Since business operates in society it cannot survive and grow unless it meets the needs of the society. For the survival of any business, social objectives are essential. profit should be earned along with service and this concept does minimize the importance of profit. According to Henry Ford. "service first and profit next should be the motto of every businessman." Thus, it is an important part of business objectives to fulfill its obligations to the society whose ethical and moral code of conduct should not be violated. The philosophy of running a business should be in tune with what is considered right by the society. Some of the social objectives of business are as follows:
(a) Providing Goods: The business should provide goods and services for benefit of the society. Goods are used to satisfy physical as well as mental needs. Providing goods are used to satisfy physical as well as mental needs. Providing goods and services for society is the first duty of businessmen.
(b) Supply of Quality Goods: It is the duty of businessmen to study wants and needs of consumers and provide them with quality goods. It is necessary that goods and services should conform to some specified standards. The supply of adulterated goods, low quality, unusable or harmful to health will be against business ethics. A business cannot flourish in the long run if it ignores consumers.
(c) Proper price: Business should supply desirable goods and services at proper prices. Efforts should be made to reduce cost in order to reduce price. When the price is decreased, demand increase and more people are able to satisfy their wants.
(d) Providing Employment: Business activities are the greatest source of employment. The business community should plough back its profit for further expansion of business activities that will ultimately create new job opportunities.
(e) Utilizing the Scarce Resource Properly: The business should put the scarce national resources to the best possible use. A business is not free to damage or cause discriminate depletion of natural resources.
(f) Avoiding Social Nuisances: Business activities generate filth and dirt also and make social environment unhygienic. Constant noise makes living unpeaceful. So, every precaution should be taken to maintain cleanliness, public health and minimum noise.
(a) Providing Goods: The business should provide goods and services for benefit of the society. Goods are used to satisfy physical as well as mental needs. Providing goods are used to satisfy physical as well as mental needs. Providing goods and services for society is the first duty of businessmen.
(b) Supply of Quality Goods: It is the duty of businessmen to study wants and needs of consumers and provide them with quality goods. It is necessary that goods and services should conform to some specified standards. The supply of adulterated goods, low quality, unusable or harmful to health will be against business ethics. A business cannot flourish in the long run if it ignores consumers.
(c) Proper price: Business should supply desirable goods and services at proper prices. Efforts should be made to reduce cost in order to reduce price. When the price is decreased, demand increase and more people are able to satisfy their wants.
(d) Providing Employment: Business activities are the greatest source of employment. The business community should plough back its profit for further expansion of business activities that will ultimately create new job opportunities.
(e) Utilizing the Scarce Resource Properly: The business should put the scarce national resources to the best possible use. A business is not free to damage or cause discriminate depletion of natural resources.
(f) Avoiding Social Nuisances: Business activities generate filth and dirt also and make social environment unhygienic. Constant noise makes living unpeaceful. So, every precaution should be taken to maintain cleanliness, public health and minimum noise.
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