"Existence os business is not possible without society" Explain the statment with reference to social objectives of business
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The main objective of any business is to earn a profit. Just as a plant cannot survive without water, similarly a business cannot sustain without profit. ... So to generate profit and demand, the business must supply premium quality and give value for money products.
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Any business works with the help of four marketing mix -price, place, promotion and product. Every entrepreneur/businessman needs to follow mentioned Ps, in order to get successful.
For example - A BMW franchise can not open its new showroom in a slum.
Reasons - Place ( It’s not a proper place for the company to be working)
Public ( Slum public do not require BMW neither they can afford)
Promotion ( BMW promotion is very unlikely to attract the slum location. Its promotion need to be very precise; especially for creams )
Price ( I think you know the example)
Hence, existence of business is impossible without society.
For example - A BMW franchise can not open its new showroom in a slum.
Reasons - Place ( It’s not a proper place for the company to be working)
Public ( Slum public do not require BMW neither they can afford)
Promotion ( BMW promotion is very unlikely to attract the slum location. Its promotion need to be very precise; especially for creams )
Price ( I think you know the example)
Hence, existence of business is impossible without society.
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