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MGT501 Business Environment - Laureate International Universities
Internal and External Stakeholder Analysis Assignment
LO1: Analyse and synthesise the fundamentals of business in the contemporary environment.
LO2: Construct and Justify a professional value proposition as a business practitioner
Question: Examine a business in an industry that you have either previously worked in or would like to in the future.
Presenting a business example and contributing to the discussion forum, you will:
• identify and analyse functional areas in the business
• identify and analyse the internal and external stakeholders
• compare two industries with each other
• create a stakeholder matrix
• discuss chosen stakeholders and industries in the context of relevant theories and frameworks
Internal and External Stakeholder Analysis
The study focuses on the different functional areas of the chosen organization which is Wesfarmers followed by its internal and external stakeholders. The study also focuses to understand the stakeholder interests in the business with the help of stakeholder matrix. Different internal and external stakeholder of Wesfarmers along with environment in which they operate and its impact on the Wesfarmers are also been described in the study. Wesfarmers is a combination of multiple industries with diversified functional areas. This study had focused upon the internal as well as the external stakeholders and their role within the organisation that have a impact upon the business performance.
Stakeholder refers to the individual who holds interest from the performance of the business organisation. The objectives, policies, and actions of the business organisation have a major impact upon the stakeholders. The study will focus upon analysing and synthesising the business fundamentals in a contemporary environment. It will also look forward to construct as well as provide a justification regarding the professional value proposition of a business practitioner in context with the Wesfarmers, Australia. Wesfarmers Limited is a combination of multiple industries, which was founded in the year 1914, headquartered in Esplanade, Perth, Western Australia, Australia. The company use to earn annual revenue of 68.44 Billion Australian Dollars.
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Identify functional areas
Wesfarmers, Australia use to operate in various functional areas that had been stated below:
• Department Stores: The Company had restructured their stores in order to offer independent operation of their each brand.
• Kmart: It is a discount store of retail where the company provide automotive services.
• Target: A retail department store uses to offer industrial businesses, fertilizers, Chemicals, and energy.
• Chemical Energy and Fertilizers: The Company use to provide production facilities in Australia through this retail store.
• Resources: Wesfarmers use to produce coal all over Australia and exports it to the foreign countries.
• Other activities: The Company also use to invest in other organisation in order to get high return.
• Other business: The Company also use to operate in clothing, property management, groceries, and other sectors.
Identify internal and external stakeholders and their roles
The stakeholders are been categorised in two types internal and external which also includes their difference of interest.
Owners: Owners are the founders of the business organisation. Owners play a major role of being accountable of all the impacts the business have upon the society and the company.
Board members: Board members are the individuals who ensure the prosperity of the organisation. They play the role of directing the company's affairs in order to meet appropriate interest of the stakeholders (Sustainability.wesfarmers.com.au. 2019).
Managers: Managers are the employees of the organisation who holds authority of managing all the function, process, and operations. They play a major role in running a profitable as well as a transparent business.
Employees: Employees are those individuals who are employed for wages or salaries in order to work within the organisation. They play an important role in the management's decision-making process.
Investors: Investors are those individuals who use to invest within the business organisation in order to get high return on investment. Investors use to play a vital role towards the success as well as eth growth of the company.
Customers: Customers are the individuals who purchase goods or services from the business. Customers play a role of controlling the business and add value to their profit and productivity.
Suppliers: Suppliers are those individuals who provide the requirements of the organisation in order to manufacture products and services. Suppliers always want the business to be continued so that they can supply their products and services to them.
Competitors: Competitors refers to the rival firms that compete in the consumer as well as in international market in order to attempt large market share. Competitions are much impacted with the business operations and influence the business to increase its performance.
Society: society refers to the surrounding of diversified people where the business uses to operate. It plays the role of making the business aware about their corporate social responsibility so that they can conduct the business ethically.
Government: Government refers to the group of authorised people who use to take decisions and govern a state. Government plays the role of preserving the interest of all the stakeholders of an organisation.
Identify the nature and degree of main stakeholders' interests, and implications of conflicting interests 200
Employees- the Wesfarmers have recognized their employees as their most important asset. It has been identified by Maslow in his theory of hierarchy of the needs and the nature of the employees the interest that is written by them is varied. Every employee of the company depends upon them for the fulfilment if the specific level of the needs. For the purpose of matching the rewards according to the needs of the employees that is recommended by the Vrooms and the theory of expectancy as important for increasing the productivity. The two factor theory has ensured that there are jobs satisfaction among the employees and the employees are motivated from time to time (Crane and Livesey, 2017). The Wesfarmers may have conflict with their employees when they fail to institutionalize the strategy in the terms of the rewards and the compensation.
