Importance Of Business Objectives
In general sense, enterprise pursues multiple objectives rather than a one objective. Strategic manager will be identified a set of main business objectives. These will be pursued by a large cross-section of enterprises. Profitability, productivity, efficiency, growth, technological, dynamism, stability, self-reliance, survival, competitive strength, customer services, financial solvency, product quality, diversification, employee satisfaction and welfare and so on are the major objectives of enterprise. Enterprise looks for balance of these objectives in appropriate and suitable manner. Important business objectives are listed below:
ECONOMIC OBJECTIVES:
Survival
The survival refers to the function of the nature of ownership, nature of
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Growth refers to an overall development of the organization activities in terms of increase in assets, manufacturing facilities, increase in sales volume in existing or through new product to improve profits and market share, business expansion, increase manpower employment, diversification and acquisition of business and create unknown risky paths in this way organization looks for survival, profitability and increase in business activities. Growth may be proactive change and is a necessity for dynamic business …show more content…
Employee Relationships
All companies actively seek loyal employees who are committed. The organization should always implement such procedures and policies that reflect the welfare of employees, boost employees motivation, provide employees with good career path and strong work relations which help initiate individual growth that finally leads to the overall organizational development.
Technological Leadership
Technological leadership gives clear picture of the organization goals and objectives for the long term changes in the business scenario. Many companies state their objectives in terms of their technological leadership. Like Apple, the company that has technological leadership in its all product range like iPhone, iPad, MacBook’s.
Public Responsibility
Business recognizes their social responsibilities towards customer and society. Public responsibility refers to contribute towards society welfare which is termed as Corporate Social Responsibility. Like the sunlight project by HUL and digital village initiative by ICICI Bank.
SOCIAL
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