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Student's Book Form Five

Owners: These are individuals who have Suppliers: Suppliers provide goods or
initiated a business after developing a services to the business to facilitate
business opportunity from the business production process and offering services.
ideas. Business owners mostly contribute These goods and services play an
initial capital and any other resources important role in its supply chain and
needed for a business to start. Again, operations. Suppliers have interests in fair
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business owners are affected by the business treatment, timely payments, and long-term
operation outcomes. partnerships with the business.

Employees: These are vital stakeholders Communities: These are stakeholders who
who contribute their expertise, skills, may be impacted by business activities,
knowledge, and labour to the business. such as employment opportunities,
They have a vested interest in job security, environmental impact, and contributions
career development opportunities, fair to community development initiatives.
wages, and a positive work environment. They have interests in sustainable practices,
Customers: These are key stakeholders corporate social responsibility, and positive
whose satisfaction and loyalty are necessary community engagement.
for the success of any business. They have Stakeholder engagement and
interest in receiving high-quality products, management
excellent customer service, fair pricing, and Stakeholder engagement involves
a positive overall experience.
identifying key stakeholders, understanding
Government agencies: These are their interests and concerns, and actively
government authorities that regulate involving them in relevant decision-making
businesses through laws, regulations, and processes in the business. This includes
policies. They have interests in compliance seeking feedback, addressing grievances,
with legal requirements, public safety, and and communicating transparently about
providing necessary services to the public business activities and outcomes.
including businesses.
Stakeholder management involves
Investors: These are individuals or developing strategies to address the
groups that have invested their stake in a needs and expectations of different
business. They include venture capitalists, stakeholder groups while balancing
shareholders, and lenders who provide competing priorities and interests. This
financial resources to the business in involves prioritizing stakeholder concerns,
exchange for returns on their investments. negotiating or compromising, and building
They are interested in the businesses mutually beneficial relationships over
profitability, growth potential, and the time.
protection of their investments.

9 Business Studies for Advanced Secondary Schools

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