Business Makers

Business interacts with several interest groups of society. These interest groups are s follows:

INTEREST GROUPS

Owners and Employees Consumers Supplies Government Community
Investors and general
Public

The responsibilities of business towards these interest groups are summarized below:

• Responsibilities Towards Owners and Investors: (a) To provide a fair return on their investment (b)To furnish regular, accurate and complete information abut the working of the company (c) To maximize the shareholders’ wealth by means of increase in the value of shares (d) To allow the shareholders representation and participation in the management of business.

• Responsibilities Towards Employees: (a) To pay fair wages for the contribution of employees (b) To provide security of job and promotion opportunities (c) To offer welfare facilities like safe working conditions, housing, medical and leave, retirement benefits etc. (d) To treat employees as partners in the management and progress of business (e) To evocate work according to their knowledge an aptitude is as to ensure job satisfaction.

• Responsibilities towards Consumers: (a) To provide goods and services of the right quality and at reasonable prices(b) To avoid unfdair trade practices such as adulteration. Black-marketing, misleading advertising, etc. (c) To handle consumer grievance quickly and courteously. (d) to provide effective and prompt after sale service.

• Responsibilities towards Suppliers: Every business firm should develop and maintain healthy relations with suppliers and competitors. It must pay the right price and make regular payments to its suppliers. In regular dealings with competitors, a business enterprise must not adopt unfair trade practices such as price cutting to gain unfair advantage.

• Responsibilities towards the Government: (a) To comply with the laws passed by the government (b) To pay all taxes honesty and in time (c) To assist the government in the formulation and implementation of proper business policies (d) To support the government efforts in improving the quality of life of people.

• Responsibilities Towards the community and General Public: (a) To reduce pollution (b) To take adequate safety measures against production of hazardous or unsafe products (c) To contribute to social welfare by helping educational institutions, hospitals, weaker sections of society, etc. (d) To provide relief in times of natural calamities such as drought, flood, earthquake, etc. (e) To promote sports, art and culture (vi) To prevent discrimination on the basis of sex, caste, race, religion, etc. in providing employment.

A business owes the following responsibilities to the government:

To comply voluntarily with the laws passed by the government.
To pay taxes and duties honestly and in time.
To make constructive suggestions regarding formulation of policies which have a bearing on business?
To cooperate with the executive organs of the government regarding proper implementation of laws and policies.
To cooperate with the executive organs of the government regarding proper implementation of laws and policies.
To support the efforts of the government for improving the quality of life of people and in solving the pressing national problems in the country.
To plan and establish new endures joint rural and backward areas in the interest of balanced regional development of the country.
To continue towards rescue and relief work in times of national calamity or disaster such s droughts, floods, earthquake, etc.

A business owes its existence to its consumers. The responsibilities obtuseness towards the consumers is given below:

To produce the goods and services needed and desired by consumers.
To provide goods and services of goods quality at reasonable prices.
To provide current information about goods and services.
To avoid malpractices such as adulteration, black marketing, misleading advertising, etc.
To redress the grievances of consumers effectively and promptly.
To comply with the laws aimed at protection of consumed.
To provide prompt and effective aftedr-sale service.

The responsibilities of business towards its shareholders are as follows:
To ensure safety of investment.
To provide a fair and regular dividend.
To provide regular, accurate and up-to-date information about the company.
To utilize the capital productively.
To ensure growth of business.
To offer reasonable opportunities for participation of shareholders in policy decisions.

The responsibilities of a business towards its employees are as under:
To give them fair wages a full employment.
To provide good working condition.
To offer security of service and job satisfaction.
To provide suitable opportunities for promotion and career advancement.
To develop a sense of belonging and dignity of labor.
To offer reasonable opportunity for participation in the management of business.
Employees are the greatest assets of a business. The improvement of their value is both a matter of material advantage and moral obligation. They should be fully informed, fairly rewarded, properly assigned, trained and developed and treated as honorable individuals both on and off the job.

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