Objectives of Business
Every business enterprise has certain
objectives which regulate and generate its activities. Objectives are needed in
every area where performance and results directly affect survival and
prosperity of a business. Various objectives of business may be classified into
five broad categories as follows;
Economic objectives of business refer to
the objective of earning profit and also other objectives that are necessary to
be pursued to achieve the profit objective, which includes creation of
customers, regular innovations and best possible use of available resources.
Social objectives are those objectives
of business, which are desired to be achieved for the benefit of the society.
Since business operates in a society by utilizing its scarce resources, the
society expects something in return for
its welfare. No activity of the business should be aimed at giving any kind of
trouble to the society.
The organizational objectives denote
those objectives an
organization intends to accomplish during the course of its
existence in the economy like expansion and modernization, supply of quality
goods to consumers, customers’ satisfaction, etc.
Human objectives refer to the objectives
aimed at the well-being as well as fulfillment of expectations of employees as
also of people who are disabled,
handicapped and deprived of proper education and training. The human
objectives of business may thus include economic well-being of the employees,
social and psychological satisfaction of employees and development of human
resources.
Being animportantpartof the country,
every business must have the objective of fulfilling national goals and
aspirations. The goal of the country may be to provide employment opportunity
to its citizen, earn revenue
for its exchequer, become self-sufficient in production of goods and
services, promote social justice, etc. Business activities should be conducted
keeping these goals of the country in mind, which may be called national
objectives of business.
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