Objective of Management

Objective of Management

The basic purpose of management of an enterprise is to achieve enterprise goals. For a business, the main purpose is to earn reasonable profits by providing want- satisfying products to the customers. In order to achieve this, the managers pursue the following objectives: 

(1) Higher Efficiency: Management seeks to obtain maximum output with minimum resources and efforts. The factors of production are utilized in such a way that waste of time, effort and energy is minimized. There is high focus on higher productivity.        

(2) Satisfaction of Customers:  Management attempts to produce products required by the customers. Satisfaction of customers is very important for the survival and growth of the business. The customers must be satisfied by offering them quality products and better service.      

(3) Adequate Return on Capital: Management must achieve a reasonable rate of return for the owners of the business. If it is not so, the supply of capital to the business will be restricted in the future.         

(4) Satisfied Workforce: Management attempts to build a team of good workers who are happy and satisfied with the organization. Satisfied workers are cooperative and contribute to the goals of the organization.    

(5) Better Working Conditions: Management seeks to achieve a system to ensure fair wages for the work, security of employment and better working conditions for the workforce. This will raise the standard of life of the workers.      

(6) Relations with Suppliers: Management seeks to achieve good relations with the suppliers of raw materials and capital so as to continue in production. 

(7) Contribution to National Goals:    the management must contribute to the national goals. It should use the judicious use of scarce resources of the country. It should undertake ventures, which will lead to employment- generation. The management should also contribute towards the improvement of the surrounding areas where plant is located.         

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