The human objectives of business may thus include economic well-being of the employees, social and psychological satisfaction of employees and development of human resources. Human objectives refer to the objectives aimed at the well-being as well as fulfillment of expectations of employees as also of people who are disabled, handicapped and deprived of proper education and training.
This is possible through running of schools and colleges better education opening of vocational training centres to train the people to earn their livelihood, establishing hospitals for medical facilities and providing recreational facilities for the general public like parks, sports complexes etc. (iii) Contribution to the General Welfare of the Society:īusiness units should work for the general welfare and upliftment of the society. Therefore, the objective of business should be to adopt fair trade practices for the welfare of the consumers as well as the society. All these activities earn a bad name and sometimes make the businessmen liable for penalty and even imprisonment under the law. The business unit must not create artificial scarcity of essential goods or raise prices for the sake of earning more profits. Such advertisements deceive the customers and the businessmen use them for the sake of making large profits. Besides, misleading advertisements often give a false impression about the quality of products. In every society, activities such as hoarding, black- marketing and over-charging are considered undesirable. So it is important for every business to supply those goods and services on a regular basis. Again, the customers also expect timely supply of all their requirements. They should charge the price according to the quality of e goods and services provided to the society. Since the business utilizes the various resources of the society, the society expects to get quality goods and services from the business he objective of business should be to produce better quality goods and supply them at the right time and at a right price It is not desirable on the part of the businessman to supply adulterated or inferior goods which cause injuries to the customers. (i) Production and Supply of Quality Goods and Services: Social objectives of business include production and supply of quality goods and services, adoption of fair trade practices and contribution to the general welfare of society and provision of welfare amenities. If business activities lead to socially harmful effects, there is bound to be public reaction against the business sooner or later. However, any business unit cannot ignore the interests of its employees, customers, the community, as well as the interests of society as a whole. While pursuing the objective of earning profit, business units do keep the interest of their owners in view. But it cannot be the only objective of business. It is generally believed that a business has a single objective. Classification of Objectives of Business:
These may be to earn profit for its growth and development, to provide quality goods to its customers, to protect the environment, etc. 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.īusiness objectives are something which a business organisation wants to achieve or accomplish over a specified period of time.