ETMA01 Site Essay examples

Submitted By carpenter123
Words: 780
Pages: 4

eTMA01

Part 1 – Report on Original Travel

To Nick Newbury

Please find below a table of the different stakeholders within your company and their contributions and concerns (Power and Interest Matrix Page, 87).

Stakeholder Group
Internal/External
Contributions
Concerns
Directors/Co-founders
Internal
High contribution to the business in order to drive the business focus in order to achieve the end goals.
No Concerns here.
Staff/Manager
Internal
Day to day running of the business. High Interest in the business here, earning a wage.
Staff retention is a high priority here.
Airlines/ Hotels
External
Providing the business with flights/hotels for the holidays.
As long as the airlines/hotels receive the agreed payments there should be no concern here.
Customers
External
One of the most important factors to a company. Customer satisfaction will aid customer retention and boast profit.
Customers have high interest and high power so adapting to customer need is key.
Competitors
External
Competitors although often negative can prove to help shape your business in a positive way.
Competitors can win customer business and have a negative impact if not managed accordingly.

There are possibly other external stakeholders that you have not mentioned IE: banks, accountants and shareholders that may need consideration.

It is important that a business considers the external environment as the world is forever ever changing, in order to make a business successful a business must understand the external environment and the below STEEP model will help you analyse this.

Sociological

Sociological factors effect your company in may different ways, Demographically, for the different customers you cater for and also for the demographical backgrounds of staff, suppliers and everyone you deal with, this can influence change on your business. Patterns of work and how they have changed are another example of a sociological change.
Technological
As you have stated, technology plays a big part in how the world is evolving. Customers are now transacting more online, and it makes it easier for customers to under take price comparison and seek cheaper holidays. Technology is also playing a huge part in transforming payment method. People are using easier, quicker more efficient ways to pay. Update software makes user friendly, more efficient ways of processing data.
Economic
The economy affects all businesses. If an economy is not prospering and is in recession then business will find it hard to succeed. You state ‘paying off credit cards’ took the ‘top spot, if the economy is in declined people are less likely to take holidays. There are multiple factors to consider for example the way in which the country thinks economically, inflation and exchange rates that would affect customers spending abroad and currency exchange.
Environmental
Environmental issues are becoming increasingly important, companies now have to ensure that they comply with environmental legislation. Staff/Customers/Competitors are becoming increasingly interested In whether the company is environmentally friendly and can cause reputational damage if your not…