Objectives of Business Environment
A 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 their small or large size all the businesses aim in making a profit. It is an important institution in society. following are a few objectives of a business.
1) Profit
making a profit is the primary goal of any business. Enterprise profit is the excess of income & expenditure. It is the main incentive, motivator, and strong sustainer to run the business by allocating various needed resources.
2) Growth
Growth is another primary objective of the business. Enterprise should grow in all directions over a period of time
following are strategies adopted to achieve growth
a) Add More products to 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 a business. Innovation is the key to earning 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, the product earns brand loyalty are a vital ingredient for success.
6) Challenging
The business offers vast scope & faces huge challenges. Business that 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
