What do you understand by the objectives of business. Explain in detail the objectives of business.
Answers
Answer:
there are two types of objectives of business
1 economic objective
a) profit earning
b) survival
c) growth
2. social objective
a) generation of employment
b) community service
c) avoiding unfair trade practices
Answer:
Business objectives are something which a business organisation wants to achieve or accomplish over a specified period of time. These may be to earn profit for its growth and development, to provide quality goods to its customers, to protect the environment, etc.
Explanation:
Another term for objectives is goals. Logically, objectives ought to specify ends or results sought that are derived from and congruent with the mission the organization has set itself Attempts to set objectives should always be guided by references to the mission they are meant to fulfill.
Business objectives are something which a business organisation wants to achieve or accomplish over a specified period of time. These may be to earn profit for its growth and development, to provide quality goods to its customers, to protect the environment, etc.
Classification of Objectives of Business:
It is generally believed that a business has a single objective. That is, to make profit. But it cannot be the only objective of business. While pursuing the objective of earning profit, business units do keep the interest of their owners in view. However, any business unit cannot ignore the interests of its employees, customers, the community, as well as the interests of society as a whole.
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For instance, no business can prosper in the long run unless fair wages are paid to the employees and customer satisfaction is given due importance. Again a business unit can prosper only if it enjoys the support and goodwill of people in general. Business objectives also need to be aimed at contributing to national goals and aspirations as well as towards international well-being. Thus, the objectives of business may be classified as;. Economic Objectives
B. Social Objectives
C. Human Objectives
D. National Objectives
E. Global Objectives