Various Objectives of the Business

Multiple Business Objectives of Business, Profit earning, Human resource development, Market Standing, Brand value, Goodwill, Employee satisfaction, Leadership qualities of the enterprise.

1. MULTIPLE OBJECTIVES OF ANY BUSINESS

2. According to “Peter .F. Drucker”, “To manage a business is to balance a variety of needs and goals and this requires multiple objectives” Apart from the earning Profits , the business has some more objectives to fulfill, they are called multiple objectives of the business . He suggests 8 areas where objectives must be set.

3. Market Standing : Innovation: Productivity: Physical and Financial Resources: Earning Adequate Profits: Managerial Performance and Development: Worker Performance and Attitude: Social Responsibility:

4. 1 Market Standing -Bata 2 Innovation - Hero Honda 3 Productivity - JIO 4 Workers Attitude and Performance -ITC 5 Physical and Financial Resources-- UNILEVER 6 Manager Performance and Development: TATA SONS 7 Social Responsibility- WIPRO 8 Profitability-Reasonable rates. -MARUTHI Multiple Objectives of Top 8 Indian Companies

5. 1 Market Standing -Bata

6. (a) Market standing: Market standing refers to the position of an enterprise in relation to its competitors. A business enterprise must aim at standing on stronger footing in terms of offering competitive products to its customers and serving them to their satisfaction.

7. 2 Innovation - Hero Honda

8. (b) Innovation: Innovation is the introduction of new ideas or methods in the way something is done or made. There are two kinds of innovation in every business i.e., innovation in product or service.

9. 3 Productivity - JIO

10. (c) Productivity: Productivity is calculated by comparing the value of outputs with the value of inputs. It is used as a measure of efficiency. In order to ensure continuous survival and progress, every enterprise must aim at greater productivity by the best use of available resources.

11. 4 Workers Attitude and Performance -ITC

12. (g) Worker performance and attitude: Worker’s performance and attitudes determine their contribution towards productivity and profitability of any enterprise. Therefore, every enterprise must aim at improving its workers performance. It should also try to ensure a positive attitude on the part of workers.

13. (g) Worker performance and attitude: I.T.C

14. 5 Physical and Financial Resources-- UNILEVER

15. (d) Physical and financial resources: Any business requires physical resources like plants, machines, offices, etc., and financial resources, i.e., funds to be able to produce and supply goods and services to its customers. The business enterprise must aim at acquiring these resources according to their requirements and use them efficiently.

16. Good Managers 6. Manager Performance and Development: TATA SONS

17. (f) Manager performance and development: Business enterprises need managers to conduct and coordinate business activity. Various programmes for motivating managers need to be implemented. Manager performance and development therefore, is an important objective. The enterprises must actively work for this purpose.

18. 7 Social Responsibility- WIPRO

19. (h) Social responsibility: Social responsibility refers to the obligation of business firms to contribute resources for solving social problems and work in a socially desirable manner. Thus, a business enterprise must have multiple objectives to satisfy different individuals and groups, for its own survival and prosperity.

20. 7 Social Responsibility- WIPRO

21. 8 Profitability-Reasonable Rates. -MARUTHI

22. (e) Earning Adequate Profits: One of the objectives of business is to earn profits on the capital employed. Profitability refers to profit in relation to capital investment. Every business must earn a reasonable profit which is so important for its survival and growth.

23. A BUSINESS MUST EARN ADEQUATE PROFITS BECAUSE OF THE FOLLOWING REASONS; MEANS OF LIVELY HOOD RETURN TO INVESTORS REWARD FOR RISKS SOURCE OF FINANCE FOR GROWTH AND EXPANSION INDICATOR OF EFFICIENT WORKING GOODWILL OR REPUTATION