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 Economic activityo Profit makingo Satisfaction of wantso Risk takingo Dealing in goods and serviceso Continuous activityo Innovative and dynamic in natureo Subsystem of the societyo Occupationo 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.
A set of well defined objectives enable a firm to assign duties to the employees
Provides the basic for measuring and evaluating employee performance
Help the managers in taking rational decisions.
Universal application. Justifies the very existence of a company.
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 OBJECTIVEHUMAN 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.
To carry on all kinds of promotion business. To construct and develop residential or
industrial colonies for advancement of members & employees
Top Related