2. OBJECTIVES OF BUSINESS
The objectives of a business can vary depending on the type of business and
its stage of development, but generally, the primary objectives of a business
are:
Profit Maximization:
The main objective of most businesses is to earn profits and maximize their
returns on investment. This can be achieved by increasing revenues and
reducing costs.
3. Market Share:
Another objective of many businesses is to increase their market share, which refers to the
percentage of the total market that a company controls. This can be achieved by increasing
sales and expanding into new markets.
Customer Satisfaction:
A satisfied customer is a loyal customer, and many businesses strive to provide excellent
customer service to build strong relationships with their customers.
4. Innovation:
Businesses need to continuously innovate to stay competitive and adapt to
changing market conditions. Innovation can lead to the development of new
products or services, increased efficiency, and better ways of doing business.
Growth:
Many businesses aim to grow and expand over time, whether through organic
growth or mergers and acquisitions.
5. Social Responsibility:
Businesses are increasingly expected to act in socially responsible ways, by
considering the impact of their operations on the environment, society, and
their stakeholders.
Overall, the objectives of a business are to create value for its stakeholders,
including shareholders, employees, customers, suppliers, and the wider
community, while also generating profits and ensuring long-term
sustainability.
7. Business study:
Business study, also known as business administration or management, is a
field that encompasses a wide range of disciplines related to the operation
and management of businesses. Here are some of the uses of studying
business:
Starting a Business:
Studying business can provide individuals with the knowledge and skills
necessary to start and run a successful business. It can help them develop a
solid understanding of the key elements of business, such as finance,
marketing, human resources, and operations.
8. Career Advancement:
Many people study business to advance their careers in management or other
related fields. A business degree or certification can help individuals qualify
for higher-level positions, such as executive management or consulting roles.
Understanding the Business Environment:
Business study can provide individuals with a better understanding of the
economic, political, and social factors that impact businesses. This knowledge
can be useful for individuals who work in business, as well as for policymakers
and government officials.
9. Improving Business Performance:
Business study can help individuals identify and implement strategies to
improve business performance. This can include improving operations,
increasing revenue, and reducing costs.
Developing Transferable Skills:
Studying business can help individuals develop a range of transferable skills,
such as critical thinking, problem-solving, communication, and leadership.
These skills can be useful in many different contexts, including non-business-
related fields.
10. Overall, studying business can provide individuals with a broad range of
knowledge and skills that can be applied to a variety of contexts, including
starting a business, advancing a career, and improving business performance.
