Social objectives of business and enterprise
In broad terms, business is carried out by the entrepreneurs, through workers for the consumers or the community. A business is done in certain social, cultural and political set up. Thus objective of business is not only concerned with economic activity of making money. But is also involves certain social objectives as well. Some of these are mentioned below.
1) helping the nation by improving its economy by producing and distributing items which the nation requires
2) to educate people; remove illiteracy
3) creating healthy environment by controlling pollution
4) To introduce things which could be used in place of imported things i,e., import substitutes.
5) Helping religions, charitable and cultural institution which serves the people for betterment.
6) Helping some enterprises economically backward.
7) Help the nation in achieving self sufficiency through exports
Understanding consumer and market
Marketing is one of the most important functions of a business enterprise. Without successful marketing no business can be run smoothly for a long time. Unless the produced items are sold at profitable rates the business will incur losses and a stage will arrive, when it will have to be closed down. Therefore, it is quite essential to understand the consumer and the market because finally it is the consumer who purchases different items available in the market.
There beings several manufacturers or traders who produce or sell similar items in the market, unity of making selection. A consumer gets the opportunity of making selection. A wise consumer will, while buying anything, consider the following-
A) quality of the product
B) cost
C) after sale service and guarantee.