Managers- the managers are the one who influences the decisions of the company in matter related to the investment (Miles, 2017). The managers do select the products and the markets which the company should exploit. The decision of the company may have the risk to the shareholder's.
Shareholders- the shareholders do contribute in the necessary capitals from the business. The investment return is the key factor which influence the decisions of the shareholders.
Customers- the Wesfarmers are very influential and the external stakeholders. The customers of the company aims to maximize the value of the money for getting the safe and the good quality products.
Government- the governments holds the highest of degree in the industry of healthcare. They are the high stems and are needed for improving the accessibility to reduce the healthcare service.
Identify the level of main stakeholders' influence 130
The stakeholders are the ones who are affected by or the ones who are having an effect on the effort. That may include the people having the strong interest in the effort. The different kinds of the stakeholders include-
Primary Stakeholders-they are the person or the groups which are directly affected by the positive or the negative of the effort or the actions of the agency. In some cases these kinds of the stakeholders are there on both of the sides.
Secondary Stakeholders- they are the people or the groups which are indirectly affected by the positive and the negative effort of the agents.
Key Stakeholders- they are the ones who may belong to either to the above two groups or neither to the first groups.
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Create a stakeholder matrix
For doing the Matrix the each quadrant will have to be divided into four of the equal quadrants. Each of the quadrants will then have to be divided into four parts. There need to be sixteen of the quadrants. Each of the quadrants needto have the large boxes so that the stakeholders are being able to fi there. There need to be a label across the starting with the left significant influencing the work. Then for the proper creation of the matrix the stakeholders are to be organized in accordance to the influence and their importance. When the boxes and labelling are done then the matrix will be the graphic display of the one who is holding the most important place and the one who is the most influential (Andriofand Waddock, 2017).
In the discussion forum, choose an example from your peers and compare the industry your business operates in with their industry, identify the main points of stakeholder dissimilarities and analyse the differences in stakeholder interests and influences 1400
The Wesfarmers is an industry in the Australian conglomerate and have headquarter in Perth, Western Australia along with the interest which is predominant in the Australian and the retail of the New Zealand (Campbell, 2017).This company is the largest Australian Company and has overtaken the woolworths and BHP. The Wesfarmers is the largest private employer in Australia. This company was founded in the year 1914 being the Co-operative to the service provider and for providing the merchandise to the farm in the Western Australia. The company has the approximate of 220,000 employees (Lim et al., 2017).The company established the first radio station in the Western Australia before the company was passed into the hands of the Australian Broadcasting. In the year 1940 the business of the company included the "being wheat and the general merchants" and the distribution of the country for the Commonwealth oil Refineries LTD. In the year 1993 the company bought the integration of "Dalgety Farmers" and then it was proved to be a very difficult one for the company (Moore et al., 2016). With the initial investment of 10 percent of the Bunnings in the month of February in the year 1987 has reached the total ownership in the month of January in the year 1994.
The division of the company is made up of the Bunnings warehouse which is a retailer of the improvement of the home and the commercial customers in Australia and New Zealand. There are almost 210 Bunnings warehouse stores. In the month of January of the year 2016 the home retail group has accepted the offer from the wesfarmers for acquiring the home of the British in the improvement of the retailer and the centre at the garden. In the month of the February of the year 2016 the Wesfarmers have announced that the restructure of the store in the department in the business went into the single division and that was named as the Department Store.
External stakeholders of organization help to connect and communicate with the market and its related factors. The potential impact of the business is assessed by considering the interests of the stakeholders including both internal and external stakeholders. Listening to the stakeholders can help Wesfarmers to understand the constant changing expectation of the market and trends. Top five external stakeholders of Wesfarmers are as follows:
Wesfarmers encourages its shareholders to take part in their core business decision making processes. Conveying up-to-date information about the company helps the shareholders to understand which kind of operations and strategies they are currently maintaining. Shareholders can communicate with the group management within the company, board, and others to provide crucial information about the market. Wesfarmers constantly communicates with their retail shareholders through emails, websites in annual general meeting to collect their feedback (Wesfarmers, 2019).
Customer is the most important asset of a retail organization, and Wesfarmers is no different than that. They constantly communicate and listens to their customers to understand their queries, issues and needs to improve their daily business operation (Barrett, Oborn&Orlikowski, 2015). The feedbacks of the customers are accepted in the Wesfarmers with great priority, and they communicate with their customers through emails, SMS, letters, websites, and others. The feedback collected by the company immediately passes to the department to whom it was mentioned to take adequate action on the matter.
