Internal and External Business Stakeholders Essay

In 1963 an internal memorandum issued at the Stanford Research Institute used the term â€Å"stakeholders† for the first time and defined the word as â€Å"those groups without whose support the organization would cease to exist†(Boundless, paragraph1). Now it generally includes anyone who has an interest or â€Å"stake† in a business or entity. There are two types of stakeholders: internal stakeholders, those within an organization that have an interest in the business, and external stakeholders, those with an interest in the business outside of an organization. Internal stakeholders include owners, employees, managers, and stockholders, those who are directly affected by the success or failure of a business’ decisions. The owners and stockholders are the ones who have the most to gain or lose depending on how the business fares in the market. They’re the ones who put their money into an idea to create the business and should it fail, they’d lose that investment. The managers and employees, similarly, would lose benefits, rewards, or even their jobs completely should it fail. Since these have the most to lose, they’re the one who work the hardest to make sure the business succeeds. External stakeholders, customers, creditors, suppliers, the government, etc., are also affected by the success of a business. If the business is doing well, the customer is able to get good quality products and/or services at sensible prices, creditors get paid back the loan they gave the business, and suppliers keep selling their products to the business, thus keeping them in business as well. When the business is up and running, stakeholders need to collaborate and each plays their own part with each other to keep the business successful. The owners and creditors need to supply the financial backing, the employees need to sell the products or services to the consumers with excellent customer service, the suppliers need to distribute and deliver their products promptly and professionally, and the customers need to continue to buy the products or services while providing constructive feedback. When these stakeholders interact without confusion or miscommunication, the business runs smoothly and they all gain something from working together. No matter what the business sells or provides, if there’s contact with any human being, and there always is, then there are by definition â€Å"stakeholders† in the company.  Without them, there would be no products or services offered to the consumer and there wouldn’t be a business in the first place. Source: Boundless. â€Å"Business Stakeholders: Internal and External.† Boundless Accounting. Boundless, 14 Nov. 2014. Retrieved 19 Jan. 2015 from https://www.boundless.com/accounting/textbooks/boundless-accounting-textbook/introduction-to-accounting-1/overview-of-key-elements-of-the-business-19/business-stakeholders-internal-and-external-117-6595/

