Explain any three 'social-objectives' of bussiness.
Answers
Answer:.1. PROVISION OF QUALITY GOODS AND SERVICES
Customer satisfaction is the backbone of modern business. Hence, a business should provide goods and services of best quality. The meaning of quality is not only conformance to standards but also ensuring that customers are satisfied.
For example in the case of food items, quality means wholesomeness as well as satisfying customers tastes, in the case of automobiles quality refers to not only transportation but also adoption of latest technology, styling, safety, fuel economy, features etc..
2. REASONABLE PRICES
A business cannot survive in the long run if it charges excessive prices in order to maximize its own profits. Prices charged should be according to the value offered by the product or service to the consumers. In today’s intense competition, customers demand the world’s best quality at the cheapest price. Products which are affordable, enjoy huge markets.
For e.g. the introduction of 50 paise shampoo sachets by Cavinkare (Chik shampoo) widened the market for shampoos and the product today enjoys a wide customer base.
3. PROVISION OF EMPLOYMENT
A business is expected to provide the means of livelihood to the members of the society. Business provides self-employment to the owners and offers jobs to a large number of people.