... forecast, internal analysis of strengths and weaknesses; formulation of strategy; evaluation of strategy; implementation of strategy; and, strategic control (45) The philosophy of management is concerned ... level of responsibility toward each of these groups of stakeholders Murdick, Moor and Eckhouse also suggest that monitoring and forecasting the business environment is vital to the success of a business ... looking at the environment of the business system Murdick, Moor and Eckhouse suggest that a business has seven groups of stakeholders, each of which provides some level of legitimacy to the organization:...