The Importance Of Stakeholder Analysis In Business

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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 ( ) 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

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