What is the definition of organization? Briefly explain each part of the definition as you understand it.

What is the definition of organization? Briefly explain each part of the definition as you understand it.

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January 8, 2021
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What is the definition of organization? Briefly explain each part of the definition as you understand it.

Answer and ExplanationSolution by a verified expert

Explanation
Although an organization is referred to as a firm, an organization has a deeper meaning. It involves a group of people led by an entrepreneur to conduct productive business activities. These activities go through the functions of management such as planning, organization, staffing, coordinating, and controlling for effective performance. It is an organizational activity to maintain a good relationship with the external and internal stakeholders of the organization.
Various components are considered in the definition of an organization and comprise the following:
An organization consists of a group of people. This group comprises people from all levels such as employees, management, board of directors, CEO, and the like.
These people work for a common organizational goal such as achieving profit, maximizing sales, and maximizing revenue.
Proper planning should be conducted to achieve these goals, and a structure should be made according to the type of organization.
While performing any task, an organization should meet the compliance guidelines and follow the set rules and regulations.
An organization comprises internal and external factors. Internal factors comprise the actions and people inside the organization such as resources, funds, and people.
External factors involve the things that occur outside an organization. They may comprise changes in government policy, political changes, and natural calamities.
It is necessary to build a good relationship with the internals and external stakeholders of an organization such as employees, customers, investors, suppliers, and government.
It is essential to combine the four factors of production: land, labor, capital, and entrepreneur, to run an organization effectively.
Sample Response
Organization refers to a team of individuals functioning together to attain a common goal by using a well-planned structure and systematic guidelines while considering the internal and external components and developing effective relationships by coordinating the factors of production.
This definition can be broken down into parts for a better understanding:
A group of people may include all levels of management and other staff.
Common goal refers to the organizational goals, which may be short-term and long-term.
A well-planned structure contains the organizational structure and proper planning to implement the same.
Systematic guidelines involve the rules, regulations, and code of ethics required to be followed in an organization.
Internal factors consist of financial resources, equipment, human resources, processes, and others.
External factors consist of economy, politics, customers, competitors, and others.
Relationship building in and outside an organization is essential.
Factors of production include land, labor, capital, and entrepreneur.

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