Hospitality Business Development Essay

Hospitality business development of hospitality industry analyses the aspects of the business growth and evaluate the developing process of the industry. In the eyes of Hassanien et al (2010), â€Å"Hospitality business development is a procedure of using external and internal resources of an organization to bring out some new product in the market for the customer. In the essay all points are discussed and argued on developing the hospitality industry by referencing through secondary data which includes books, journals and educational and websites has relates to the topic. Moreover, in the essay the research is systematically paragraphed, introduced issues are customer role, market research, and analysis of business development, designing of new products in the market and customers satisfaction for organizations in the hospitality industry. According to Jones & Merricks (1994), a customer is one who buys a product or consumes a service in terms of monetary exchange from any Organization or a company. According to Chervonnaya. o (2003) A set of behavoiur of the ustomer is concludes through its experience and effective interaction and effective performance of an individual which help them to achieve and fulfill the desire goal which defined as role of the customer in developing the business. The customer is the main focal point of any organization as in the increase competitive market. The feedback of the customer is very important, as they are the end users of the product. A long-term relationship with a customer creates a very good trust essentially, w hich is very important both for the customer and for the organization. It lows its transaction cost on the both side where as the wining a new customer cause more than maintaining and expanding the relationship with its existing customer. Thus, Hyatt’s groups of hotels offered to their regular guest a program, name as Gold Passport, which provide the guest accounts for 20% discount of all Hyatt room nights worldwide. According to Zeithanal. V. A. etal (1997) the role of a customer in developing the business as a productive resource, contributive to the quality of a product, satisfaction and the value of the product and services. Lastly, they are the only competitor of the organization. According to Jones and Merriccks (1994) The resources used by those who supply goods and services to keep themselves in contact with the requirements and desires of the customer those who purchase and utilize goods and services. The process of market research includes the following steps such as finding out the information required, preplanning goals. Internal secondary research the goals and the organization detail of the research goal in brief. The resource plan systematically collecting data from the market with the help of secondary and primary research analyzing the data lastly preparing the report. According to Michael J. Croft (1994), separated products could target Market segmentation, which is the process of identifying different customer group’s users with in a market share similar level of interest in sets of needs. Market segmentation is an important part of any organization because it helps in the organization to satisfy the different kind of customer and their needs. Introducing new product in the market to bring more choices for the customer. The new segments can forecast with cost, profit and investment return of any company on demand of new segments in the market. It helps the company to achieve the goal by analyzing and forecasting all information of market segmentation According to D. Hoyer & J. Macinns(2009), consumer behaviour imitate the entirety of consumer decision with admiration to the attainment, utilization of products and character of goods, services activities in the market, experiences of people and ideas by decision making. Consumer behaviour is more than purchasing tangible goods from the market; it also includes services experience and having new ideas. It involves customer time consumption and choice. Marketing of Organizations always try to offer new product, idea, and services to the customer. Consumer can acquire, buy, and dispose the offering new products. It occurs a reason that sometimes offering new products meets customers’ needs, value, and goals. The organization now get to know the understanding that what, when and which products consumer acquire and buy and when they dispose it before offering new products in the market. This refers to customer satisfaction in means of quality and availability of products with good services in the market that includes tangible and intangible elements also. Customers have many expectations about the products in the market. According to Parasuraman et. al (1988) owing to a standard involvement in the expectation, customer could judge the service providers performance and quality service. Analyzing the customer expectations and needs plays an important role. According to Zeithanal et. al (1993) that customer service expectation can be divided into two parts or level which are desire and adequate. In desire, the customer is willing or wanting services provided by the suppliers. In this customer behaviour customer, use the combination of ‘can be’ and ‘should be’. In adequate level customer expectation have very low faith on the services offered to them and they believe these services as it ‘will be’. Thus, the Taj group of hotels within the aim of targeting the corporate tourist within the budget hotels sectors the new idea of Ginger a low budget hotels has effectively well matched with the requirements and needs of such kind of customers. Competition is practically excludes for the consideration set when customer feels so strongly that you can meet his or her important wants and supplies and the consumer buy nearly exclusively from you. According to Anderson and Jacobsen (2000) â€Å"Is in point of fact that achievement of desired goal of an organization creates a benefit for a purchaser so with the purpose they will sustain or enlarge their purchase from the organization. † Maintain customer reliability is clearly a key goal for any business. Loyal customers mean a dependable revenue flow and a constant profit. Not surprisingly, then, the subject of how you maintain customer loyalty has been one that many researchers have looked into. If a business owner or manager, there is a variety of theories on customer loyalty that he/she should be aware of, as building, a base of loyal customers is key to the growth of a company. To improve the loyalty of the customer it is very important to building up the customer satisfaction in the terms of providing good quality products and services. This process should do continuously. Taking feedback and analyzing what the customer needs and what the customer wanted to see the improvement in the product and services. Building trust plays an important role in customer. Regularity of the customer is the source of profit gaining for any organization. Profit will not earn before customer repeatedly come to buy or purchase the products and services. Kotler (2000) referred that customer satisfaction as â€Å"a person’s view of satisfaction or dissatisfaction. Ensuing as of evaluate manufactured goods is apparent presentation in relative to their prospect. Customer satisfaction refers to the level of customers in which they are pleased with the supply of the products and services provide by an industry in the market. According to Hoyer and McInnis (2001), satisfied customers are the form organization of any Successful company. Customer pleasure, which leads to replicate purchase, product reliability, and affirmative statement. Customer satisfaction levels can calculate by analysis technique and questionnaire. In advance elevated levels of customer satisfaction is especially significant for the business because satisfied customers are mainly expected to be reliable and to create repeat orders and to use a extensive range of services presented by a company.. Therefore, in the essay conclude that growth of a successful business is depending upon some important stream of positive factors. These factors conclude the developing strength and the significant prospective that can move forward the growth of an organization and leads forward to accomplishment of the goals. Each feature of the stream of factors are interlinked to each other, which means one function cannot run not including the other. Customers and potential customers are the definitive goal of a rising firm. In order to accomplish those, organization requires to exposed strike to their competitors by means of certain advertising, customer-centric strategies and further such tools. Thus, organizations would-be customer pleasure, development, and stay competitive in the market require to watch executing the earlier mention factors before they be able to predict success.

