Objectives give the business a clearly defined target. An objective is something you want to achieve. Business objectives are something, which a business organization wants to achieve or accomplish over a specified period of time. These may be to earn profit for its growth and development, to provide quality goods to its customers, to protect the environment etc. These are the objectives of business.
MEANING OF STAKEHOLDERS:
In every organization whether that is a private sector or a public sector whether they are non-profitable or profitable organization they must have their stakeholder's .Stakeholders
Can be in a group or individual forms.
Stakeholders have an interest about the performance of the enterprise or a company because performance of a company can directly effects the stakeholders.
Generally there are three main types of stakeholders:
Connected stakeholders (suppliers, shareholders)
Internal stakeholders (management, employee)
External stakeholders (pressure groups, government)
MISSION FOR NEW BUSINESS ORGANIZATION:
As we have a consultancy which provide a profitable business for those individuals who come up with an investment. This is the aim of our consultancy to provide people a profitable business and make them entrepreneurs. The name of our consultancy is "Easy Get Financial Consultancy, EGFC. As a business consultant we can also provide other offers to our customers for example cars on lease, places for living or a place for their office work but that would be on rent or our there will be our commission in it. But the most important aim is to provide a profitable business and make upcoming business graduates as entrepreneurs.
VALUES FOR NEW BUSINESS:
The aims or goals of the business will have its philosophy focused morals, beliefs, and attitudes. This philosophy or ideology helps to determine the culture of the business, set of rules which should be followed in an organization to meet the organizational goals and the management of organization as compared to other organization. When employee's personal values and organizational values coincides with each other that business or organization starts leading from its competitors.
OBJECTIVES OF NEW BUSINESS:
Key objectives of a business should be set by identifying more particularly/specifically the goals of that business or organization, it should be more specifically mentioned that what are the aims of our business which we want to get by our struggle and we should know that where should be our business or organization after some period of time or the after any desired time.
INFLUENCE OF STAKEHOLDERS TO NEW ORGANIZATON:
There are three main types of stakeholder i.e internal, external and connected stakeholders and all of them have an influence new organization. To fulfill the mission of new organization, to make the new organization successful, to make the organization achieve its goals the needs and requirements of all type of stakeholders should be fulfilled because if there is no stakeholder there will be no organization.
TASK FOR P2:
THREE SIGNIFICANT TYPES OF STAKEHOLDERS:
Internal Stakeholders
External stakeholders
Connected stakeholders
MAIN OBJECTIVES OF IDENTIFIED STAKEHOLDERS:
STAKEHOLDERS:
Stakeholders are group or individuals who have an interest in a business's ability to bring anticipated results and keep up the potential of its services and product. In the maturity of a business's vision and mission is a good place to start, but initial, of course, you must recognize serious stakeholders, get a grip on their short- and long-term interests, estimate their potential influence on your approach, and take into concern how the firms approach might affect the stakeholders beneficially.
INTERNAL STAKEHOLDERS:
Internal stakeholders those people who are directly related to a particular business and work under one roof for the same organization or business. All the employees who work together in that organization, it is their responsibility to take interest in that particular organization and in return organization should give job insurance, bonuses and all the possible things to keep management happy.
EXTERNAL STAKEHOLDERS:
Those people who have indirect relation with an organization (government, community and pressure groups). An organization should give taxes in a proper way and proper time because the government is passing and making laws for the organization. Any step or activity which is against the community should be avoided while pressure groups have an interest in hidden particular issues.
CONNECTED SHAREHOLDERS:
It's very much important for the organization because it consists upon customers, shareholders, financiers and suppliers. Organization consists just on the customers so organizations have to fulfill the needs and satisfaction of the customers. Shareholders should received their dividend in proper time and inform then with time to time about performance. Organization must clear the bills for the suppliers in time.
HOW ORGANIZATION SATISFIES OBJECTIVES OF STAKEHOLDERS:
Type of stakeholders has a link of dependency on the business or organization.
GOVERNMENT FACTOR:
New businesses should be giving taxes to the government in proper timing and following the rules and regulation continuously.
CUSTOMERS:
New businesses should try to satisfy their customer by providing them good services. As a new organization or business they should provide good packages at efficient rates to their customers.
EMPLOYEES:
New businesses should give training to their new employees and facilitate their employees, appreciate their formal work and give equal opportunities to their employees.
SHAREHOLDERS:
Organization should be giving dividends to the shareholders in proper time and also keep them inform about the organization activities.
Task P3:
RESPONSIBILITIES OF ORGANIZATION TO SOCIETY IN GENERAL:
In the present every kind of company whether it is a multinational company or new company they are doing the following activities to the sake of marketing and positive image in the market.
Social working programs and organizing such events.
Health care programs
Helping to promote and provide education
Scholarships etc.
