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Lesson 3

Cb[ecLlves of 8uslness
?ou wanL Lo perform well ln your examlnaLlon you wanL Lo earn money Lo susLaln your
llvellhood you wanL Lo be a good clLlzen you wanL Lo help Lhe poor and needy people
WhaL are Lhese? 1hese may be dlfferenL ob[ecLlves LhaL you wanL Lo achleve ln your llfe ln
Lhe slmllar way every buslness has several ob[ecLlves whlch lL wanLs Lo achleve WhaL are
Lhose ob[ecLlves?
ln Lhls lesson leL us learn abouL varlous ob[ecLlves of buslness
31 Cb[ecLlves
AfLer readlng Lhls lesson you wlll be able Lo
! sLaLe Lhe meanlng of ob[ecLlves of buslness
! classlfy ob[ecLlves of buslness lnLo economlc soclal human naLlonal and global
! explaln Lhe naLure of varlous ob[ecLlves and Lhelr slgnlflcance
! sLaLe Lhe meanlng of buslness envlronmenL and
! recognlse Lhe varlous componenLs of buslness envlronmenL
32 Cb[ecLlves of 8uslness Meanlng
An ob[ecLlve ls someLhlng you wanL Lo achleve As a learner of nlCS you may have many
ob[ecLlves ln mlnd one could be Lo perform well ln Lhe examlnaLlon Slmllarly
buslness ob[ecLlves are someLhlng whlch a buslness organlzaLlon wanLs Lo achleve or
accompllsh over a speclfled perlod of Llme 1hese may be Lo earn proflL for lLs growLh and
developmenL Lo provlde quallLy goods Lo lLs cusLomers Lo proLecL Lhe envlronmenL eLc
1hese are Lhe ob[ecLlves of buslness ln Lhe followlng secLlon leL us classlfy Lhe ob[ecLlves of
buslness8uslness SLudles
33 ClasslflcaLlon of Cb[ecLlves of 8uslness
lL ls generally belleved LhaL a buslness has a slngle ob[ecLlve LhaL ls Lo make proflL 8uL lL
cannoL be Lhe only ob[ecLlve of buslness Whlle pursulng Lhe ob[ecLlve of earnlng proflL
buslness unlLs do keep Lhe lnLeresL of Lhelr owners ln vlew Powever any buslness unlL
cannoL lgnore Lhe lnLeresLs of lLs employees cusLomers Lhe communlLy as well as Lhe lnLeresLs
of socleLy as a whole
lor lnsLance no buslness can prosper ln Lhe long run unless falr wages are pald Lo Lhe
employees and cusLomer saLlsfacLlon ls glven due lmporLance Agaln a buslness unlL can
prosper only lf lL en[oys Lhe supporL and goodwlll of people ln general 8uslness ob[ecLlves
also need Lo be almed aL conLrlbuLlng Lo naLlonal goals and asplraLlons as well as Lowards
lnLernaLlonal wellbelng 1hus Lhe ob[ecLlves of buslness may be classlfled as
a Lconomlc Cb[ecLlves
b Soclal Cb[ecLlves
c Puman Cb[ecLlves
d naLlonal Cb[ecLlves
e Clobal Cb[ecLlves
now we shall dlscuss all Lhese ob[ecLlves ln deLalls
34 Lconomlc Cb[ecLlves
Lconomlc ob[ecLlves of buslness refer Lo Lhe ob[ecLlve of earnlng proflL and also oLher
ob[ecLlves LhaL are necessary Lo be pursued Lo achleve Lhe proflL ob[ecLlve whlch lnclude
creaLlon of cusLomers regular lnnovaLlons and besL posslble use of avallable resources LeL
us learn abouL Lhese
l roflL earnlng
roflL ls Lhe llfeblood of buslness wlLhouL whlch no buslness can survlve ln a compeLlLlve
markeL lnfacL proflL maklng ls Lhe prlmary ob[ecLlve for whlch a buslness unlL ls broughL lnLo
exlsLence roflLs musL be earned Lo ensure Lhe survlval of buslness lLs growLh and expanslon
over Llme roflLs help buslnessmen noL only Lo earn Lhelr llvlng buL also Lo expand Lhelr
buslness acLlvlLles by relnvesLlng a parL of Lhe proflLs
