Assessment 2, you will examine a business in an industry that you have either previously worked in or would like to in the future. It could be an Australian business or an international one,or one...

Running Head: INTERNAL AND EXTERNAL STAKEHOLDERS ANALYSIS    1
INTERNAL AND EXTERNAL STAKEHOLDERS ANALYSIS    3
MGT501 - BUSINESS ENVIRONMENT: INTERNAL AND EXTERNAL STAKEHOLDER ANALYSIS
Table of Contents
Introduction    3
PESTLE Analysis    3
Functional Areas of an Institute    4
Internal and External Stakeholders    5
Interest of the Stakeholders    6
Effects of Stakeholders on Institution and Level of their Effect    7
Stakeholder’s Matrix    9
Conclusion    10
References    11
Introduction
In the current scenario, the business is concerned about the stakeholders of the organisation rather than the shareholders only. The effects of any activity on the external as well as internal stakeholders are to be kept in mind before undertaking any activity. This assignment deals with the stakeholder analysis of an institute that will be providing tuitions to students. According to Ganesan, Ignatius and Neppolian (2018), knowledge has high demand in the market and education industry is one of the best performing industry in the developing industries. The institute will be located in India and there is great demand for tuitions in India, due to increasing trend of practical education.
PESTLE Analysis
Political:
The political factors that will be affecting the institute are change in curriculum in short time, changes of skills for becoming a teacher, privatisation of schools, central and government funding for providing extra classes to the student.
Economical:
Cost of hiring teachers, large-scale unemployment thereby leading to increase in private tutors and increasing per capita income, which urges the parents to spend more on education of children.
Social:
Acceptance of education in the society and encouraging girl children for education are the social factor, which will positively affect the institute in India.
Technological:
The introduction of smart learning in various institutes and implementation of other technology will have an impact on the performance of the institute. In order to ensure a practical approach, the institute will have to introduce smart learning techniques for the students.
Legal:
Uses of copyrights, minimum age for becoming a teacher are the legal factors, which will be having a significant impact on the operations of the institute.
Environmental:
Using a significant amount of printing material and lack of space for opening an institute may have an impact on the operations of the institute In India.
Functional Areas of an Institute
As noted by Sheikh (2017), the functional areas of an institute include operations / administration, finance and marketing. The finance department of the institute will be concerned with arranging funds for opening the institute and managing the regular income, which is tuition fees. Along with that, the finance department will also have to look into the fees payments to the teachers and managing other expenses.
The operations department will be looking after day-to-day operations of the institute, which include providing education to the student, ensuring availability of all the items required for impart educating like smart boards, projectors, printing papers and others. The operations and the administrative department of the institution are similar as both have the same role.
The marketing department of the institution will be concerned with increasing the awareness of the institute among the public. In addition to that, the marketing team will also play an active role in increasing the number of student enrolling in the institute. The marketing department can collect feedbacks from the students to understand the inclusion and exclusion required in the current pedagogy and other areas. An active co-ordination between all the departments is required in an institute to reach the zenith of success.
Internal and External Stakeholders
The internal stakeholders of an educational institute include students, teachers and administrative staff / employees and owner of the institute. The students and the teachers are most affected by the operations of the institute. As commented by Bharucha (2018), the aim of every institute is to provide quality education to the students. On the other hand, the role of the teachers is to impart quality knowledge of the students.
The pedagogy should include a mix of both theories and practical, which can help the student in understanding the concept in a better manner. The role of teacher is to motivate the students and make them understand the concept, so that they can apply the same in future. The role of the administrative employees is to ensure smooth operations of the institute. The employees are required to co-ordinate with the teachers regarding the requirement for smooth teaching.
The administrative employees play an integral role in running the institution and ensuring smooth teaching to the students. As stated by Shekhawat, Husain and Patil (2019), the owner of the...