Business objective may be classified into organizational objectives, social objectives and personal or individual objectives!
1. Organisational Objectives:
The organisational objectives of management refer to the main objectives required to fulfill the economic goals of any business organisation. The chief aim of management is to utilize the human and material resources in such a manner as should give maximum advantage to the organization. Every management group strives to accomplish these objectives for its organisation.
These objectives of every organisation are survival, profit and growth:
(a) Survival:
The basic objective of every business is to survive for a long period in the market. The management must ensure the survival of the organisation by earning enough revenue to cover its costs.
(b) Profit:
Only survival is not sufficient for business. Profit earning is essential for meeting the expenses and for successful continuity of the business. Thus, management must ensure earning of sufficient profits for the organisation.
(c) Growth:
The next important organisational objective of the management is to ensure future growth and development of the business which can be measured in terms of increased sales, increase in number of products, segments etc. The growth potential of the organization must be fully exploited by the management.
2. Social Objectives:
Every organisation is a part of the society. Thus it has certain social obligations to fulfill.
The main social objectives are:
(i) Pollution free methods of production.
(ii) Increasing employment opportunities especially for the economically weaker sections of the society and backward classes.
(iii) Providing basic facilities to the employees like schools & creches for their children, medical facilities etc.
(iv) To supply quality goods and services at reasonable prices.
(v) To provide financial support to society by donating for noble causes.
(vi) To organize educational, health and vocational training programmes.
(vii) To participate in social service projects of Government and Non- Government Organisations (NGOs).
3. Personal Objectives:
Personal objectives refer to the objectives which are related to the employees of an organisation. Different people with different values, experiences and objectives become part of the organisation to satisfy their different needs.
These needs includes:
(i) Financial needs like salaries, incentives and other monetary benefits.
(ii) Social needs like recognition in the organisation.
(iii) Higher level needs which include personal growth and development.
In order to bring harmony in the organization, management has to integrate personal goals with the organisational goals.