HOW NEW ORGANIZATION STRIVES TO BE RESPONSIBLE TO THE SOCIETY:
A new organization can show its responsibility by doing social working especially when this is any natural disaster like flood, earthquake, so by providing basic things they can show their responsibility. If there is manufacturing company so they should be also very careful about the environmental factor and should not pollute the area.
As new organization they should also sponsor different kind of awareness programs which may be about health or environment.
The stakeholder view suggests that management is not only responsible to the organization's owners (Shareholders), but also has responsibilities to:
Customers
Employees
Competitors
Suppliers
The Local Community
The general public (and government)
TASK FOR M1:
HOW NEW ORGANIZATION CAN HARM THE ENVIROMENT AND ITS RELATED STAKEHOLDERS:
If a new organization is any manufacturing company which is producing any product in the factory if is not aware about the side effects of the dust and wastes coming from its factory it can badly pollute the particular environment and that can badly effect the image of that product but important thing is that it will pollute the environment which has a lot of side effects. As a new organization people will not be trusting it and it will be a difficult job to hire good employees that's why which employee that organization have should be facilitated, taxes should be paid on time and dividends should be given in time.
RESPONSIBILITY OF NEW ORGANIZATION IN CURRENT CIRCUMSTANCES:
COMPETITION:
There are many competitors in the market and the competition is too much tough. There will be a very hard time given to new organization by its competitors. That's why good planning and good strategies are required with the help of a new organization will start getting successful time to time.
PRICING:
Pricing should be done very carefully. First of all a new organization should know that what is the price of other similar products then a good and affordable price should be set. It is also a good sales strategy to keep price low in the beginning to grab huge market share and attract customers.
PROMOTION:
For promotion news paper, TV commercials, media, signboards, pamphlets and social networking are the main sources.
TASK FOR M2:
LEGAL RESPONIBILITIES OF NEW ORGANIZATION:
SOCIAL RESPONSIBILITY:
The first responsibility of new organization is the social responsibility. Social responsibility can be defined as the duty which an organization has towards people and the environment in which the corporation operates. It also includes the views, objectives and responsibilities of the stakeholders.
ENVIROMENTAL RESPONSIBILITY:
As an environmental responsible it is also responsibility of new organization to follow rules and regulations made by the government or else government will take actions against it and it will not be good for the reputation of that organization.
The handling and disposal of waste materials should be under control. Organizations or firms should be encouraged to prevent or reduce waste production, use efficient techniques for production which do not harm the environment, use appropriate methods for disposal of dangerous substances and use wastes as a source of energy.
It is the job of environmental agency to protect the environment and promote sustainable development.
MANAGERIAL RESPONSIBILITY:
As already mentioned above, stakeholders view suggest that management is responsible not only to shareholders (owners) but also has responsibilities to customers, employees, competitors, suppliers, local community, and general public and government.
CORPORATE IMAGE And PUBLIC RELATIONS:
Corporate image means the picture of business towards the public or manner of public towards the business. It is achievable to promote a corporate image through a grouping of public relations, advertising and the skill and attitude built up by the customers over the years.
DIFFERENT LEVELS OF LEGAL REPSPONSIBILITY TOWARDS NEWLY ESTABLISHED ORGANIZATION:
As a consultant, if we are providing a profitable business to a person or individual, first of all we should come to know everything about that individual. Such as all the legal documents, bank accounts, and the most important thing is his identity or we should have all the possible identification documents such as national identity card etc. The reasons for all this is the security of our consultancy and should protect our self from any lose and should not get involved in any fraud. Just like what if he gets a car on lease from our consultancy and run away along the car, or the place he hire from us and sell it someone else, such kind of issues can drag us to many problems and we will get a bad name and no more clients or customers will come for us because people will trust what they see and will never ask or trust the true story.
TASK FOR D1:
PERSONAL RECOMMENDATIONS:
No firm or organization is efficient and successful from the beginning; it is made successful by taking ideas and recommendations from experts. It's not just to keep running the business, a business should be expanded and made successful by knowing by covering your weak points and learning from your mistakes.
The technology which is used should be updates according to the need and advancement in the field of technology.
A product should also be made reach to the people at villages and other areas like FATA.
RECOMMENDATIONS WHICH CAN IMPROVE THE IMAGE OF THE FIRM:
Making useless and cheap advertisements on TV should be avoided. We should come up with a new and unique idea and change the style of our advertisement and give a good impression.
A descent way of advertisement should be used depending on the product. Especially if it is a product for young generation or for children or for old age people, the way of communication should efficient and attractive.
BIBLOGRAPHY:
www.entrepreneur.com
www.wikipedia.com
BPP Learning Media - Business Environment (BPP Learning Media,2007)
