FNSPRM603 Internal and External Stakeholder Analysis Assignment Sample

• Subject Code : FNSPRM603
• University : Victoria University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Accounting & Finance

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Executive Summary of Internal and External Stakeholder Analysis

Expert education and visa service is an organization that help students of different countries to take oversea education from Australia. The report aims at analyzing and synthesizing the fundamentals of the business. Like internal and external stakeholder analysis, the examination of functional areas of the business, nature and degree of the stakeholders, stakeholder matrix and so on. The report also compares two industries to identify similarities and dissimilarities.

Contents

Executive summary.

Introduction.

Functional areas of Expert education and visa services.

Student services.

Overseas student health cover services.

Taxation.

Migration services.

Internal and External Stakeholders.

External stakeholders.

Students.

Government

Media.

Investors.

Community.

Internal stakeholder

Owner

Board of directors.

Education counsellors.

Migrant agents

Tax consultants.

Leaders of customer service.

Nature and degree of main stakeholders’ interests, and implications of conflicting interests.

Identify the level of main stakeholders’ influence.

Create a stakeholder matrix.

Compare two industries with each other

Conclusion.

References.

Introduction to Internal and External Stakeholder Analysis

Expert education and Visa service is a popular education and migration consultant agency for students who want to study abroad. This company provide counselling services to the students who are thinking to take their higher studies from Australian universities. Getting an admission and staying visa for studying purpose is not so easy. A lot of formalities are required. The company makes it easy for them by completing all the details of the clients. It also helps the students to settle down and start living an Australian life. The company has registered employees who work dedicatedly for getting foreign clients. Till now, the company has provided educational service to more than 40000 invitational students. The company states that it does not sell dreams rather to help the students in achieving them. The company has its presence in different countries across the world. The company specializes in providing. This report aims to identify functional areas of education and expert visa services. The report further determines the roles of internal and external stakeholders. It tries to understand the nature and degree of main stakeholders and describes their interest and implications of conflicting interests. The report then finds out the level of influence a stakeholder can have on the company. In the next section of the report, another industry is taken to compare the business operations and stakeholder similarities and dissimilarities. It also analyses the difference in the interests of the stakeholders and their influence on running the organization.

Functional Areas of Expert Education and Visa Services

The company has different functional areas these include student services, migration services, taxation and business advisory, PTE academic preparation classes, individual tax return, overseas student health cover.

Student Services

Australia is home to some of the best institutions in the entire world. It offers competitive academic and professional courses in a different type of fields. Selecting the right institution from such a wide range is difficult. The company takes the load of the students under their shoulder and assist them by providing right counselling so that they select the house and college which meets their desire in Australia (Santini, Ladeira, Sampaio & da Silva Costa, 2017). The company helps the students in admission, visa, scholarship, accommodation, health insurance, taxation and so on. 

Overseas Student Health Cover Services

All the international students who come for higher studies in Australia have to get the health insurance done for the period they are going to stay in the country. Expert education and visa services provide them with the health insurance cover from an approved health insurance provider (Ibrahim & O’Connell, 2020). The nature of the heath cover varies according to persona. For example, if a single person is coming to the country then single health cover is required if the couples shift to the country then a couple of insurance or family insurance is required. The company helps the clients to get the best deal at the best price.

Taxation

Starting the business in the country after completing education is an exciting proposition. Finding out an idea and executing it into a business with a highly skilled team is challenging. The most challenging part of the business is the inevitable tax (Aghion, Akcigit, Cagé & Kerr, 2016). The company understands that and thus it helps the business and individual persons to fill up and make the complicated task of the person easy.

Migration Services

In the entire world, Australia is the only country where the processing speed of the visa is high. It takes. The country focuses on accepting the visa application of only talent human force. It is because Australia is known for high employment rates, infrastructure and so on. But due to a lot of immigration option available (Spaan & van Naerssen, 2018). Students find it time-consuming to get the visa first The company being the visa consultancy helps the client in getting it. It handles the documents of the students with utmost precision and even prepares them for personal and professional life. 

