Explain in detail the social objectives of the business fybcom sem 1

 F.Y.B.COM ( SEMESTER – I )

Commerce Paper I (Introduction to Business)

Q3. Explain in detail the Social objectives of
the Business.

Social Objectives Business :

Business is a part of a social System. A social system
involves people and their Organisations in mutual relationship to each other.
Business is an integral part of society.

 

Following are the social objectives of business

1) Social Objectives towards Customers :

The Survival and success of any business organisation
depends on its cusumers. One universally accepted social objective of business
is to satisfy consumers by providing goods and services as per their needs and
expectations. Business activities are essential for meeting the needs of
consumers. Business have to supplied quality good at reasonable price to the
customer.

2) Social Objectives towards Employees :

The Social Objective of a business firm towards its
employees is to treat them with respect and provide them with the right
compensation and facilities. Business should provide better wages, working
conditions, good treatment to the employees. It also provide monetary and
non-monetary benefits for satisfaction of the employees. This also ensures
industrial peace and harmony.

3) Social Objectives towards shareholders :

Shareholders invest their money in the business in the form
of shares, debentures bonds etc. The basic objective is that the shareholder
should receive a fair, return on their investment. The Objective of thebusiness is to utilise efficiently the money of the shareholder and give them
fair return on their investment in the form of dividend a interest.

4) Social Objectives towards Government :

A business organisation can’t function smoothly without the
support and co-operation of the Government. Hence, it becomes necessary on the
part of the organisation to fulfill its social duties towards the government.
These include payment of taxes and duties, following the rules and regulations
framed by the government from time to time, contributing towards the welfare
activities of the government and so on.

5) Social Objectives towards Suppliers :

The suppliers can play an important role in the success of
an organisation by Supplying the right quality and quantity of material at the
right time. Therefore, a business firm needs to have social objectives towards
supplier in respect of timely payment of dues. Helping the suppliers in their
financial requirements by making advance payments.

6) Social objectives towards Dealers :

Dealers assist business firm by promoting and pushing goods
and services in the market at the right time at the right place. It is one of
the basic social objectives that be produced and
supplied. If this basic demand of the society is met, the business may survive
in the long run.

7) Social Objectives towards Society :

Business organisation gain profit because of the support of
the society. Naturally, they are expected to provide financial support for
various social, educational and cultural activities. This is also necessary for
maintaining cordial relations with the society. Business organizations must
also support social welfare programmes.