Objectives can include end-goals such as revenue and steps towards goals such as efficiency. Business also has objectives towards society that comprises of employees, shareholders, creditors, government etc. A company uses strategy and tactics at every level of its operation to achieve its objectives. is possible only by performing useful services to the society. However, as per modern thinking, business needs to have several objectives. Improving performance, 10. They serve as the basis for creating policy and evaluating performance. Let us make in-depth study of the following major goals of a business firm: 1. Questions › Category: business studies › Explain any five objectives of business 0 Vote Up Vote Down Lucifer Morningstar asked ... Read more Explain any five objectives of business Skip to content. ADVERTISEMENTS: Various Objectives of Management are:1. Infact, objectives are needed in every area that influences the survival and prosperity of busi¬ness. We also learned there are five steps in management by objectives. Keep your business objectives flexible in order to pivot smoothly to a backup plan in the event an objective proves impossible to meet. The following are common types of business objective. Create a series of contingency objectives to prepare for the worst case scenarios. Some of the most important objectives of a Business are as follows: At the very outset, it may be pointed that there is no agreement among writers regarding the classification of business objectives. Company management and leadership are often tasked with setting these business objectives and establishing the direction the company is aiming to go in. Just think about what football would be without end zones or what the Indianapolis 500 would be without a finish line. is possible only by performing useful services to the society. Since a business has to balance a number of needs and goals, it requires multiple objectives. Profits-related Objectives: Profit has remained a dominant objective of business … Some examples of business objectives include minimizing expenses, expanding internationally, or making a profit. For example, noisy night-time deliveries or a smelly factory would be unpopular with local residents. A key employee does not show up for work, a natural disaster strikes and halts production, the economy crashes. Better quality goods, 4. Explain any five such objectives. Profit Maximisation Approach: Profit maximisation approach about the behaviour of the firm is one of the most fundamental assumptions of traditional neo-classical economic theory. Ensuring regular supply of goods, 5. It’s a specific and tactical objective that is measurable. Human objectives of business are concerned with the well-being of labour. A contingency is something a business cannot prevent.