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Tma 01

In: Business and Management

Submitted By carter80
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Dear Nick Newbury,
Having had a chance to review the case study I have produced a short informal report to help you understand Original Travels external environment.
I have identified the different stakeholders attached to Original Travel and briefly explored their concerns and contributions. ‘The concept of stakeholders is important for two reasons. First, it emphasises that stakeholder groups have different interests; second it illustrates the relationship between businesses and their external environments’. (Cited in The Open University B120 What is business? 2006, P.25). This can be further explored by using a STEEP model. (Cited in The Open University B120 What is business? 2006, P.17). By using a STEEP model and viewing the different types of stakeholders attached to Original Travel it should provide you with an accurate understanding of the external environment in which your company operates. A STEEP model considers five factors, which I have listed below and given examples. * Sociological factors-changes in age, patterns of work, gender roles, patterns of consumption, culture changes and country developments. * Technological factors-developments in technology and the effects on your business. * Economic factors-economic growth/shrinkage, interests rates, exchange rates, energy prices and levels of employment. * Environmental factors-how your business has an effect of the environment and how your customer base views this effect. * Political factors-local and world legislation governing trade as well as the influences of other organisations such as Chambers Of Commerce and Trade Unions.
So linking a STEEP model to the different types of stakeholders will give you a better understanding of the external environment in which your company operates and how each stakeholder can possibly affect your business. I have listed below the stakeholders...

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