Internal and External Stakeholders

A stakeholder can be defined as a person who has a stake in the success of the business. It is someone who can affect the operations of the business and get themselves affected due to it. The stakeholders of the organization can be shareholder, employers, customer, suppliers, vendors and so on (Schneider & Buser, 2018). The primary stakeholders are the shareholders but not all shareholders can be stated as stakeholders. There are two types of stakeholders i.e. internal stakeholders and external stakeholders. An internal stakeholder is those who have a direct influence on the functions of the business. These include employees, owners and shareholders. Whereas, external stakeholders do not have a direct influence on the functions and operations of the business. These include customer, supplier, vendor and so on.

External Stakeholders

Here are some external stakeholders of Expert education and visa services.

Students

Students are the most important stakeholder of expert education and visa services. Their role is to acquire education. Gaining an education in a new country is not an easy task it requires selection of the right educational institute, a leaving place, and so on (Gołata & Sojkin, 2020). Expert education and visa services take care of the needs of the students and also help them in providing counselling for taking higher studies. A student who has to visit Australia for a minimum of 30 hours or several years needs to have a visa without which it cannot enter in Australia. These are impacted by the quality of service provided by the employees of the organization.

Government

Government agencies are considered as major stakeholders of the organization. Their role is to collect tax from the company, employees, and clients. The government invests the money that is collected from the company, employees, and clients back in the organization. Students, to get a visa for travelling to Australia and continue their higher study in the Australian institute, have to follow all the rules and regulations of the government (Derakhshan, Turner & Mancini, 2019). If the documents submitted are correct then the student is allowed to travel to Australia.

Media

Media plays a very significant role in attracting students to Australian universities. There are hundreds of good universities all across the world. Thus competition is very high in the market. To complete in such a world market media helps the organization in attracting students towards Australian universities (Gołata & Sojkin, 2020). The role of the media is to broadcast about the universities, education provided by them, job opportunities, and other basic amenities so that students can heck verify which university is best for them.

Investors

They do the statuary disclosures to increase the transparency in the organization. They have a right to approve or reject the decisions of the organization. They also have the right to see the financial statements of the company. Their role is to helps the company to get more clients and help in promoting the business in the market (Derakhshan, Turner & Mancini, 2019).

Community

Community is the fifth stakeholder of the organization where the organization operates. The company understands the issues faced by the community and try to help them by donating some amount of money in welfare organizations (Derakhshan, Turner & Mancini, 2019). They try to involve themselves in social activities and also ensure that they complete their social responsibilities towards the environment and community.

Internal Stakeholder

Internal stakeholders of the Expert education and visa services include the following: -

Owner

They supply capital and equity for the business and checks how everything in the organization is running. Their role is to create a mission and vision statement of the organization.

Board of Directors

The Board of directors of the organization conducts an internal assessment of the employees to gather information about the participation and performance of the team members in fulfilling the goals set by them (Marshall, 2018). They have the power to hire and fire the employees of the organization. They even have control over the future direction of the company. Their role is to manage the business properly y influencing employees in such a way that they put their effort into achieving the goals of the organization. 

Education Counsellors

Since the organization is an education and migration consultant agency thus it has some education counsellors who assist the international students from choosing the right educational institute to helping them with the visa application (Vandeweghe & Fu 2018). Their role is to give updated information to the students so that they can make an informed decision. They support the students at every step of the study abroad process.

Migrant Agents

Migration agents make the process of moving to Australia easily. Their role is to assist the client in completing the entire documents. They verify the authenticity of the paper and also ensure that the client submits them on time (Marshall, 2018). They help the client to get all the permits required for settling in the new country by filling a lodgment of visa application to the department of home affairs. They help the client to find a location where they take a rented house for living.

Tax Consultants

Tax consultants are experts in planning, compliance, and law. Their role is to help the client to minimize the tax liability for a year (Marshall, 2018). They make the client understand tax strategies in a very easy style. They help solve the issues of the clients in filing the tax. They prepare the tax returns of the client and also help them in estate planning. 