ln order Lo achleve Lhls prlmary ob[ecLlve cerLaln oLher ob[ecLlves are also necessary Lo be
pursued by buslness whlch are as follows
a) CreaLlon of cusLomers
A buslness unlL cannoL survlve unless Lhere are cusLomers Lo buy Lhe producLs and servlces
Agaln a buslnessman can earn proflLs only when he/she provldes quallLy goods and servlces
aL a reasonable prlce lor Lhls lL needs Lo aLLracL more cusLomers for lLs exlsLlng as well as
new producLs 1hls ls achleved wlLh Lhe help of varlous markeLlng acLlvlLles
b) 8egular lnnovaLlons
lnnovaLlon means changes whlch brlng abouL lmprovemenL ln producLs process of producLlon
and dlsLrlbuLlon of goods 8uslness unlLs Lhrough lnnovaLlon are able Lo reduce cosL by
adopLlng beLLer meLhods of producLlon and also lncrease Lhelr sales by aLLracLlng more
Lconomlc ob[ecLlves
! roflL earnlng
! CreaLlon of cusLomers
! 8egular lnnovaLlons
! 8esL posslble use of
resourcesCb[ecLlves of 8uslness
cusLomers because of lmproved producLs 8educLlon ln cosL and lncrease ln sales glves
more proflL Lo Lhe buslnessman use of powerlooms ln place of handlooms use of LracLors
ln place of hand lmplemenLs ln farms eLc are all Lhe resulLs of lnnovaLlon
c) 8esL posslble use of resources
As you know Lo run any buslness you musL have sufflclenL caplLal or funds 1he amounL of
caplLal may be used Lo buy machlnery raw maLerlals employ men and have cash Lo meeL
dayLoday expenses 1hus buslness acLlvlLles requlre varlous resources llke men maLerlals
money and machlnes 1he avallablllLy of Lhese resources ls usually llmlLed 1hus every buslness
should Lry Lo make Lhe besL posslble use of Lhese resources 1hls ob[ecLlve can be achleved
by employlng efflclenL workers maklng full use of machlnes and mlnlmlzlng wasLage of raw
lnLexL CuesLlons 31
Clven below are some sLaLemenLs relaLlng Lo Lhe economlc ob[ecLlves of buslness
Some sLaLemenLs are Lrue and some are false ldenLlfy Lhe Lrue sLaLemenLs
l CreaLlon of demand for goods ls Lhe prlmary ob[ecLlve of buslness
ll roflLs are expecLed Lo be earned by buslnessmen ln proporLlon Lo Lhe amounL
of caplLal lnvesLed ln buslness
lll l L ls noL always necessary for buslnessmen Lo make Lhe besL posslble use of
lv 8uslnessmen should use proflLs earned from Lhe buslness only for Lhelr own
v CeneraLlon of employmenL ls Lhe prlmary economlc ob[ecLlve of buslness
33 Soclal Cb[ecLlves
Soclal ob[ecLlves are Lhose ob[ecLlves of buslness whlch are deslred Lo be achleved for Lhe
beneflL of Lhe socleLy Slnce buslness operaLes ln a socleLy by uLlllzlng lLs scarce resources
Lhe socleLy expecLs someLhlng ln reLurn for lLs welfare no acLlvlLy of Lhe buslness should be
almed aL glvlng any klnd of Lrouble Lo Lhe socleLy lf buslness acLlvlLles lead Lo soclally
harmful effecLs Lhere ls bound Lo be publlc reacLlon agalnsL Lhe buslness sooner or laLer
Soclal ob[ecLlves of buslness lnclude producLlon and supply of quallLy goods and servlces
adopLlon of falr Lrade pracLlces and conLrlbuLlon Lo Lhe general welfare of socleLy and provlslon
of welfare amenlLles
l roducLlon and supply of quallLy goods and servlces
Slnce Lhe buslness uLlllzes Lhe varlous resources of Lhe socleLy Lhe socleLy expecLs Lo
geL quallLy goods and servlces from Lhe buslness 1he ob[ecLlve of buslness should be Lo
produce beLLer quallLy goods and supply Lhem aL Lhe rlghL Llme and aL a rlghL prlce lL ls noL
