Purpose of Business Organization - Answer-* To the Entrepreneur it is the profit he makes from his business
* To the consumer it is the value of the service or product
* To employees it is their salary/wage earned
* To an organization it can be selling shares to shareholders
Stakeholders - An...
Purpose of Business Organization - Answer-* To the Entrepreneur it is the profit he
makes from his business
* To the consumer it is the value of the service or product
* To employees it is their salary/wage earned
* To an organization it can be selling shares to shareholders
Stakeholders - Answer-Any person or group of people that have (or claim to have) an
interest in an organization and its activities.
Stakeholder Expectations - Answer-* Customers - quality products and good service
* Suppliers - payment on time
* Community - contribution in form of sponsorships or community projects
* Organized labor - treat employees with fairness, dignity and respect
Internal Stakeholders - Answer-Work directly within the organization - business owners,
shareholders, investors, employees and management
External Stakeholders - Answer-Not directly associated with the organization -
community, government, organized labor (trade unions), customers, suppliers.
Triple Bottom Line (Expected from Organizations) - Answer-* Be profitable
* Take responsibility for the physical environment
* Meet is social responsibilities towards the community in which it operates
Manager - Answer-The person responsible for running a part of or an entire
organization
Management - Answer-The interlocking functions that managers perform.
Management Process - Answer-"The process of working with and through others to
achieve organizational objectives in a changing environment."
Management Process Characteristics - Answer-* Management is a process
* Management entails working with and through others
* Management aims to contribute to the realization of organizational goals and
objectives
* Management needs to cope with a changing environment
Interrelated Management Tasks - Answer-* Planning
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R193,90. You're not tied to anything after your purchase.