Ghana Stock Market Dissertation Example | Topics and Well Written Essays - 14750 words

Ghana Stock Market - Dissertation Example This paper addresses the issues involved in making the stock market work for the improvement of a borderline national economy that is venturing into this financial activity for the first time. For a more comprehensive undertaking, we will start by assessing the benefits that can be derived from the establishment of a stock market. The idea is to ascertain how the stock market contributes to the improved allocation of capital to industry, what is the relationship between stock market development and economic growth, and what factors determine stock market development. More important, the study aims to discover the surefire ways by which poor countries that have yet to attain financial depth and expertise can make their newly established stock exchanges more functional and useful. From the general perspective, the paper shifts its focus on the dynamics of a particular stock market, which is the young securities and equity market of Ghana. Established only 10 years ago, the Ghana stock market exhibits the inefficiencies that may be described as its growing pains. The literature suggests that a country’s overall economic climate is the biggest influencing factor on stock market development, which means that Ghana faces formidable odds because of its low level of economic growth. This shows in the lackluster performance of the stock market as exemplified by the low levels of both individual and institutional investments. Latest data place individual and institutional investments at a miserable $5,000 and $20,000, respectively. This reflects in the relatively tiny client base of the market and the minuscule number of listed companies on the exchange. 1.3. Research Questions The paper will attempt to address the following set of questions: 1. What benefits can a developing country gained from the stock market that operates efficiently 2. What is the relationship between stock market development and economic growth

Racial Profiling Research Paper Example | Topics and Well Written Essays - 750 words

Racial Profiling - Research Paper Example This kind of behavior originates from fear of apprehension in response to minute crimes as expatriates belonging to above-mentioned nations, are well aware of the fact that they will be interrogated first with relation to any legal disturbance (Dauglas, Ressler and Burgess 421). In short, expatriates are much more fearful and careful in following the laws in order to invade the possibility of an arrest and prostitution. Based on the above argument, the enforcement agencies are suggested to follow evidence to win a conviction rather than considering racial profiling as the only beacon. The existing literature will be analyzed in the coming section. Literature Review Racial Profiling is a concept that is based on categorizing several ethnic groups against their ability and tendency to commit a certain type of crime for instance the whites are considered as top candidates of white collar crimes such as money laundering (Weitzer and Tuch 435). But, forensic investigators are motivated to follow evidence instead of profiling because; classifying races with respect to their ability to involve in a crime is self-alluding at times. Therefore, evidence is the only mean that could partially counteract the biasness caused by profiling. Furthermore, profiling causes law enforcers to suffer from tunnel vision, which pushes them to identify an innocent person as a suspect in a murder investigation, based on the fact that he or she belongs to a race that is famous for killing people. However, this kind of investigations and interrogations can lead to legal disasters. Profiling on the other hand, could be used as a mechanism of narrowing down the suspect list but, evidence based thinking must be supported in Police, so that innocent people could be protected from false conviction and imprisonment. It is also worth mentioning that long term profiling is identified as breach of privacy but, it can be practiced to foster national security and it is sanctioned by Patriot Act that explicitly allow law enforcement agencies to take any person (who can pose a threat to national security) under surveillance. In case of local crimes, the Police department must follow the triangle made up of motive, ability and opportunity as a mean of apprehending criminals. Moreover, the nature of local crimes differs from those of international ones because, in the case of former type, few radical groups are found to be engaged in certain criminal activities. But, in case of international crimes, global terrorist organizations are notorious for using new faces to achieve their goals. In the light of above argument, profiling could be applied in solving local crimes because, the people belonging to various criminal groups, could be sorted out, with respect to their ability to commit a certain type of crime, while prior convictions and allegations also help in this regard. Nevertheless, the application of profiling becomes limited in counteracting threat to national security there fore; more intensive and detailed investigational methods should be used when fighting international crimes. The agencies that are working against international terrorism, must keep a close watch on people with violent attitudes and thoughts, whereas they are also suggested to conduct detailed interrogations of people with

