MNG3701 - CHAPTER 1 ASSIGNMENT SEMESTER 1

Purpose of Business Organization – * 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 organization - business owners, shareholders, investors, employees and management External Stakeholders - Not directly associated with the organization - community, government, organized labor (trade unions), customers, and suppliers.