MGT501 Business Environment Assessment Answer
This assessment addresses the following Subject Learning Outcomes:
c) Analyse and synthesize the fundamentals of business in the contemporary environment.
d) Construct and Justify a professional value proposition as a business practitioner
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Business stakeholder analysis is a technique for identifying stakeholders and analyzing their roles. The aim of the analysis is to map out the stakeholders’ level of influence and degree of interest with regard to the business. Stakeholder analysis can also be used to assess the relationships between different stakeholders and the issues they care about most. Internal stakeholders are individuals or groups who are directly involved in the business, such as owners, board members, managers, employees, and investors. External stakeholders are indirectly influenced by the business activities, like customers, suppliers, competitors, society, and government. By understanding both perspectives, the business can engage and enhance communication with relevant stakeholders, reduce or prevent risks, identify business opportunities, improve internal stakeholders’ commitment to the business and the reputation of the business amongst external stakeholders.
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