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Main Concept and Objective of Business

There two concept of business:-

1st Economic concept of business

This is oldest concept of business and according to this concept; main aim of business is to earn profit and never to do any other work. Under this concept, every legal and illegal and scams and fraud are the necessary for doing highest profit from business. Because in old time, there is no competition and trend to earn money is by any way. But now this concept is totally failed and bear a new concept which is successful in world business market.

2nd Social concept of business:-

According to this concept, business’s all activities are done for making stable customers and make them satisfied. Now, all business organization is understood this point and making social networking for promoting business. Even all big business organization is communicating with general public by the way of twitter and face book and linkedin (35 million registered business profiles).

Objective of business

There are also two main objectives

1st objective
i) to earn profit
ii) to growth
iii) to innovation

2nd objective of business

i) to satisfaction of employees

Employees are main asset of business and it is the main object of business to satisfy its employee by providing them fair salary and other incentives because , without this business can not operate well and from time to time development of employee of business is the main need of business .

ii) to satisfaction of customers

It is also aim or objective of business to satisfy its customers and it should do the work for their welfare. This welfare may by possible by providing product at low cost and high quality. A stable customer can provide stable amount of sale and contribute in the stable growth rate of business.

iii) to satisfaction of investors :-

Investors are those persons who invest their money in business and it is the main aim of business to provide them high rate of return and make them satisfied because, if there are satisfied, they will not sell company’s share at low price and financial crisis will not be faced by businessman.
iv) other social responsibility :-

To obey all other responsibility of society is also main objective of business and in this responsibility we can include protection of environment. We are seeing that business are becoming restriction in the way of environment protection but , because of business also dependent on environment and all raw material comes from environment , then it is the duty of businessman to protect environment by growing plantation in their business plants and also starting new programme for protection of environment .

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Accounting ! Answers
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