12. Describe the 4 components of an organisation\'s specific environment. Give a
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12. Describe the 4 components of an organisation's specific environment. Give an organisational example of how these 4 components IMPACT the organisation. 13. Describe the 6 factors in an organisation's general environment. Give an organisational example of how these 6 factors IMPACT the organisation. 14. There is great debate among companies if it is viable to be socially responsible or not. Contrast the arguments for and against businesses being socially responsible. 15. Explain what stakeholders are and why they are critical to an organisation. Use an example to demonstrate your understanding of a real company and their stakeholders. 16. What causes stress in the workplace? How does this then impact an employee's wellbeing? 17. Explain what employee wellbeing is? What are 2 key factors that can impact it causing work- life conflict? Givean example to demonstrate your understandingExplanation / Answer
12. An organization’s specific environment consists of the external forces and institutions that directly impact the managerial decisions as they are relevant directly to the organization’s goals. The 4 components of specific environment consist of suppliers, customers, competitors and pressure groups.
Customers/ Clients: this component refers to the individuals/organizations that procure its products/services. The organization basically exists to meet the customer needs, through which the organization earns its profits. The organization is impacted with this component in a substantial way, as the satisfaction of this component is the deciding factor for the organization’s earnability.
Suppliers: the suppliers component serves the organization with the resources/raw material that the organization needs to produce the product/services the organization sells to earn profits. This components includes the raw material suppliers, financial input suppliers (for loans/insurance/funds), and labor suppliers (universities/labor market/unions).
Competitors: this component refers to the organizations that possess the potential to offer the same/similar products or services as the organization does. This includes both the existing competitors and the potential newcomers. This component impacts the organization as it forces the organization to achieve better products/services, prices, after sale services, etc.
Pressure Groups: this component refers to the special interest groups that can influence the organization’s ability to achieve its goals. These groups include governmental and non-government organizations that can affect the organization’s reputation and political and social attitudes that its customers hold for it.
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