deslrable on Lhe parL of Lhe buslnessman Lo supply adulLeraLed or lnferlor goods whlch cause
ln[urles Lo Lhe cusLomers 1hey should charge Lhe prlce accordlng Lo Lhe quallLy of Lhe goods
and servlces provlded Lo Lhe socleLy Agaln Lhe cusLomers also expecL Llmely supply of all
Lhelr requlremenLs So lL ls lmporLanL for every buslness Lo supply Lhose goods and servlces
on a regular basls8uslness SLudles
ll AdopLlon of falr Lrade pracLlces
ln every socleLy acLlvlLles such as hoardlng blackmarkeLlng and overcharglng are
consldered undeslrable 8esldes mlsleadlng adverLlsemenLs ofLen glve a false lmpresslon
abouL Lhe quallLy of producLs Such adverLlsemenLs decelve Lhe cusLomers and Lhe
buslnessmen use Lhem for Lhe sake of maklng large proflLs 1hls ls an unfalr Lrade pracLlce
1he buslness unlL musL noL creaLe arLlflclal scarclLy of essenLlal goods or ralse prlces for Lhe
sake of earnlng more proflLs All Lhese acLlvlLles earn a bad name and someLlmes make Lhe
buslnessmen llable for penalLy and even lmprlsonmenL under Lhe law 1herefore Lhe ob[ecLlve
of buslness should be Lo adopL falr Lrade pracLlces for Lhe welfare of Lhe consumers as well
as Lhe socleLy
lll ConLrlbuLlon Lo Lhe general welfare of Lhe socleLy
8uslness unlLs should work for Lhe general welfare and upllfLmenL of Lhe socleLy 1hls ls
posslble Lhrough runnlng of schools and colleges for beLLer educaLlon openlng of vocaLlonal
Lralnlng cenLres Lo Lraln Lhe people Lo earn Lhelr llvellhood esLabllshlng hosplLals for medlcal
faclllLles and provldlng recreaLlonal faclllLles for Lhe general publlc llke parks sporLs complexes
lnLexL CuesLlons 32
Whlch of Lhe followlng sLaLemenLs relaLlng Lo soclal ob[ecLlves of buslness are rlghL and
whlch are wrong?
l) Soclal ob[ecLlve of buslness ls based on Lhe assumpLlon LhaL whaL ls good for buslness
ls also good for socleLy
ll) roducLlon and supply of quallLy goods Lo Lhe consumer ls Lhe soclal ob[ecLlve of
lll) CreaLlon of demand for Lhe producL ls a soclal ob[ecLlve of buslness
lv) LsLabllshmenL of sporLs complex for Lhe publlc ls Lhe economlc ob[ecLlve of buslness
v) Poardlng and blackmarkeLlng are consldered deslrable on Lhe parL of buslness
36 Puman Cb[ecLlves
Puman ob[ecLlves refer Lo Lhe ob[ecLlves almed aL Lhe wellbelng as well as fulflllmenL of
expecLaLlons of employees as also of people who are dlsabled handlcapped and deprlved
of proper educaLlon and Lralnlng 1he human ob[ecLlves of buslness may Lhus lnclude economlc
wellbelng of Lhe employees soclal and psychologlcal saLlsfacLlon of employees and
developmenL of human resources
l Lconomlc well belng of Lhe employees
ln buslness employees musL be provlded wlLh falr remuneraLlon and lncenLlves for performance
beneflLs of provldenL fund penslon and oLher amenlLles llke medlcal faclllLles houslng
faclllLles eLc 8y Lhls Lhey feel more saLlsfled aL work and conLrlbuLe more for Lhe buslness
Soclal ob[ecLlves
! roducLlon and
supply of quallLy
goods and servlces
! AdopLlon of falr
Lrade racLlces
! ConLrlbuLlon Lo Lhe
general welfare of
socleLyCb[ecLlves of 8uslness
ll Soclal and psychologlcal saLlsfacLlon of employees
lL ls Lhe duLy of buslness unlLs Lo provlde soclal and psychologlcal saLlsfacLlon Lo Lhelr
