Observation

Few candidates attempted this question and their performance was not good.

The expected responses to the question include:

(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

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

                   (II)     Responsibilities of business to employees

1. Compliance with legal requirements relating to employer-employee relationship.
2. It must pay employees their wages and salaries timely.
3. It must ensure that enabling and conducive atmosphere prevail at work places to enhance productivity.
4. It must assist employees to advance on their jobs by providing good training programmes and facilities.
5. The welfare of employees must be adequately taken care of.

                   (III)    Responsibilities of business to investors

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

                   (IV)    Responsibilities of business to society

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