????a) List four elements that make up the external environment of business??????? b) State two...

Explanation

(a)Elements that form the external environment of a business:

(i) Political

(ii) Social

(iii) Economic/financial

1. Technological
2. Cultural and Religious

(vi) Infrastructural

(vii) Legal

(viii) Demographical

(ix) Natural/ecological condition

(b) (I)Responsibilities of business to customers

• Prompt attention to customers’ complaints.
• Provision of safe and quality products that satisfy customers’ needs and wants.
• Provision of adequate information on the use of a product.
• Provision of after-sales services to customers especially technical products.

(II)Responsibilities of business to employees

• Compliance with legal requirements relating to the employer-employee relationships.
• It must pay employees their wages and salaries timely.
• It must ensure that enabling and conducive atmosphere prevails at workplaces to enhance productivity.
• It must assist employees to advance on their jobs by providing good training programmes and facilities.
• The welfare of employees must be adequately taken care of.

(III)Responsibilities of business to investors

• Engaging in profitable ventures that will generate the needed dividend or returns on investors’ money.
• Ensuring that investors have a good return on their investment.
• Conducting annual general meetings as contained in the articles of association.
• Preparation and publication of all statutory records i.e. balance sheet and statement of income.

(IV)Responsibilities of business to society

• Creation of employment opportunities to the host community.
• Provision of social amenities such as hospitals, pipe-borne water and electricity.
• Awarding scholarship to deserving individuals in society.
• Organizing sports and games to promote good neighbourliness.
• Provision of quality goods and services to society.
• Maintaining a good environment by controlling pollution and enabling proper waste disposal.