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Task 1: Detailed stakeholder analysis Stakeholder analysis is an approach to making policy decisions, primarily in business, which is based on identifying and prioritizing the interests different groups have in an institution. A stakeholder analysis examines the stakes which shareholders, suppliers, customers, employees, or communities may have in a particular issue (Alfred A. Marcus and Douglas Smith) The method used to identify the stakeholders in Amral’s Travel Service is Task by Task Assessment. According to Clayton (2014) task by task assignment helps identify stakeholders who are involved in making the task happen. For example in Amral’s Travel, such stakeholders will be employees, suppliers and the government. Stakeholders who are …show more content…
External politic refer to those which the stakeholders have no control over such as tariffs, government regulations and tax policies that the firm must comply with (http://www.brighthubpm.com/project-planning/51754-components-of-a-pestle-analysis/ ) these factors increases the business cost reducing the agency revenue. However, The Government benefits from increased revenue, they protect the rights of the consumers and encourages political stability. The government also has the authority to prevent any business transaction that takes place and as of such, the firm transaction will not be able to materialize unless given …show more content…
The change in the package destination to go Cuba is not being offered by any competitors. However, in the past, Amral’s Travel main competitor has always made purchases from the agency but this may not be for long as they main competitor might create a package similar to theirs. There’s a possibility that Amral’s Travel competitor maybe more successful mainly because the other agency corporate image is much greater than Amral’s Travel Service. Amral’s Travel can overcome this issue by creating a new outward appearance for the firm such as making customers aware of the firm, the firm’s new exciting packages and segment the market to attract a certain
A stakeholder is anyone whether involved or not involved that is interested in an outcome to a situation (Editorial Board, 2015).
Stakeholder is anyone with an interest in a business; stakeholders are individual, groups or businesses. They are affected by the activity of the business. There are two types on stakeholders who are internal and external. Internal stakeholder involves employees, managers/directors and shareholders/owners. External stakeholder involves suppliers, customers, government, trade unions, pressure groups and local and national communities.
Sautter, E.T. and Leisen, B. 1999. Managing Stakeholders a Tourism Planning Model. Annals of Tourism Research, Vol 26, Issue 2, pp. 312-28.
Stakeholders are individuals or groups who affect or affected by a policy. Policies are result of negotiation of conflicting interests, so stakeholder analysis can be used by policy makers for decision making.
Hence, the stakeholders which are described as those who are affected by the organisation performance ,actions and duties and those actions includes employees, clients, local community and investors as well. The theory of stakeholders also suggests that it is the responsibility of firm to make sure no rights of stakeholders are dishonoured and make decisions in the interest of stakeholders which is also the purpose of stakeholder theory to make more profit and balancing it while considering its stakeholders (Freeman 2008 pp. 162-165). In the other words organisation must also operates in a more socially accountable approach by carrying out corporate social responsibility as (CSR) activities.
The key to the relationship between project managers and stake holders, is ensuring that the project managers have an understanding that stakeholders are key to any project, mission, and organization and have an understanding of how to appropriately involve manage stakeholders to be successful. Therefore, project managers should tailor formal processes to support the various projects they manage.
Stakeholder analysis is important for successful implementation of projects and/or strategic activities within any organisation. It is used to analyse the stakeholders in order to understand them and classify them according to their power, influence and interest. Stakeholders are people who have an interest in a commercial entity including those within the organisation and outside. These include the boss, senior executives, customers, suppliers, government, your co-workers, the team and others. All these people are important in the implementation and success of strategy.
Stakeholders’ analysis is the analysis which tells that how the company is dealing with the people which are directly or indirectly related with the company’s operations. These are called stakeholder and they include the employee, society, suppliers, buyers, shareholders, got and other tax related companies.
this feasibly study will outline the proposed business plan for developing Silver service coach holidays, it will include market research into current trends in tourism choice holidays booking habits and highlight how differentiated product range will respond to the gap in the current market.
Stakeholders are those groups or individual in society that have a direct interest in the performance and activities of business. The main stakeholders are employees, shareholders, customers, suppliers, financiers and the local community. Stakeholders may not hold any formal authority over the organization, but theorists such as Professor Charles Handy believe that a firm’s best long-term interests are served by paying close attention to the needs of each of these stakeholders. The modern view is that a firm has responsibilities to all its stakeholders i.e. everyone with a legitimate interest in the company. These include shareholders, competitors, government, employees, directors, distributors, customers, sub-contractors, pressure groups and local community. Although a company’s directors owes a legal duty to the shareholders, they also have moral responsibilities to other stakeholder group’s objectives in their entirely. As a firm can’t meet all stakeholders’ objectives in their entirety, they have to compromise. A company should try to serve the needs of these groups or individuals, but whilst some needs are common, other needs conflict. By the development of this second runway, the public and stakeholders are affected in one or other way and it can be positive and negative.
THE POLITICAL ENVIRONMENT: The critical concern Political environment has a very important impact on every business operation no matter what its size, its area of operation. Whether the company is domestic, national, international, large or small political factors of the country it is located in will have an impact on it. And the most crucial & unavoidable realities of international business are that both host and home governments are integral partners. Reflected in its policies and attitudes toward business are a governments idea of how best to promote the national interest, considering its own resources and political philosophy. A government control's and restricts a company's activities by encouraging and offering support or by discouraging and banning or restricting its activities depending on the government. Here steps in international law. International law recognizes the right of nations to grant or withhold permission to do business within its political boundaries and control its citizens when it comes to conducting business. Thus, political environment of countries is a critical concern for the international marketer and he should examine the salient features of political features of global markets they plan to enter. THE SOVEREIGNITY OF NATIONS From the international laws point of view a sovereign state is independent and free from external control; enjoys full legal equality; governs its own territory; selects its own political, social, economic systems; and has the power to enter into agreements with other nations. It is extension of national laws beyond a country's borders that much of the conflict in international business arises. Nations can and do abridge s...
Stakeholders are important and they should be able to participate in environmental management. Haddaway et al. (2017) says it is a group of people who are directly affected by a process. Issues concerning the environment have been of great concern for mankind. People have to make sure that the environment that they live is free from pollution or other negative impacts that make it hard for man to inhabit. In an attempt to manage the environment, people have to come together for that course.
Task two will be looking at what is a stake holder and will describe how a stakeholder management strategy would be constructed while sticking to company policies and procedures for this project. Also this document will include a brief description on the benefits from a stakeholder management system on the project.
Stakeholders refer to individuals or groups of people that have an interest in a business. Management argues that as long as there is wealth for shareholders, then anything is done in a responsible manner and things should be done to promote the interest of other stakeholders.
When using performance management to improve an organisation’s productivity you need to first decide who is the focus of the organisation’s long term goals, are they focusing on Shareholders or Stakeholders. The Shareholder approach focuses on the profit to the shareholders, no other factors need to be considered aside from the bottom line profits. The Stakeholder approach is a well-rounded, balanced approach to management, considering more than just how much money the organisation makes.