OBJECTIVES OF BUSINESS

Introduction-
objectives are needed in every area where performance and results directly and vitally affects survival and prosperity of the business.The objectives of the business is classified into three broad categories: economic, social, human objectives.

• economic objectives;

The economic objectives involve a number of consideration or elements beginning with earning a profit after rewarding the factors of production.

1. earning profit:profit generally is the making of gain in business activity for the benefit of the owners of the business. The word comes from Latin meaning "to make progress", and is defined in two different ways, one for economics and one for accounting.

2. production of goods and services:business produces goods and services for the people and for the purpose of earning profit.

3.creation of market:business cannot survive without customers. the objectives of the business is to find out what consumers wants and provide it in the place where it is to be provided

4.technology development:business uses new and advance technology to increase production and reduce in order to face the competition. Both these contribute to the objectives of profit maximization directly and in directly. Business produces products with new features using advanced technology.