employees 1hls ls posslble by maklng Lhe [ob lnLeresLlng and challenglng puLLlng Lhe rlghL
person ln Lhe rlghL [ob and reduclng Lhe monoLony of work CpporLunlLles for promoLlon
and advancemenL ln career should also be provlded Lo Lhe employees lurLher grlevances
of employees should be glven prompL aLLenLlon and Lhelr suggesLlons should be consldered
serlously when declslons are made lf employees are happy and saLlsfled Lhey can puL Lhelr
besL efforLs ln work
lll uevelopmenL of human resources
Lmployees as human belngs always wanL Lo grow 1helr growLh requlres proper Lralnlng as
well as developmenL 8uslness can prosper lf Lhe people employed can lmprove Lhelr skllls
and develop Lhelr ablllLles and compeLencles ln course of Llme 1hus lL ls lmporLanL LhaL
buslness should arrange Lralnlng and developmenL programmes for lLs employees
lv Well belng of soclally and economlcally backward people
8uslness unlLs belng lnseparable parLs of socleLy should help backward classes and also
people Lhose are physlcally and menLally challenged 1hls can be done ln many ways lor
lnsLance vocaLlonal Lralnlng programme may be arranged Lo lmprove Lhe earnlng capaclLy
of backward people ln Lhe communlLy Whlle recrulLlng lL sLaff buslness should glve preference
Lo physlcally and menLally challenged persons 8uslness unlLs can also help and encourage
merlLorlous sLudenLs by awardlng scholarshlps for hlgher sLudles
lnLexL CuesLlons 33
8elow are glven some sLaLemenLs regardlng human ob[ecLlves of buslness SLaLe whlch of
Lhem are Lrue" and whlch are false"
l 8uslnessmen should pay proper remuneraLlon whlch wlll moLlvaLe Lhe workers for
ll 8uslness unlLs should provlde soclal and psychologlcal saLlsfacLlon Lo Lhe employees
lll 8uslnessmen should noL help dlsabled persons unless Lhey are employed ln buslness
lv 8uslness unlLs should lgnore Lhe suggesLlons glven by Lhe employees whlle Laklng
lmporLanL declslons
v Pelplng physlcally handlcapped persons ln Lhe socleLy ls an economlc ob[ecLlve of
37 naLlonal Cb[ecLlves
8elng an lmporLanL parL of Lhe counLry every buslness musL have Lhe ob[ecLlve of fulfllllng
naLlonal goals and asplraLlons 1he goal of Lhe counLry may be Lo provlde employmenL
opporLunlLy Lo lLs clLlzen earn revenue for lLs exchequer become selfsufflclenL ln producLlon
of goods and servlces promoLe soclal [usLlce eLc 8uslness acLlvlLles should be conducLed
keeplng Lhese goals of Lhe counLry ln mlnd whlch may be called naLlonal ob[ecLlves of
buslness 1he followlng are Lhe naLlonal ob[ecLlves of buslness
Puman Cb[ecLlves
! Lconomlc well
belng of Lhe
! Soclal and
saLlsfacLlon of
! uevelopmenL of
human resources
! Well belng of
soclally and
backward people8uslness SLudles
l CreaLlon of employmenL
Cne of Lhe lmporLanL naLlonal ob[ecLlves of buslness ls Lo creaLe opporLunlLles for galnful
employmenL of people 1hls can be achleved by esLabllshlng new buslness unlLs expandlng
markeLs wldenlng dlsLrlbuLlon channels eLc
ll romoLlon of soclal [usLlce
As a responslble clLlzen a buslnessman ls expecLed Lo provlde equal opporLunlLles Lo all
persons wlLh whom he/she deals Pe/She ls also expecLed Lo provlde equal opporLunlLles Lo
all Lhe employees Lo work and progress 1owards Lhls ob[ecLlve speclal aLLenLlon musL be
pald Lo weaker and backward secLlons of Lhe socleLy
