1.

Explain the objectives of management.

Answer»

Organisational or Economic objectives: Every organisation is established to achieve certain objectives. Different organisations are having different objectives and management has to achieve those objectives effectively and efficiently.

a. Survival: The basic objectives of any business are survival. Management must make great efforts to ensure the survival of the organisation. In order to survive for a long time, an organisation must earn enough revenues.

b. Profit: Earning profit is the main object of every business. It is very essential to meet the expenses and for successful continuity of the business. Therefore management should ensure sufficient profit to cover risk of business.

c. Growth: Growth is another organisational objective. The management must ensure growth of business. It can be measured in terms of sales volume increase, the number of products or the increase in capital investment, etc.

Social objectives: Every organisation is a part of society, whether it is business or non- business, has certain social obligation towards society.

Social objective includes: 

  • Using environmental friendly methods of production. 
  • Generating employment opportunities to weaker sections of society. 
  • Providing quality product at reasonable price. 
  • Providing financial support to society for noble causes. 
  • Providing basic amenities like schools to children of employees.

Personal or individual objectives: Personal or individual objectives means objectives of the employees of an organisation.

Personal objective includes: 

  • Financial needs such as competitive salaries, incentives, other benefits. 
  • Social needs such as recognition, job security etc in the organisation 
  • Higher level needs such as personal growth and development.


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