1 Explain one difference between the shareholder concept and the stakeholder concept. [3]

b) Evaluate whether all businesses should accept their responsibilities to external stakeholders. [12]

All businesses should accept their responsibilities to external stakeholders. External stakeholders include customers, suppliers, employees, shareholders, and the community.

Businesses have a responsibility to their customers to provide quality products and services, to be honest and transparent in their marketing and advertising, and to protect their privacy and personal information.
They have a responsibility to their suppliers to pay fair prices, to maintain good working relationships, and to ensure that their business practices do not harm the environment or violate human rights.
They have a responsibility to their employees to provide fair compensation, safe working conditions, and opportunities for professional growth and development.
They have a responsibility to their shareholders to create value and generate profits while operating ethically and responsibly.
Finally, they have a responsibility to the community to contribute to its well-being and to minimize any negative impacts of their business operations.
Failing to accept these responsibilities can lead to negative consequences for the business, including decreased customer loyalty, damaged reputation, legal and financial penalties, and decreased employee morale. Therefore, it is in the best interest of businesses to accept their responsibilities to external stakeholders.
12.
a) Analyze the responsibilities that a business operating a large chain of supermarkets has to two of its stakeholders. [8]

Two stakeholders that a business operating a large chain of supermarkets has responsibilities to are its customers and its employees.

Responsibilities to customers include providing high-quality products at competitive prices, maintaining clean and safe stores, offering a variety of options to meet different needs and preferences, and providing good customer service. The business should also be transparent about its sourcing practices, such as ensuring ethical and sustainable sourcing of products, and providing clear and accurate labeling of products. Additionally, the business should prioritize the health and well-being of its customers by offering healthy options and promoting healthy lifestyles.
Responsibilities to employees include providing fair wages and benefits, ensuring a safe and healthy work environment, providing opportunities for training and development, and promoting work-life balance. The business should also prioritize diversity and inclusion in its hiring and promotion practices, and provide opportunities for employee feedback and engagement.