Objectives of Business Environment
Business may be understood as the organized efforts taken by an enterprise to supply the consumer with goods & services. Business varies in size if measured by the number of employees or by sales volume irrespective of its small or large size all of the businesses aim in making a profit. It is an important institution in society. following are few objectives of a business.
making a profit is the primary goal of any business. Enterprise profit is the excess of income & expenditure. It is the main incentive, motivator, strong sustainer to run the business by allocating various needed resources.
Growth is another primary objective of business. Enterprise should grow in all directions over a period of time
following are strategies adopted to achieve growth
a) Add More products in the market.
b)Diversification into a new area.
c) Integration forward or backward.
d) Increase market share.
e) Expand the market.
3) Employee Satisfaction & Development
4) Market Leadership
To earn market leadership is yet another objective of business. Innovation is the key to earn a good market innovation may be a product, advertising, distribution, finance etc.
5) Quality Products & Services
Those who maintain the quality are only survived in competition. Persistent quality, product earns brand loyalty are a vital ingredient for success.
The business offers vast scope & faces huge challenges. Business who sustains in failure betrays their inability & incompetence can accept the challenges in the environment and makes the business successful are only able to sustain in the cutthroat competition