Creating a good relationship with the suppliers have helped the Wesfarmers to maintain a strong negotiable practice for accepting supplies. From acceptable business practices to contribute to innovation, efficiency, and long-term sustainability of the business, Wesfarmers create a long-term relationship with their suppliers. Wesfarmers maintains an ethical sourcing audit and review system for their high-risk suppliers to maintain smooth business operation. They also communicate and meets their suppliers regularly and based on their performance, Wesfarmers also awards them (Wesfarmers, 2019).
Transparency of an organization makes them legit and reputable in the market ad-media plays a crucial role. In this matter by conveying the information of the company to the general people. Wesfarmers have good communication with the local, regional, and international media through cooperation which helps them to maintain good business transparency to their customers. Arranging media conferences, and allowing media groups to corporate events can help Wesfarmers to show their high standards regarding business transparency, corporate governance, integrity, and financial performance.
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The managing director of the Wesfarmers communicates with federal and state government on one-to-one meetings to discuss the social and other business-related issues like carbon regulation, retail trading hours, liquor licensing, tax inform, GST on imported items and others.
• Topic 3 300
Wesfarmers is considered as one of the most famous brands in the global market due to their quality products and service. The stakeholder analysis of this company is innovative as they are intended to understand their expectations. In this context, the five most important internal stakeholders' interest and influence get described.
Employees of Wesfarmers can enhance the sales of revenue by increasing the productivity level. The main influences of the employees are controlling the strategic resources such as strategic products responsibility, means low influence (HealthKnowledge, 2019). But they have high importance, as they are key factor of manufacturing the products.
Managers of Wesfarmers have the informal power to influence employees by democratic leadership style. Moreover, the core competency level of the organizations is maintained by managers as they help to possess the skills and knowledge, which ensures that they have high importance and strong influence (Wesfarmers, 2019).
• Board of directors
Board of directors of Wesfarmers has a strong influence as they have the formal power to take any decision on behalf of the CEO. Moreover, they are playing a high importance role as they are playing a huge role to maintain a relationship with the external stakeholders.
Investors of Wesfarmers have an indirect influence as they have social, political and economic status in the society. They are playing an important role as they are ensuring the funding problems by giving economic help. Investors are interested in maintaining a healthy relationship with the organization by which they can be able to maintain their profitability by enhancing the organizational profit (Vracheva, Judge & Madden, 2015).
CEO of Wesfarmers has a direct influence upon the organization as they have the formula power to control the overall budgets and to control the overall organizational operation through implementing strategic planning and resources. Encouraging the employees and other team members along with maintaining the satisfaction level of customers are the main interest of them.
• Establish itself as one of the famous private sector companies in Australia
• Great community build-up by implementing the sustainable business
• Lots of outlets all over the country
• Powerful governing body
• Lack of equal profits in all the business interests
• Local supplier power
• Online segment growth
• Diversification in other sectors
• Cost reduction and carbon emission reduction via energy consumption reduction
• Extensive competition
• Lack of performers in diversified sectors
Table 1: SWOT analysis
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Wesfarmers can establish itself as one of the most famous private sectors in Australian market. At present, the organization has faced some problems regarding expansion in different business portfolio, which can be encountered by implementing a sustainable business (Wesfarmers, 2019). Local supplier power affects the organizational profitability but with the help of Powerful governing body and various outlets in market deliberately reduce the weakness through proper strategic planning. An extensive competition has been shown, which is considered as a great threat but can be reduced through diversification in other sectors and growth in the online segment. Moreover, lack of performers in diversified business portfolio is another threat, which can be reduced to a great extent if the energy consumption gets reduced.
The competition of the retail sector is increasing with time as new entrants are trying to grab the market which, as a result creates pressure of Wesfarmers to collect revenues from the market. Due to strong economic condition of FDI policy of Australia, international brands like Aldi is trying to spread their business in Australian market which creates great threat for Wesfarmers. To increase the profit structure, they are trying to diversify their business in other sectors, but due to lack of workforce and exports, the results are not promising.
The analysis of the stakeholders of the business for the process of identifying the stakeholders and then analysing the roles. The aim of this analysis is for mapping out the level of the stakeholders for the degree of the interest along with the regards to that of the business. For the purpose of understanding the perspective of the business it can be engaged in the enhancement of the communication along with the relevant stakeholders. In this report the analysis comparison of the two sectors retail and hospitality have been done.
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