Chapter 1 Flashcards
What is an organisation?
a social arrangement which pursues collective goals, which controls its own perfirmance and which has a coundary separating it from its environment
What are the common elements of an organisation?
Ownership
Control
Activity
Profit/non profit oriented
Legal status
Size
Sources of finance
Technology
Advantages of limited companies
More money for investment
Reduces risk
Separate legal personality
No restriction on size
Flexibility
What are primary stakeholders?
Internal and connected stakeholders - those that have a contractual relationship
What are secondary stakeholders?
External stakeholders
Examples of internal stakeholders
Managers
Employees
Examples of conncected stakeholders
Shareholders
Banks
Suppliers
Customers
Examples of external stakeholders
Governement
Interest/Pressure groups
Professional bodies
Mendelows stakeholder mapping
H/H Key players - strategy must be acceptable
H/L - Kept satisfied
L/H - Kept informed e.g charities, community rep
L/L - Minimal effort
