SUBJECT COMMERCE-I PROF.

RUPALI JAIN 30th July 09’

BUSINESS
DEFINATION
Urwick and Hunt: "Business is any enterprise which makes, distributes or provides any article or service which other members of the community need and are able and willing to pay for.“

FEATURES
o o o o o o o o o o

Economic activity Profit making Satisfaction of wants Risk taking Dealing in goods and services Continuous activity Innovative and dynamic in nature Subsystem of the society Occupation Legal control

BUSINESS OBJECTIVES

INTRODUCTION Every business unit is established in order to attain certain well-defined objectives. Attainment of these objectives is the only way an organization can justify its setting-up and existence. It is very important that every business unit decides and pursues a set of well-defined business objectives. DEFINATION McFarland: "Objectives are the goals, aims or purposes that organization wish to achieve over varying period of time".

FEATURES

Multiplicity of objectives Hierarchy of Objectives Measurable Different types Flexible

WHY ARE BUSINESS OBJECTIVES NEEDED? Flexible Understandable Realistic Quantitative Time-frame specific

IMPORTANCE OF BUSINESS OBJECTIVES
  

Framing rules,policies and procedures. Helps in ascertaining the resource requirement. Provides direction to the activities. set of well defined objectives enable a firm to assign duties to the employees the basic for measuring and evaluating employee performance

A

 Provides

Help the managers in taking rational decisions. Universal application. Justifies the very existence of a company.

Diagram 6

ECONOMIC & SOCIAL OBJECTIVES ECONOMIC OBJECTIVE  Profit earning  Creation of customers  Regular innovations  Best possible use of resources SOCIAL OBJECTIVES  Production and supply of quality goods and services  Adoption of fair trade practices  Contribution to the general welfare of the society

HUMAN & NATIONAL OBJECTIVE
HUMAN OBJECTIVE
   

Economic well being of the employees Social and psychological satisfaction of employees Development of human resources Well being of socially and economically backward people

NATIONAL OBJECTIVE
    

Creation of employment Promotion of social justice Production according to national priority Contribute to the revenue of the country Self-sufficiency and Export Promotion

GLOBAL OBJECTIVES

Raise general standard of living Reduce disparities among nations Make available globally competitive goods and services

Here are some examples of objectives of MNC’s

To establish, maintain, conduct, provide services of every kind including commercial,statistical, financial, legal, management, data processing To carry on the business in all types of electronic components and equipment from every aspects.

To deal in any type of articles & things which may seem capable of being profitably. To provide for the welfare of employees or ex-employees of the Company.

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To carry on all kinds of promotion business.  To construct and develop residential or industrial colonies for advancement of members & employees
 

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