks values their input. (Friedman, 2006)
Below is a brief description on the contributors of the company:-
The consumers of Starbucks are the people with great loyalty and love for its products. The company regularly performs surveys of its customers in order to customize its products to their wants and needs. Customers stand first at Starbucks and it is always ready to cater to their needs and increasing demands.
The employees of Starbucks are its corporate legends. They are the loyal workers who put in all their ideas, efforts and invest time in taking the company towards its goals and objectives. The management of the company also keeps them motivated and happy therefore, the employees work harder for the profitability and productivity of the company.
Starbucks conducts Annual Employee Surveys in order to keep itself acquainted with the needs and wants of its workforce. Thus, like all other stakeholders, the employees of company are also kept satisfied and motivated. Besides this, the company’s relationships with trade unions also help it serve its stakeholders effectively
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