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MNG3701 - Chapter 1 Reviewed Questions and Answers 2023.

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MNG3701 - Chapter 1 Reviewed Questions and Answers 2023. 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

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