define business what are the objective and function of business
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Student Expert
14th Nov, 2019
Hello there!
Greetings!
Business is nothing but an organization or enterprising entity which is engaged in commercial, industrial, or professional activities, business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.The word business has been derived from the word busy, and means doing things.It works on regular basis. Business objectives are something which a business organisation wants to achieve or what it wants to accomplish over a specified period of time. These may be to earn profit for its growth and development, to provide quality goods to its customers, to protect the environment, etc business functions are the activities carried out by an enterprise; they can be divided into core functions and support functions . Core business functions are activities of an enterprise yielding income: the production of final goods or services intended for the market or for third parties.
Thankyou
Greetings!
Business is nothing but an organization or enterprising entity which is engaged in commercial, industrial, or professional activities, business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.The word business has been derived from the word busy, and means doing things.It works on regular basis. Business objectives are something which a business organisation wants to achieve or what it wants to accomplish over a specified period of time. These may be to earn profit for its growth and development, to provide quality goods to its customers, to protect the environment, etc business functions are the activities carried out by an enterprise; they can be divided into core functions and support functions . Core business functions are activities of an enterprise yielding income: the production of final goods or services intended for the market or for third parties.
Thankyou
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Student Expert
14th Nov, 2019
Dear aspirant, A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause.
The term business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.
The objectives of a business can be classified into two main categories, which are
Economic Objectives
Economic objectives can be further classified as follows :-
Social Objectives
Social Objectives can be further classified as follows :-
Business Functions
There are seven main types of business function of a manufacturing undertaking:-
All the best
Hope this helps
The term business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.
The objectives of a business can be classified into two main categories, which are
- Economic objectives
- Social objectives
Economic Objectives
Economic objectives can be further classified as follows :-
- Profit Earning
- Market Share /Creation of Customers
- Innovation and Utilisation of resources
- Increasing Productivity
Social Objectives
Social Objectives can be further classified as follows :-
- Providing Goods and services at reasonable prices
- Employment Generation
- Fair Remuneration to employees
- Community Service
Business Functions
There are seven main types of business function of a manufacturing undertaking:-
- Purchase Function
- Productivity Function
- Distribution Function
- Accounting Function
- Personnel Function
- Research and Development
- Financial Management and Economics
All the best
Hope this helps
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