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MANAGEMENT WEEK 3 (Non-incorporated organisations (sole proprietor…
MANAGEMENT WEEK 3
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LO4: External environment, stakeholders and management of organisations:
The External environment:
- Broken into general and specific environment that makes up an organisation
General environment:
- Global
- Economic
- Political/legal
- sociocultral
- Demographic
- Technological
Specific enviroment:
- Public pressure groups
-Customers
- Suppliers
- Compeditors
Stakeholders:• Who are stakeholders?
– Any constituency in an organisation’s environment that both affects and is affected by the organisation’s decisions, actions and policies
• Why is stakeholder relationship management important?
– It can affect organisational outcomes, such as improved predictability of changes, more successful innovations, greater trust and flexibility, organisational performance
– It’s the ‘right’ thing to do