Question

briefly discuss the economic objectives of a business?

Answer 1

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 of objectives which includes creation of customers,regular innovations and best possible use of available resources.
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Answer 2

The economic objectives of a business are:

• Firm economic goals include the profit goal as well as other goals that must be accomplished to attain the profit goal, such as customer acquisition, regular innovation, and the most efficient use of current resources.
• Profit is a business's lifeblood; without it, no company can survive in today's market.
• In truth, the primary goal of any business unit is to generate profit.
• Profits are necessary for a business to exist, thrive, and grow through time.
• Profits allow business owners to not only make a living but also to grow their businesses by reinvesting a percentage of their earnings.
• Companies must pursue the following secondary aims to achieve their core goal:
• Customers are required to purchase goods and services for a business unit to stay afloat.
• A business can only profit if it sells high-quality goods and services at a reasonable price.
• It must do so through luring new and returning customers to both existing and new offerings.
• This is done via a range of marketing techniques.
• Regularly generate fresh ideas: Product changes, production methods, and product distribution are all examples of innovation.