1. Chapter 1 Business organizations and their stakeholders
ACCA F1
Chapter 1 Business organizations and their stakeholders

2. Organization
Definition: a social arrangement which pursues collective goals, which controls its own performance and which has a boundary separating it from its environment.
Organization VS Individual
Differences between organizations: ownership, control, activity, orientation(goal), legal status, size, etc.

3. Types of organization
Profit orientation VS non profit orientation organization
Private, public sector and non-governmental organization
Sole trader, partnership and limited company
Cooperative societies, mutual associations (仅需了解)

4. Organization’s stakeholder
Definition: those individuals or groups that have an interest in what the organization does.
Bi-directional relationship
Types: internal stakeholders, connected stakeholders, external stakeholders.

5. Main types of stakeholder
Internal stakeholders: working inside the business.
Connected stakeholders: have a contract with the business.
External stakeholders: others that influence or be influenced by the business, having diverse objectives.

6. Stakeholder mapping Proposed by Mendelow: power and level of interest
Key player
Kept satisfied
Kept informed
Minimal effort