Business owners must be aware of the
various groups that they interact with for the successful running of the
business.
Owners
A business may be owned by a single
individual (a sole trader), partners or by a group of shareholders forming a
company.
Role of Owners
They must provide the resources that
are required for the business to operate efficiently. These include the
employment of workers, identifying suitable premise and procuring machinery,
equipment and raw materials. They must make timely decisions to ensure that the
business remains profitable. They must motivate employees to perform
well.
Employees
They are employed to carry out
assigned tasks to achieve the company’s objectives.
Role of Employees
Employees must work efficiently to
accomplish tasks assigned. Accomplishing tasks may require teamwork and
therefore employees must have good interpersonal skills. Employees must adhere
to the rules and relations of the company.
Customers
They are the supporters of
businesses in the economy. They purchase goods and services to satisfy their
needs and wants.
Role of Customers
They assist businesses in
indentifying the goods and services to be produced based on their demands. They
also help business to identify changing trends in the market and so prepare
business operators for future demands.
Society
Businesses must be aware of the
society as a whole, how its activities affect it and not only those who are
customers.
Role of Society
The production process may cause air
pollution and discharge of harmful waste into rivers and seas. The
society keeps businesses in check by making them aware of their impact on
society. They write letters to the company and the media and speak on talk
shows.
Government
They are the managers of the economy
within which the business operates.
Role of Government
Regulate business activities to
protect consumers. Government agencies ensure product standards as well as that
various legislations are adhered to ensure the protection of consumers’ rights.
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