is profit maximization is sole objective of business organisation ??
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Hello Mate,
profit maximisation as the sole objective of a business firm..
The goal of every business should be to earn profits, this however should not be treatedas the sole objective of the business.A business should earn profit but not to ignore:
(i) Customer Service
Good customer service helps you retain clients and generate revenue. Keeping your customers happy should be a primary objective of the business.
Improving and Maintaining Goodwill
Some businesses strive to maintain their image and goodwill in the market. These enterprises want the masses to view them favourably.
Hope this helps you
profit maximisation as the sole objective of a business firm..
The goal of every business should be to earn profits, this however should not be treatedas the sole objective of the business.A business should earn profit but not to ignore:
(i) Customer Service
Good customer service helps you retain clients and generate revenue. Keeping your customers happy should be a primary objective of the business.
Improving and Maintaining Goodwill
Some businesses strive to maintain their image and goodwill in the market. These enterprises want the masses to view them favourably.
Hope this helps you
jasleenkaur94:
thanx dear
thanx dear it helped me alot
thanx dear it helped me alot
thanx dear
thanx dear it helped me alot
thanx dear
thanx dear
thanx dear it helped me alot
Answered by
17
The goal of every business should be to earn profits, this however should not be treated as the sole objective of the business.A business should earn profit but not to ignore
(i) Customer Service
Good customer service helps you retain clients and generate revenue. Keeping your customers happy should be a primary objective of the business.
(ii) Improving and Maintaining Goodwill
Some businesses strive to maintain their image and goodwill in the market. These enterprises want the masses to view them favourably. Businesses should balance profit-making activities with activities that benefit society; it involves developing businesses with a positive relationship to the society in which they operate. The International Standards for Organisations, emphasises that the relationship to the society and environment in which businesses operate is "a critical factor in their ability to continue to operate effectively. It is also increasingly being used as a measure of their overall performance."
For this purpose, businesses need to comply with moral, ethical and legal standards.
(iii) Employee Satisfaction
The business must look after the economic and social well being of it’s employees as they are the pillars of growth of any form of business.The business must make the job interesting as well as challenging for the employees which would lead to development of human resources, they must put the right person in the right job. Provide opportunities for promotion and advancement in career. The grievances of employees must be given prompt attention and their suggestions should also be considered.
(iv) National Objectives
The business should provide employment opportunities to the citizens of its country. They must earn revenue for their government. The business owners should pay their taxes and dues honestly and regularly. They must make the best possible use of the country’s resources and at the same time they must keep the environment pollution free by producing pollution free products. Business is also responsible to conserve wild life and natural resources for the future generations and hence promote the culture.
(v) Industrial Growth
The business should also help its peers grow so that they can help in the overall growth and advancement of the industry as well as the economy of the country.
i hope this may help you.
mark me as brilliant.
(i) Customer Service
Good customer service helps you retain clients and generate revenue. Keeping your customers happy should be a primary objective of the business.
(ii) Improving and Maintaining Goodwill
Some businesses strive to maintain their image and goodwill in the market. These enterprises want the masses to view them favourably. Businesses should balance profit-making activities with activities that benefit society; it involves developing businesses with a positive relationship to the society in which they operate. The International Standards for Organisations, emphasises that the relationship to the society and environment in which businesses operate is "a critical factor in their ability to continue to operate effectively. It is also increasingly being used as a measure of their overall performance."
For this purpose, businesses need to comply with moral, ethical and legal standards.
(iii) Employee Satisfaction
The business must look after the economic and social well being of it’s employees as they are the pillars of growth of any form of business.The business must make the job interesting as well as challenging for the employees which would lead to development of human resources, they must put the right person in the right job. Provide opportunities for promotion and advancement in career. The grievances of employees must be given prompt attention and their suggestions should also be considered.
(iv) National Objectives
The business should provide employment opportunities to the citizens of its country. They must earn revenue for their government. The business owners should pay their taxes and dues honestly and regularly. They must make the best possible use of the country’s resources and at the same time they must keep the environment pollution free by producing pollution free products. Business is also responsible to conserve wild life and natural resources for the future generations and hence promote the culture.
(v) Industrial Growth
The business should also help its peers grow so that they can help in the overall growth and advancement of the industry as well as the economy of the country.
i hope this may help you.
mark me as brilliant.
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