Treating employees as human beings and partners in the business. The objectives decide, “Where we want to go?” “What we want to achieve?” “What is our goal or destination?” To a layman an objective is an aim or goal. Community service activities – A business must be involved in different types of community services for the good of the society at large. Entire business activities are directed, aimed and motivated towards the objectives or common ends. Meaning of Business 2. Objectives of Business – Economic, Social and Other Objectives of Business, Business – Economic, Human, Organic, Micro Level and, Although, the profit motive constitutes the primary motive for business activities, but it is not the sole objective of it. On their, hard, devoted contribution only, business organisation can survive. Human objectives of business: Chapter 1, "Developing a Business Justification for Migrating to Windows 2000," enumerates many of the differences and advantages that Windows 2000 holds over Windows NT 4.0. Perception of industry and economic trends that affect the prospects of the economy. Identify the project needs. It comprises all efforts made in perfecting the product, minimising the costs and maximizing benefits to customers. A business should always try to achieve the best in its field. Scope comprises the totality of the outputs, outcomes and benefits and the work required to produce them. Every business aims to earn a reasonable profit in order to survive and grow in this competing world. Proper care of the customer, at least for their complaints is a must for any business. The various economic objectives of business are described below: Market standing refers to the position of a business in context of its competitors. Objectives should be feasible and must be expressed in specific terms with a time limit for achievement. The policy should be capable enough to fully exploit the opportunities. Objectives of business are multi-dimensional in nature. Human resources are the most valuable asset of business and their development will help in the growth of business. Business enterprise has to arrange training programmes for the development of their knowledge, skill, capabilities i.e. Since you’re certain of what international business is all about now, it is important to understand the range to which this process extends. Providing economic or non-economic help to religious, cultural, charitable, institutions for betterment of community at large. In this competitive world, innovations are very important for a business enterprise to flourish. vii. in order to avoid various types of pollution. Business is expected to pay fair return to shareholders and creditors in the form of dividend and interest. A business enterprise with good image or goodwill can easily attract customers, investors and competent employees. Product Flexibility. there are enough people to buy the products and services offered by an enterprise. People enter into business and stay in business because they want to earn money, social power and prestige, joy of achievement and other goals. iv. Entering into new areas of production and distribution according to national priorities. Yielding an adequate return on investment in the form of profits. Every business is a part of society as it makes use of scarce resources of the society. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. But “the only valid definition of business purpose is to create a customer”, that is, to provide goods or services which someone needs. Its economic objectives relate to earning a satisfactory profit, creating customers and making innovation. Proper opportunities should be provided for utilising indi­vidual talents and satisfying aspirations of workers. Business should strive for creating and maintaining cordial employer employee relations so as to ensure peace and progress in industry. Its social objectives comprise supply of quality goods in sufficient quantity at reasonable prices, fair deal to workers, fair returns to investors, and fair dealings with suppliers of materials. Thus, businessmen should pursue those policies and take those actions which are desir­able in terms of the objectives and values of our society. Innovation is not confined to the invention of a new machine. Eventually, depending on what your business needs, you can source for it internationally. The next objective of international business to be considered is the opportunity to expand your knowledge. Just as a person cannot live without food, a business firm cannot survive without profit. The third objective is to ‘create customers’ and meet their needs and wants, and also provide fair wages to the workers. When the enterprise is assured of its survival, it will aim at growth and expansion. No business can survive for long without earning sufficient profits. Social objectives of business: The objectives are as follows: (i) Making goods available at reasonable prices. It is the moral responsibility of top management to identify and specify the aims and objectives for their business enterprise. Profits provide a means of livelihood for the entrepreneur and a reward for bearing the risk. Thus, profit is must for every business in order to ensure its survival and growth. Therefore, objectives of business should be defined keeping in view its prevailing environment and its needs for survival and growth. Plus, with proper research, you can also, find out new products that you might not offer locally. Essentially, finding a location where the cost of production is low helps you save money and earn more. But to say that the sole purpose of any business is to make profit is like saying that eating is the sole purpose of living, or that blood circulation is of supreme importance for human survival and breathing, digestion, or proper functioning of the nervous system count for nothing. 4. Higher productivity indicates higher efficiency of the business. Economic objectives of business: The objectives are as follows: (i) Earning of adequate profits. Distribution of goods and services which have been given national importance and priorities. Economic activities are those activities which are related to the production of wealth. To ascertain the scope and objectives of international business requires a proper assessment of different methods utilized by different brands currently. It must make proper arrangement for disposal of effluents, smoke, wastes, etc. ii. Performing the business activities within the frame work of national priorities. Primarily, the difference in currency exchange can determine if you stand to gain or lose more from your business transaction. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. This can be via licensing the use of a foreign company’s name, trademark, information or patent. Human objectives of business are concerned with the well-being of labour. vi. (ii) Avoidance of Unfair Trade Practices – Business enterprise should not indulge in anti-social and unfair trade practices like black marketing, hoarding, adulteration, etc. The productivity of a business should be high in order to ensure continuous survival and growth. So, every business enterprise must aim to improve performance of the workers and to develop positive attitude among them.

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