OBJECTIVES OF BUSINESS RECENTLY DEVELOPMENTS
The following are social economic and human objectives of business;
ECONOMIC OBJECTIVES
-To earn profit through production and selling of goods and services
-To have fair dealings with business financiers including trade creditors, debenture holders, commercial banks and other financial institutions by paying them accordingly.
-To expand the market size through creation of more customers to earn more profits.
-To maximize consumer satisfaction by matching the goods to the needs, desires or tastes of consumers.
-To innovate new methods of production and produce products of new marketable styles which can lead to reduction of costs of production and big sales.
ALSO SEE >> PRINCIPAL ECONOMIC ACTIVITTIES DEFINED
SOCIAL OBJECTIVES
-To provide gainful to skilled, semi-skilled or unskilled personnel.
-To produce and supply goods and services of high quality.
-To sell the products to consumers at fair price.
-To take part in environmental conservation.
HUMAN OBJECTIVES
-To provide workers with fair wages and good working conditions including security, pension etc.
-To ensure effective human rights to workers and public through building of goodwill, social justice, fair dealings and health public relations.
NATIONAL OBJECTIVES
-To obey the government rules and regulations on business matters.
-To pay the taxes to government.
-To use scarce resources economically to achieve the maximum production.
IMPORTANCE OF BUSINESS
-Production of essential and high quality goods and services for the society.
-Provision of goods and services through reliable and proper channels of distribution enabling consumers to acquire goods and services at right time, place, quantity, quality and price.
-Provision of commercial services such as finance, warehousing, advertising, banking etc which are useful in facilitating production and distribution of goods and services to consumers.
-Improving the living standards of society by providing it with employment and goods and services of high quality.
ARGUMENTS AGAINST BUSINESS
-As far as businesses are highly after maximizing profits, they are usually exploit workers by paying them very low wages.
-Most of business activities lead air pollution and wastes which affect the healthy of consumers.
-Businesses seem to engage in antisocial practices such as hoarding, black marketing, smuggling, overcharging etc to earn big profits.
-Businesses supply substandard products to consumer in attempt to accumulate massive private gains.
HUMAN ELEMENTS IN BUSINESS
For a business success well, there should be good relations between business and;
-Consumers,
-Workers,
-Owner, and
-Business manager.
BUSINESS AND CONSUMERS-Business should produce goods according to the actual needs of consumers.
BUSINESS AND WORKERS-Business should fulfill the real needs of workers..
THE OWNERS OF BUSINESS-Including sole proprietors or shareholders should get fair returns on their investments.
THE OWNER MANAGER-For him to get profit on his investment, he should ensure that consumers get quality goods at fair price.
THE PROFESSIONAL MANAGER-He has to work for others e.g. proprietors to achieve the goal of business.