Organizational structure and leaderships Term Paper

Organizational structure and leaderships - Term Paper Example Many companies have adapted a bureaucratic form of management whereby there are exaggerated numbers of management levels. Such forms of management are regarded as too bossy. A flat organizational structure in my organization therefore has fewer managers hence decisions are made in a promptly (Huffmire, 2006). In addition, employees are able to make autonomous pronouncement. According to DuBrin (2011), "A flat organizational structure acts less bureaucratically for two reasons. First, fewer available managers review the decisions of other workers. Second, a shorter chain of command means that managers and workers at lower levels can make decisions more independently" (p. 274). Decision making within my organization is decentralized as in any other institution with a flat organizational structure. Subsequently, decision making at the departmental level is also decentralized. A good example is at the Human Resource department. This means that employees at this department are able to make their own work related decisions without necessarily seeking authorization from the human resource manager as long as the decision lies within organizational objectives and plans of action. There are very few individuals with decision-making or administrative roles at the top level of hierarchy in a flat structure, and this helps improve efficiency in the decision making process as the employees do not have to seek authorization to make minor pronouncements from the top level managers. Due to the chain of command in a centralized system of leadership, making resolution may take a long time to accomplish (Huffmire, 2006). According to DuBrin (2011), a formal type of leadership is characterized by a centralized form of management. In other words, the manager or the individual with all the powers in decision making in an organization is at the top level in the hierarchy. In an informal leadership, on the other hand, the decision maker

Detail-level technical architecture- Information technology Research Paper

Detail-level technical architecture- Information technology - Research Paper Example The overall system/farm encompasses system process and people (Shelly, & Rosenblatt, 2012). System process involves rules and procedures that must be followed when the system architecture is executing its operation to give out the most optimal solution (Object Management Group, Inc, 2012). On the other hand, people include; system architectural personnel, information system managers, Information Technology specialist and information security personnel’s who are responsible towards ensuring that the overall information system is running properly as intended (Wang & Wang, 2012). The technological infrastructural aspect may help adopt farm to address system security issues as well as problems attributed to organization governance because it integrate the entire system which allows system administrators to identify the potential problem and develop the most optimal solution (Lang, 2008). The Integrated Architectural design may help Adopt-A-Farm to operate virtually in a more effec tive and efficient manner (Dennis, Wixom & Roth, 2009). For proper analysis of the technical architecture artifacts, the following four divisions may be vital for the purpose of this analysis. The first division entails contextual level analysis, under this level, business visions, missions and drivers are integrated together and documented in a manner that provide the overall architectural design with a clear guideline on what is to be achieved (Schuck, 2007). Moreover, the guiding architectural principles are put so that it can be possible to identify the most urgent priorities and their effects on the operations of Adopt-A-Farm Business (Compton, W. D., & National Academy of Engineering, 1988). Additionally, contextual stage entails data collection and compilation which further provide a blue print for the overall architectural framework (Boucher & YalcÃŒ §in, 2006). Conceptual level analysis is the second division for technical architectural design. Under this level, the

Transformational Leadership Essay Example | Topics and Well Written Essays - 2000 words - 3

Transformational Leadership - Essay Example According to the study  transformational leadership style is the kind of a leader the author ams. This is a kind of leadership style that believes in building relationships as well as motivating his fellow collogues at work. The motivation works well because they have a vision and mission that we all want to achieve together as a team. Naturally, the reporter is charismatic; he believes that communication is the basis of every relationship that works well. Most of the times he works confidently so that he can inspire his staff, command respect from them in addition to loyalty.  From this paper it is clear that  one vivid memory of a time the author was able to implement transformational leadership style is when the hospital had inadequate equipment. Such a situation hinders a conducive working environment for nurses. He wrote to the board of the hospital on the issue and ensured that the equipment was purchased.  His staffs were very happy and were able to perform well at wor k. There was also a time when they had an emergency case, and they had more than thirty patients being brought to the hospital. The author was able to coordinate the situation beforehand by assigning each and every nurse their role. It was a difficult job, but they managed thanks to his loyal team who gave their best shot.  As a student nurse, the author worked under the strict supervision of a nurse who was an authoritarian. He always dreaded the days he made a mistake or any of other students for that matter.