explain following objectives of a business organisation
(a) earning profit
(b) Innovation
(c) quality goods and services at fair price
(d) generation of employment
(e) empoyees walfare
(f) community service
Answers
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.
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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.