Leaders of Customer Service

The lead of customer service supports the activities of the organization. Its role is to check on whether all the customer service employees are working properly or not. The leader ensures that clients do not find any difficulty in connecting with experts. It helps its team members to resolve the complaints and questions of the customer (Vandeweghe & Fu 2018). The leader also conducts a developing program in the organization to enhance the productivity of the team.

Nature and Degree of Main Stakeholders’ Interests, and Implications of Conflicting Interests

Nature and degree matter a lot because based on them it can be identified that the interest of any stakeholder is conflicting with the other or not. Students interest lies in getting admission to the Australian university easily and to get an education visa to travel to the country (Jain, Aguilera & Jamali, 2017). On the other hand, government interest lies in collecting tax from those who have come for higher studies in the country whereas the media's interest lies in attracting customers towards the organization. Investors interest lies in increasing revenue of the organization. Their interest lies in whether the organization is the welfare of the environment and people whereas the owner, board of directors, educational counsellors interest is to increase the number of clients by providing them with satisfactory services. It is clear from here that there is no conflicting interest between all the stakeholders of the organization.

Identify the Level of Main Stakeholders’ Influence

Customers are the main stakeholder of the organization. Employees play a defining role in the strategy and operations of the organization to meet the customers’ expectations. They are the one who put ideas on the table for enhancing the business in the eyes of the customers. They increase the credibility of the organization by satisfying customers. Customers increase the chance of success and growth of the organization. Employees are one who influences the customers to study in abroad by making the entire process of visa and admission easy. Employees are respected for being at the position as they work all day long to achieve the goals of the organization. Owners of the organization have the biggest say in influencing customers and keep employees motivated so that they work well in satisfying the needs of the customers (Jain, Aguilera & Jamali, 2017). Media also play an important role in influencing customers. It is media that helps in attracting customers. If the media start saying against the company, the company will lose its potential customers. Apart from the owner and media, some shareholders also have power and influence. They have the power to replace the director if he or she is not operating the business correctly. 

Create a Stakeholder Matrix

Two factors impact any business organization these are power and interest. The stakeholders those who are in the power can change or stop the project (Al Mamun & Kim, 2019). For instance, a government authority regulator has a high-level of power. On the other hand, interest is up to what extent stakeholder and project goals overlap with one another. For instance, a landowner interest matters the most for a building project on his or her land. Here are the power and interest matrix of Expert education and visa service stakeholders.

t is clear from the matrix that that most important stakeholder of the organization is customers. The company also cleared that it will do all the needful in stratifying their customers. It will not tolerate if anyone hinders the progress of satisfying them. Stakeholder mapping helps in understanding the power that they possess and political priorities. It also helps in creating a strategy based on the power they hold and the extent to which they are going to show interest in either supporting or opposing the policy.

Compare Two Industries with Each Other

The two of the countries selected by me and my peer Mittalben Nileshkumar Patelis different from one another. My company is based on oversea education whereas my peer has selected a hospitality industry that is a popular coffee house. Both of them are different. Thus, the internal and external stakeholder of the organization is also different. The nature and degree of them are also different. But few things are same that both the companies are trying to satisfy their clients that is expert education and visa service are focusing on students who are their clients and star buck is focusing on the people who come to have a cup of coffee. It helped in understanding that customer is the main priority of both the organization (Eskerod & Larsen, 2018). It is because customers are the only stakeholder that helps in generating the revenue of the company. The operations of both the organization are different as their functional areas are also different. 

Conclusion on Internal and External Stakeholder Analysis

It can be stated form the above findings that stakeholder analysis plays an important role in understanding their roles and interest to define policies based on them. It was identified from the report that the customer is the main stakeholder of the organization. All the employees of expert education and visa services try to satisfy their customers that are students who are looking for higher education. It was examined through analysis that owners of the organization along with media have the power to influence the main stakeholder of the organization. Apart from the main stakeholders and their influence a stakeholder matrix was also identified and created. From the comparison of the two industry, it was found that both the companies are different from one another but they are focusing on the same stakeholder that is customers of the organization. Both the organization have a different functional area to carry out the work and this is the reasons they are different from one another.

