Chapter 1 Flashcards

1
Q

What is an organisation?

A

a social arrangement which pursues collective goals, which controls its own perfirmance and which has a coundary separating it from its environment

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2
Q

What are the common elements of an organisation?

A

Ownership

Control

Activity

Profit/non profit oriented

Legal status

Size

Sources of finance

Technology

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3
Q

Advantages of limited companies

A

More money for investment

Reduces risk

Separate legal personality

No restriction on size

Flexibility

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4
Q

What are primary stakeholders?

A

Internal and connected stakeholders - those that have a contractual relationship

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5
Q

What are secondary stakeholders?

A

External stakeholders

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6
Q

Examples of internal stakeholders

A

Managers

Employees

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7
Q

Examples of conncected stakeholders

A

Shareholders

Banks

Suppliers

Customers

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8
Q

Examples of external stakeholders

A

Governement

Interest/Pressure groups

Professional bodies

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9
Q

Mendelows stakeholder mapping

A

H/H Key players - strategy must be acceptable

H/L - Kept satisfied

L/H - Kept informed e.g charities, community rep

L/L - Minimal effort

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