The following points highlight the six main objectives of a corporate business unit. The six-fold objectives are:- 1. Organic Objectives 2. Economic Objectives 3. Social Objectives 4. Human Objectives 5. National Objectives 6. Strategic Objectives.
1. Organic Objectives:
A corporate business unit is essentially an organic entity having its own infancy, childhood, adulthood and maturity. Thus, its concern is to ensure its survival for continuing its business activities so that it can grow and expand, and earn prestige and recognition from the society.
2. Economic Objectives:
A corporate business unit is basically an economic activity. Its economic objectives are to earn sufficient profit to cover the risks and avoid loss, and to create consumers who collectively constitute the market for the products and services, and to provide newer and better products and services through regular research and innovation.
3. Social Objectives:
A corporate business unit is an economic institution of society and has to fulfil its obligations to the society through: supply of desired quality and quantity of goods at reasonable prices, avoidance of profiteering and anti-social practices as hoarding, black marketing, etc., and creation and provision of employment opportunities for the people in society.
4. Human Objectives:
A corporate business unit operates through the medium of human beings working as individuals or groups and so, it has to serve the objectives like fair dealings, development of human resources, fair wages, employee participation, and job satisfaction, etc. of persons employed.
5. National Objectives:
A corporate business unit, being a part of the nation, should undertake its activities keeping in view the national plans and priorities like social justice to all, development of entrepreneurship and ancillary units, national self-sufficiency and export development.
6. Strategic Objectives:
A corporate business unit, being a part of the Globe, should undertake its activities keeping in view the international scene characterised by rapid technological change, quickened pace of innovation, and fierce competition from other units, so as to maintain its stability and growth.
So, it has to incorporate within it certain business strategies, as the directional action decisions, that would articulate its interrelationships between it and its external environment. These are called corporate strategies and they are, all the more, a necessity for hi-tech industries.