References for Internal and External Stakeholder Analysis

Abykanova, B., Akhmetov, T., Bilyalova, Z., Barsay, B., Sariyeva, A., & Abdol, E. D. (2020). Institutionalization of Expert Activities in Education of the Cross-Border Region. Journal of Talent Development and Excellence, 12(3s), 1666-1687

Aghion, P., Akcigit, U., Cagé, J., & Kerr, W. R. (2016). Taxation, corruption, and growth. European Economic Review, 86, 24-51.

Al Mamun, M. M., & Kim, S. M. (2019). Stakeholder analysis matrix for buffer zone management in the peri-urban area of Chittagong, Bangladesh. Environment, Development and Sustainability, 1-18.

Derakhshan, R., Turner, R., & Mancini, M. (2019). Project governance and stakeholders: a literature review. International Journal of Project Management, 37(1), 98-116.

Derakhshan, R., Turner, R., & Mancini, M. (2019). Project governance and stakeholders: a literature review. International Journal of Project Management, 37(1), 98-116.

Eskerod, P., & Larsen, T. (2018). Advancing project stakeholder analysis by the concept ‘shadows of the context’. International Journal of Project Management, 36(1), 161-169.

Gołata, K., & Sojkin, B. (2020). Determinants of Building Image and Reputation of the University Towards Its Stakeholders. Marketing of Scientific and Research Organizations, 35(1), 29-56.

Gołata, K., & Sojkin, B. (2020). Determinants of Building Image and Reputation of the University Towards Its Stakeholders. Marketing of Scientific and Research Organizations, 35(1), 29-56.

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Ibrahim, H., & O’Connell, C. (2020). Addressing the challenges of college health in international education. Journal of American College Health, 1-4.

Jain, T., Aguilera, R. V., & Jamali, D. (2017). Corporate stakeholder orientation in an emerging country context: A longitudinal cross-industry analysis. Journal of Business Ethics, 143(4), 701-719.

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Marshall, S. J. (2018). Internal and external stakeholders in higher education. In Shaping the University of the Future (pp. 77-102). Springer, Singapore. 

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Pawar, D. (2014). Internal and external customers. International Journal of Research in Management and Pharmacy, 3(5).

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Santini, F. D. O., Ladeira, W. J., Sampaio, C. H., & da Silva Costa, G. (2017). Student satisfaction in higher education: a meta-analytic study. Journal of Marketing for Higher Education, 27(1), 1-18.

Schneider, F., & Buser, T. (2018). Promising degrees of stakeholder interaction in research for sustainable development. Sustainability Science, 13(1), 129-142.

Smithson, N. (2017). Starbucks coffee PESTEL/PESTLE analysis & recommendations. Panmore Institute, Retrieved from http://panmore.com/starbucks-coffee-pestel-pestle-analysis-recommendations

Spaan, E., & van Naerssen, T. (2018). Migration decision-making and migration industry in the Indonesia–Malaysia corridor. Journal of Ethnic and Migration Studies, 44(4), 680-695.

Starbucks Coffee Company (2018). Starbucks company profile. Retrieved from https://www.starbucks.in/media/AboutUs-Company_Profile-30.01.18_tcm87-34806.pdf

Statista (2020). Market share of the leading coffee chains in the United States as of October 2019, by number of outlets. Retrieved from https://www.statista.com/statistics/250166/market-share-of-major-us-coffee-shops/

Thompson, A. (2017). Starbucks coffee’s stakeholders: A CSR analysis. Panmore Institute, Retrieved from http://panmore.com/starbucks-coffee-stakeholders-csr-analysis

Thompson, A. (2017). Starbucks coffee’s stakeholders: A CSR analysis. Panmore Institute, Retrieved from http://panmore.com/starbucks-coffee-stakeholders-csr-analysis

Vandeweghe, L., & Fu, J. Y. T. (2018). Business accelerator governance. In Accelerators. Edward Elgar Publishing. 

Vandeweghe, L., & Fu, J. Y. T. (2018). Business accelerator governance. In Accelerators. Edward Elgar Publishing.

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