The
following are the basic objective set for attainment in most business
organizations. They include:
following are the basic objective set for attainment in most business
organizations. They include:
1.
Provision of goods/services that can satisfy and solve identified needs
and problems
Provision of goods/services that can satisfy and solve identified needs
and problems
2.
Growth and development objectives
Growth and development objectives
3.
Market share acquisition
Market share acquisition
4.
Productivity
Productivity
5.
Innovation
Innovation
6.
Creation of wealth
Creation of wealth
7.
Service to customer
Service to customer
8.
Profit earnings
Profit earnings
9.
Employer welfare
Employer welfare
10. Social responsibility
11. To strengthen the economy of the nation
12. Survival
13. Strength and reputation
The
goal that businesses set for themselves are of greater importance to everyone i.e.
stakeholders of the business – employees, investor (owners), customers,
creditors etc and members of the general public. The attainment of business
goals affects the national economic system. This as a macro force affects
everybody and institutions operating within the confines of the economy. The
investor must have adequate returns for business investment he has made. The
profit made in form of dividend should compensate for all expenses incurred.
goal that businesses set for themselves are of greater importance to everyone i.e.
stakeholders of the business – employees, investor (owners), customers,
creditors etc and members of the general public. The attainment of business
goals affects the national economic system. This as a macro force affects
everybody and institutions operating within the confines of the economy. The
investor must have adequate returns for business investment he has made. The
profit made in form of dividend should compensate for all expenses incurred.
Customers
should continue to derive satisfaction from consumption of goods/services being
churned out of the production system. The organization must pay attention to
customers as the pivot around which all business policies and strategies must
be built and firms at all times must attempt to satisfy the royal whims and caprice of the king –
the customer.
should continue to derive satisfaction from consumption of goods/services being
churned out of the production system. The organization must pay attention to
customers as the pivot around which all business policies and strategies must
be built and firms at all times must attempt to satisfy the royal whims and caprice of the king –
the customer.
The
general public and creditor must be put in focus. The public is the reserve
pool from which the business draws its market and the firm’s image in the eyes
of the public should continue to be golden
if not sterling or both. The creditor
also comes from the public pool and they represent people, high net worth
individuals and institutions which the company owes funds and other
responsibilities to make goods in due time.
general public and creditor must be put in focus. The public is the reserve
pool from which the business draws its market and the firm’s image in the eyes
of the public should continue to be golden
if not sterling or both. The creditor
also comes from the public pool and they represent people, high net worth
individuals and institutions which the company owes funds and other
responsibilities to make goods in due time.
Setting
objectives for an organization is the first step of business operations after a
business idea. The firm that refuses to articulate its objectives and pursue
them is akin to a ship without a rudder open to the vagaries and hazard at sea
objectives for an organization is the first step of business operations after a
business idea. The firm that refuses to articulate its objectives and pursue
them is akin to a ship without a rudder open to the vagaries and hazard at sea
Characteristic/features
of business
of business
1.
There is/are goods and services put forward for patronage
There is/are goods and services put forward for patronage
2.
Exchange of goods/ services at a price
Exchange of goods/ services at a price
3.
Business facilitates the price mechanism
Business facilitates the price mechanism
4.
Most business seek profit save non-profit oriented business
Most business seek profit save non-profit oriented business
5.
All business are run under certain levels of risk and uncertainties
All business are run under certain levels of risk and uncertainties
Illesanmi
(2003) initiates and articulate factors that can precipates risk:
(2003) initiates and articulate factors that can precipates risk:
a.
Changes in demand as a result of change in taste, income etc
Changes in demand as a result of change in taste, income etc
b.
Unfavourable government policies
Unfavourable government policies
c.
Unfair business competition
Unfair business competition
d.
Unethical business practices – smuggling, cloning etc
Unethical business practices – smuggling, cloning etc
e.
Faulty managerial decision
Faulty managerial decision
f.
Unstable political climate
Unstable political climate
6.
Businesses creates satisfaction and a level of standard of living
Businesses creates satisfaction and a level of standard of living
7.
Business is dynamic
Business is dynamic
8.
Most business involves money and sacrificing of resources
Most business involves money and sacrificing of resources
9.
Businesses have gestation periods
Businesses have gestation periods
10. They are usually owned by someone, group,
institution or government
institution or government
11. They are integral components of an economy
