Geoson agencies are a business running at a very competitive level, and due to this reason just like any other business it cannot afford to bear the expenses of neglecting its stakeholders. The stakeholders of Geoson Agencies can be classified into categories such as demanding, dominant, dormant, discretionary, dangerous, dependent, and definitive. The stakeholders that can influence the business the most are from the dominant category, followed by the stakeholders of the discretionary category. From my personnel experience, the business satisfies most of its stakeholders; however the business has been disappointing a few of these stakeholders. Firstly it has not been paying taxes on time to the government, due to this reason Geoson Agencies …show more content…
Competition is a vital factor in any business, and neglecting this can lead to the downfall of the business and incur losses. Geoson Agencies have to pay utmost attention to the fact of competition and try to maintain prices at competitive levels instead of lowering the prices and causing trouble for itself by forcing its competitors to lower prices. It also has to consider the importance of marketing in business, especially since the business sells branded products in a market where competitors sell good quality low cost products. Marketing can educate the difference in quality of products and brands, which can persuade consumers to buy the products the business is selling. The business also needs to push its suppliers to promote the products at the same time. It also needs to realise that employees are the soul of any business and pay appropriate market standard wages to its salesmen in order to retain them and eradicate the losses of losing them. High quality service requires well trained employees adequately remunerated. The business though are paying their taxes , need to make sure they are paid on time to reduce the losses through fines due to late payments and also should understand that it will be hard to sustain if the government is neglected and