MNG3701 Assignment 1 question with COMPLETE
ANSWERS
Purpose of Business Organisation - -* 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 - -Any person or group of people that have (or claim to have) an
interest in an organization and its activities.
-Stakeholder Expectations - -* 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 - -Work directly within the organisation - business owners,
shareholders, investors, employees and management
-External Stakeholders - -Not directly associated with the organization - community,
government, organized labor (trade unions), customers, suppliers.
-Triple Bottom Line (Expected from Organizations) - -* Be profitable
* Take responsibility for the physical environment
* Meet is social responsibilities towards the community in which it operates
-Manager - -The person responsible for running a part of or an entire organization
-Management - -The interlocking functions that managers perform.
-Management Process - -"The process of working with and through others to
achieve organizational objectives in a changing environment."
-Management Process Characteristics - -* 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 - -* Planning
* Organising
* Leading
* Control
-Micro (internal) environment - -Functions, policies, strategies, goals, objectives and
available resources.
-External Environment - -Consists of market environment and remote environment
ANSWERS
Purpose of Business Organisation - -* 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 - -Any person or group of people that have (or claim to have) an
interest in an organization and its activities.
-Stakeholder Expectations - -* 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 - -Work directly within the organisation - business owners,
shareholders, investors, employees and management
-External Stakeholders - -Not directly associated with the organization - community,
government, organized labor (trade unions), customers, suppliers.
-Triple Bottom Line (Expected from Organizations) - -* Be profitable
* Take responsibility for the physical environment
* Meet is social responsibilities towards the community in which it operates
-Manager - -The person responsible for running a part of or an entire organization
-Management - -The interlocking functions that managers perform.
-Management Process - -"The process of working with and through others to
achieve organizational objectives in a changing environment."
-Management Process Characteristics - -* 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 - -* Planning
* Organising
* Leading
* Control
-Micro (internal) environment - -Functions, policies, strategies, goals, objectives and
available resources.
-External Environment - -Consists of market environment and remote environment
