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It may sometimes be necessary or wise to initialize a

variable, that is, to give the variable a starting or initial
value.
NB. A variable is assigned to a position in memory that is
not used. That position may nevertheless have data stored
there (from some previous operation); this data therefore,
needs to be erased by setting an initial value for the
variable.
Eg. 
Initialize variable
 Bonus = 0

A stakeholder is an individual or group that has a oirect Interest in

the decisions that a business makes. Internal stakeholders are those

who are part of the business, such as shareholders, whereas external

stakeholders are not involved In the decisions and operations of the

business, fer example the local community. The key stakeholders

and their functions are outlined below.

Stakeholder Rote and functions

Owners. This includes individuals • To oversee the setting up and

who have set up their own sole ongoing management o' a

trader or partnersnip business, business.

or those wno are shareholders in • To provide S!art-up capital and

a company. They will want their lo keep capital invested.

business to make a profit and to • To provide vision and direction

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have a good repvtation. for the business, such as

appointir,g effective managers.

Employees. Employees will want • To provide labour input for

to work for a business that has business operations.

tong-term prospects and provides • To contribute to the business

steady employment, good working by creating high-qualtty outputs

cond~ions and decent wages. through diligent work.

Consumers. Consumers will • To puronase goods and

want a steady supply of their services.

favourite prod.:ots at affordable • To report unethical practices .

prices and a good quality,

delivered to convenient locations.

Suppliers. Suppliers will want to • To provide businesses with raw

deal wtth businesses that place materials or components.

large and regular orders, and

which pay promptly.

Communities. Communities • To provide the workforce and

as stakeholders consist of the infrastructure for businesses.

people that a business comes • To influence businesses

Into contact with In the localtties regarding how 1hey impact the

In 1•/nich it operates. They are local environment.

directly affected by its decisions.

Environment. The damage that • To provide a hospitable place

business activity does to the for a business to set up.

natural environment needs to be • To provide raw materials for

considered if the environment ls to suppliers.

support tne business (and wider

society) in the long term.

Future generations. People • To provide futvre customers

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who are not yet born need to and employees.

be considered by businesses • To provide a reason why

because they are unable to businesses should operate

vocalise their views. sustainably.

Stakeholder Role and functions

Government. Govemmem • To trea1 businesses fairly by

has a key stake In ensuring regulating industries.

that business decisions impact • To ensure that businesses

fairly on all stakeholders. The con1inue to supply lhe goods

government also benelils directly and services needed.

in the form of business taxes.

Stakeholder Interests often complement each other. such as when

a business makes profits for its shareholders by expanding and

creating employment for the local community. However, there are

other times when stakeholders are in conflict with each other. A

wise business will seek to take into account the interests of all its

stakeholders In order to keep as many of them happy as possible.

Examples of stakeholders in the Caribbean

hotel industry

You should be able to give examples of stakeholders in a specific

lnoustry in the Caribbean. Here is one example.

Consumers Owners

Employees Tourists who stay

The hotel owners

Peop'e who wor'i< seeking profitable in a hotel whi'e in a hote'

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on holday

business

opportunhies

---- Communities Suppliers

People livlng near Stakeholders in Providers of

a ho:el who are the hotel industry laundry serv·oes,

Impacted by tts in the Caribbean entertainment,

exisience

1----------

--------

food suopl es, etc.

EXAM TIP

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w"1e_,-e seve,&1L st&iluhoLders

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deeisiol'I,. c&i"'- ijOL<

~de .... ti.ti:J tne st&i ke'1oLders

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'"'- the sitL<&itio""?

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Environment Government ·S The natural The government, -· UMMARY QUESTIONS

env,ronmem r.ear which wa~ts to boosi

1he hotel, such as na1ional employment

local coral reefs and tax revenues