briefly explain any four objective of business.?
Answers
Answer:
Objectives of Business – Profitability, Growth, Stability, Efficiency and Survival. Business means busy in some activities. Business means conducting activities such as – sale, purchase and manufacturing etc for profit and growth.
Explanation:
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Answer:
Everything you need to know about the objectives of business. The business is an economic institution operating in a socio-economic system.
Therefore, objectives of business should be defined keeping in view its prevailing environment and its needs for survival and growth. Like any other institution business has several rather than a single objective.
Objectives of business are multi-dimensional in nature. Business is established and it exists to achieve multiple objectives.
People enter into business and stay in business because they want to earn money, social power and prestige, joy of achievement and other goals.
Generally, profit motive is considered to be the primary objective of business. But profit-making is not the sole or only objectives of a business. Every business enterprise has to lay down its multiple objectives to justify its existence.
The objectives of business can be studied under the following heads:-
1. Economic Objectives 2. Social Objectives 3. Human or Individual Objectives 4. Multiple Objectives 5. Organic Objectives 6. Micro Level Objectives 7. National Level Objectives 8. Global Objectives.
Classification of Business Objectives
Objectives of Business – Profitability, Growth, Stability, Efficiency and Survival
Business means busy in some activities. Business means conducting activities such as – sale, purchase and manufacturing etc for profit and growth. Business is also referred to a particular company, enterprise or corporation.
A business always has some purpose and no doubt the most important purpose of business is achieving profitability and growth.
Followings are the some important objectives of business:
1. Profitability – This is one of the most important objectives of business. We normally setup business to achieve profits for its owner or shareholders. But, does it mean that business should somehow, by hook or crook, earn the profit? Our answer is no; it should earn profit by working under rules and regulations or by following ethical practices.
2. Growth – Another important objective of business is to achieve growth. The growth should be in terms of increase in profit, revenue, capacity, number of employees and employee prosperity, etc.
3. Stability – Stability means continuity of business. An enterprise or business should achieve stability in terms of customer satisfaction, creditworthiness, employee satisfaction etc. A stable organization can easily handle changing dynamics of markets.
4. Efficiency – An efficient or aggressive working environment. A business should always try to achieve the best in its field. Efficiency is considered in terms of labor productivity, energy consumption, quality control etc.
5. Survival – A business should have the capability to survive markets jolts or shocks. A business should be there with a vision of long-term existence.
Objectives of Business – Economic, Social, Human or Individual and Multiple Objectives
Every business is directed to the achievement of certain objectives.
Objectives refer to the end points towards which all business activities are directed:
Objectives lay down the guidelines for various activities and decide the direction and amount of efforts needed for these activities. Objectives should be feasible and must be expressed in specific terms with a time limit for achievement. For example, the objective of a mobile company can be to increase the mobile users by 10% in 2 years.
Explanation:
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