lll roducLlon accordlng Lo naLlonal prlorlLy
8uslness unlLs should produce and supply goods ln accordance wlLh Lhe prlorlLles lald down
ln Lhe plans and pollcles of Lhe CovernmenL Cne of Lhe naLlonal ob[ecLlves of buslness ln our
counLry should be Lo lncrease Lhe producLlon and supply of essenLlal goods aL reasonable
lv ConLrlbuLe Lo Lhe revenue of Lhe counLry
1he buslness owners should pay Lhelr Laxes and dues honesLly and regularly 1hls wlll lncrease
Lhe revenue of Lhe governmenL whlch can be used for Lhe developmenL of Lhe naLlon
v Selfsufflclency and LxporL romoLlon
1o help Lhe counLry Lo become selfrellanL buslness unlLs have Lhe added responslblllLy of
resLrlcLlng lmporL of goods 8esldes every buslness unlLs should alm aL lncreaslng exporLs
and addlng Lo Lhe forelgn exchange reserves of Lhe counLry
lnLexL CuesLlons 34
llll ln Lhe blanks wlLh sulLable word(s) from Lhose glven ln brackeLs
(l) 1o produce and dlsLrlbuLe essenLlal goods aL a reasonable prlce ls a/an _____________
ob[ecLlve of buslness (soclal naLlonal human)
(ll) 1o help Lhe counLry Lo become selfrellanL buslness unlLs should alm aL lncreaslng
________________ (exporL lmporL prlces)
(lll) 8uslness unlLs should pay Laxes honesLly and______________(occaslonally frequenLly
(lv) 8uslness should provlde equal opporLunlLles Lo all lLs ________________(owners
employers suppllers)
38 Clobal Cb[ecLlves
Larller lndla had a very resLrlcLed buslness relaLlonshlp wlLh oLher naLlons 1here was a very
rlgld pollcy for lmporL and exporL of goods and servlces 8uL nowadays due Lo llberal
economlc and exporLlmporL pollcy resLrlcLlons on forelgn lnvesLmenLs have been largely
abollshed and duLles on lmporLed goods have been subsLanLlally reduced 1hls change has
broughL abouL lncreased compeLlLlon ln Lhe markeL 1oday because of globallsaLlon Lhe
enLlre world has become a blg markeL Coods produced ln one counLry are readlly avallable
naLlonal Cb[ecLlves
! CreaLlon of
! romoLlon of soclal
! roducLlon accordlng
Lo naLlonal prlorlLy
! ConLrlbuLlon Lo Lhe
revenue of Lhe
! Selfsufflclency and
exporL promoLlonCb[ecLlves of 8uslness
ln oLher counLrles So Lo face Lhe compeLlLlon ln Lhe global markeL every buslness has
cerLaln ob[ecLlves ln mlnd whlch may be called Lhe global ob[ecLlves LeL us learn abouL
l 8alse general sLandard of llvlng
CrowLh of buslness acLlvlLles across naLlonal borders makes avallable quallLy goods aL
reasonable prlces all over Lhe world 1he people of one counLry geL Lo use slmllar Lypes of
goods LhaL people ln oLher counLrles are uslng 1hls lmproves Lhe sLandard of llvlng of people
ll 8educe dlsparlLles among naLlons
8uslness should help Lo reduce dlsparlLles among Lhe rlch and poor naLlons of Lhe world by
expandlng lLs operaLlon 8y way of caplLal lnvesLmenL ln developlng as well as underdeveloped
counLrles lL can fosLer Lhelr lndusLrlal and economlc growLh
lll Make avallable globally compeLlLlve goods and servlces
8uslness should produce goods and servlces whlch are globally compeLlLlve and have huge
demand ln forelgn markeLs 1hls wlll lmprove Lhe lmage of Lhe exporLlng counLry and also
earn more forelgn exchange for Lhe counLry
39 8uslness LnvlronmenL
CondlLlons or slLuaLlons LhaL affecL buslness acLlvlLles may be regarded as Lhe envlronmenL
