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Business Environment Essay

1778 words - 8 pages

LO1: 1.1
Different types of organisation
Legal structure; Type Purposes Primary , secondary , Tertiary
Private company Growth , customer satisfaction Primary objective
Public Company (sales , service level) Shares , customer satisfaction ,profits , ROCE Primary Objective
Government Growth , Profits , Corporate responsibility Primary Objective , Secondary
Voluntary charitable (non-profit) Customer Satisfaction , Values , Profits Secondary Objective
Co-Operative (franchise) Market , Profits , ROCE Primary Objective


The legal structure; Private company, Public company, government, voluntary, organisation, Co-operative, charitable. These sectors are all so known as ...view middle of the document...

Influences on management objectives relates to responsibilities –obligations such as charitable giving boundaries-H&S and pollution.
The key stakeholders may include the following:

The objectives and plans that an organisation creates are determined by balancing the requirements of the various stakeholders in the organisation.

KFC STAKEHOLDER of a company is any group or an individual who can have an effect or is affected by the success of the company’s goals. For the company to easily achieve its corporate business objectives (goals, it must have a good connection with its external parties. This means that if the company’s relationship with its stakeholders is not strong, the company is bound to fail in achieving its corporate business objectives. This is because their interest to the corporation influences the corporation’s achievements
The company’s strong relationship with stakeholders is measured based on confidence, trust and cooperation. This means that the stakeholder’s interest to the company will be high if there is high trust, respect and good team work. This is majorly primary strategic management. For a company to maintain its competitive advantage and remain relevant, it should clearly identify its stakeholders and other external parties and strengthen its association with them. Stakeholders will include shareholders, employees, customers and suppliers
Employees KFC's culture of staff recognition and bonuses is helping to dispel some Stakeholder 24,000 employees in there UK business. Small moves in base rates of pay have significant multiplier impacts from a cost standpoint, so they are all ways looking at being creative about where can they differentiate and where should differentiate that will make a difference.”Pension scheme open to all salaried employees

It’s difficult to clearly identify the other external parties because there is no clear formula to define it. But because of advertisements different people are becoming stakeholders depending on different factors. This involves global impacts of an industry such as climate change or cultural due to marketing and advertising
CUSTOMER
This is an individual or group which receives or consumes the final product or services of the company. For the company to increase and maintain its level of clients, it must produce high and good quality products or services. This will ensure that customers demand will be loyal and high. Also because of competition in the market , the corporation should be dynamic in its activities and the price for the product should be fair as different people have different perceptions to price hence should set fair prices to accommodate all customers . The company communicates through advertisements, trade exhibitions promotions, giving free samples, cash discounts, offering credit facilities among others. This increases customer awareness of the product or service
Suppliers
These are short term financiers of the company....

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