scope and objectives of business

scope and objectives of business

Business is an organ of dynamism and change. Carrying the activities of research and development for innovation in business. for them. Before publishing your Articles on this site, please read the following pages: 1. Every project manager should keep in mind the qualities of an effective scope statement. Privacy Policy3. Like any other institution business has several rather than a single objective. Providing ample scope for growth, expansion, diversification etc. Generally, profit motive is considered to be the primary objective of business. But to say that the sole purpose of any business is to make profit is like saying that eating is the sole purpose of living, or that blood circulation is of supreme importance for human survival and breathing, digestion, or proper functioning of the nervous system count for nothing. Every business aims to earn a reasonable profit in order to survive and grow in this competing world. Every business is a part of society as it makes use of scarce resources of the society. Unless an enterprise survives no other objectives can be accomplished. The innovation in business can be incorporated in many ways like: a. Share Your PPT File. The business is an economic institution operating in a socio-economic system. Stability – Stability means continuity of business. A business enterprise is now considered not only as an economic institution but also as a social institution and a living member of the society. Investors also expect safety and apprecia­tions of their investment. We normally setup business to achieve profits for its owner or shareholders. Where the objective is well understood and has a tangible output (e.g. The following are some of the aspects many companies delve into; One of the largest and most common business activities in many countries is foreign trade (imports & exports). Adopting the policy of ploughing back of profit for strengthening the business and self-reliance in capital raising. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. PreserveArticles.com is a free service that lets you to preserve your original articles for eternity. Some of the important definitions of business are given below: 1. Organic objectives are the foundation for achieving all other objectives of business: Prestige and recognition help to ensure the survival and growth of a firm. On their, hard, devoted contribution only, business organisation can survive. Business enterprises have a number of objectives like economic, human, organic and social. thestreak 20 Feb 2019 1 Comment. Thus, the objectives of business may be classified as: Economic objectives of a business refer to the objective of earning profit and those which have a direct impact on the profit earning objective of business. For instance, we want to achieve sales of €10 million in European markets in 2004. ii. Making them committed and responsible employees of the organisation is another human objective of business enterprise. Organic objectives are framed from business point of view. Judicious allocation and optimum utilisation of scarce resources is essential for rapid and balanced economic growth of the country. Achieving the optimum size of business is another objective. Policy should be characterized by fairness and honesty with organizational philosophy, objectives, goals and strategy. A business is an organisation of human, material and other intangible resources. Profitability – This is one of the most important objectives of business. (vi) Welfare of Employees – No business can succeed without the contribution of its employees. It has also to retain old customers by providing better services to them. The investor can then use the firm to promote several products. Business is run by people and for people. Employees work day and night to ensure smooth functioning of business. It will also help to raise standard of living in backward areas. 4. Business enterprises have a number of objectives like economic, human, organic and social. Facing the competition and surviving for longer time etc. There you have it… the scope and objectives of international business. Attaining the ample size (Optimum size) of business operations for its prosperity. (d) Contributing towards the general welfare and upliftment of the society. it needs multiple objectives. Identify the project needs. (c) Conserving natural resources and wild life and protecting the environment.

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