of buslness ln oLher words buslness envlronmenL refers Lo Lhe surroundlngs and
clrcumsLances whlch lnfluence buslness operaLlons 1hls envlronmenL conslsLs of forces
and facLors lnLernal or exLernal Lo a buslness flrm
1he sklll and ablllLy of employees Lhelr aLLlLude Lo work relaLlons beLween managers and
subordlnaLes eLc may be regarded as lnLernal envlronmenL of buslness 1hese are lmporLanL
facLors whlch may affecL buslness operaLlons 8uL Lhese are wlLhln Lhe conLrol of Lhe
buslnessman 8y Laklng sulLable sLeps Lhe condlLlons can be lmproved
Cn Lhe oLher hand exLernal envlronmenL refers Lo all Lhose aspecL of Lhe surroundlng of
buslness whlch are noL wlLhln Lhe conLrol of Lhe managers and may affecL buslness acLlvlLles
Lo a greaL exLenL ?ou may have noLlced LhaL someLlmes Lhere ls less demand of goods
produced by a parLlcular flrm lL may be due Lo beLLer quallLy subsLlLuLes whlch cusLomers
flnd more useful Agaln lf Lhe governmenL pollcy changes so as Lo allow forelgn goods Lo be
lmporLed aL lower raLes of cusLoms duLy slmllar good produced ln lndla may noL sell as Lhe
prlces of lmporLed goods may be lower 1hese condlLlons are generally noL wlLhln Lhe conLrol
of Lhe buslnessmen
LeL us dlscuss abouL Lhe exLernal facLors whlch lnfluence or affecL buslness acLlvlLles and
operaLlons and are noL conLrollable by buslnessmen We may classlfy Lhese facLors as economlc
facLors soclal facLors pollLlcal facLors and Lechnologlcal facLors
(l) Lconomlc facLors
Lconomlc facLors lnclude Lhose facLors whlch affecL Lhe buslness envlronmenL due Lo
Clobal ob[ecLlves
! 8alse general sLandard
of llvlng
! 8 e d u c e d l s p a r l L l e s
among naLlons
! M a k e a v a l l a b l e
globally compeLlLlve
goods and servlces8uslness SLudles
changes ln lncome level of Lhe people raLes of lnLeresL on borrowlng avallablllLy of
caplLal Lax raLes demand and supply of goods and also changes ln governmenL
economlc pollcles eLc lor example you may have noLlced LhaL lf Lhe level of lncome
of people goes up Lhere ls lncreased demand for goods and servlces Slmllarly when
lnLeresL raLes on loans are lower people spend more on buylng durable goods llke car
home eLc CrowLh of buslness naLurally Lakes place as a resulL of lncreased spendlng
by consumers
(ll) Soclal facLors
1he naLure of goods and servlces ln demand depends upon Lhe changes ln hablLs and
cusLoms of people ln Lhe socleLy WlLh rlse ln populaLlon Lhe demand for household as
well as oLher goods has lncreased 1he naLure of food and cloLhlng has also changed
Lo a greaL exLenL uemand for packaged food and readymade garmenL has lncreased
ln recenL Llmes All Lhese force Lhe buslness Lo produce goods accordlngly So Lhe
soclal and culLural facLors have also affecLed Lhe producLlon paLLern of buslness
(lll) ollLlcal facLors
8uslness envlronmenL ls adversely affecLed by Lhe absence of pollLlcal sLablllLy 1he
workers' unlon may demand hlgher wages may lndulge ln frequenL sLrlke eLc whlch
affecL Lhe normal funcLlonlng of buslness roblems of law and order slLuaLlon ln border
areas confllcLs beLween counLrles absence of favourable economlc as well as exporL
lmporL pollcy also affecL Lhe buslness acLlvlLles 8uslness acLlvlLles suffer serlous seL
backs under such clrcumsLances
