(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.
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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.
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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.