(lv) 1echnologlcal facLors
1echnologlcal advancemenL always leads Lo lmprovemenL ln Lhe process of producLlon
LransporLaLlon and communlcaLlon Change ln Lechnology ls mosLly assoclaLed wlLh
beLLer servlce and cosL efflclency ln recenL years lnformaLlon processlng and sLorage
wlLh Lhe use of compuLers and LelecommunlcaLlon faclllLles have developed rapldly
eople now prefer Lo use moblle phones ln place of landllne phones nowadays
elecLronlc appllances have replaced elecLrlcal equlpmenLs very wldely 8uslness acLlvlLles
are bound Lo suffer lf enLerprlses do noL adopL upLodaLe Lechnology as and when
lnLexL CuesLlons 33
MaLch Lhe followlng
(A) (8)
l Lower lnLeresL raLe a ollLlcal facLor
ll uemand for ackaged lood b 1echnologlcal facLor
lll SLrlke ln Lhe facLory c Soclal facLor
lv new MeLhods of roducLlon d Lconomlc facLor
310 WhaL ?ou Pave LearnL
! Any Lhlng LhaL Lhe buslness organlzaLlon wanLs Lo achleve over a speclfled perlod of
Llme ls called buslness ob[ecLlveCb[ecLlves of 8uslness
Lconomlc ob[ecLlves
Soclal ob[ecLlves
1ype of 8uslness ob[ecLlve Puman ob[ecLlves
naLlonal ob[ecLlves
Clobal ob[ecLlves
Soclal ob[ecLlves
! roducLlon and
supply of quallLy
g o o d s a n d
! AdopLlon of falr
Lrade pracLlces
! ConLrlbuLlon Lo
general welfare of
Lhe socleLy
Lconomlc ob[ecLlves
! roflL earnlng
! CreaLlon of cusLomers
! 8egul a r lnnova
! 8esL posslble use
of resources
Puman Cb[ecLlves
! Lconomlc well belng
of Lhe employees
! Soclal and
saLlsfacLlon of
! u e v e l o p m e n L o f
human resources
! Lconomlc well
belng of soclally
and economlcally
backward people
naLlonal Cb[ecLlves
! CreaLlon of
! romoLlon of soclal
! roducLlon
accordlng Lo
naLlonal prlorlLy
! ConLrlbuLlon Lo
Lhe revenue of Lhe
! Selfsufflclency
and exporL
Clobal ob[ecLlves
! 8alse general
sLandard of
! 8educe
among naLlons
! Make avallable
goods and
! CondlLlons or slLuaLlons LhaL affecL buslness acLlvlLles may be regarded as buslness
! 1he varlous exLernal facLors whlch lnfluence or affecL buslness acLlvlLles and operaLlons
(l) Lconomlc facLors
(ll) Soclal facLord
(lll) ollLlcal facLors
(lv) 1echnologlcal facLors
311 1ermlnal Lxerclse
1 roflL earnlng ls Lhe maln ob[ecLlve of buslness Lxplaln
2 Lxplaln Lhe economlc ob[ecLlves of buslness
3 LnumeraLe Lhe soclal ob[ecLlves of buslness
4 Lxplaln Lhe lmporLance of naLlonal ob[ecLlves of buslness
3 LnumeraLe and explaln Lhe human ob[ecLlves of buslness
6 Lxplaln Lhe global ob[ecLlves of buslness
7 WhaL ls meanL by buslness envlronmenL?
8 ulsLlngulsh beLween lnLernal and exLernal buslness envlronmenL
9 Lxplaln Lhe varlous facLors LhaL affecL Lhe buslness acLlvlLles whlch are noL under Lhe
conLrol of a buslnessman
10 Lxplaln how Lechnologlcal facLors lnfluence Lhe buslness operaLlons8uslness SLudles
312 key Lo lnLexL CuesLlons
31 l lalse ll 1rue lll lalse lv lalse v lalse
32 l) Wrong ll) 8lghL lll) Wrong lv) Wrong v) Wrong
33 (l) 1rue
(ll) 1rue
(lll) lalse
(lv) lalse
(v) lalse
34 (l) naLlonal ll) exporL lll) regularly lv) employees
33 l) d ll) c lll) a lv) b
AcLlvlLy lor ?ou
llnd ouL from a shopkeeper or any oLher buslnessman of your locallLy abouL whaL are Lhelr
ob[ecLlves of runnlng Lhe buslness classlfy Lhese ob[ecLlves on Lhe basls of Lhe dlfferenL
Lypes of ob[ecLlves you have learnL abouL ln Lhls lesson