Survival, Profit and Growth are three important economic objectives which management helps the organisation.

Economic Objectives of Business

Businesses exist to make a profit and achieve certain economic objectives. The following are the main economic objectives of business:

1. Profit Maximization: The primary economic objective of most businesses is to maximize profits by increasing revenue and minimizing costs.

2. Growth: Another important objective is to achieve growth by expanding the business, increasing market share, and diversifying into new markets.

3. Cost Efficiency: Businesses aim to achieve cost efficiency by minimizing costs and improving productivity through efficient use of resources.

4. Market Share: Businesses strive to increase their market share by offering better products or services and increasing customer satisfaction.

5. Return on Investment: Businesses aim to achieve a satisfactory return on investment for their shareholders by generating profits and increasing the value of their shares.

6. Innovation: Businesses aim to innovate by investing in research and development and introducing new products or services to the market.

7. Competitive Advantage: Businesses strive to achieve a competitive advantage by offering unique products or services, superior customer service, or lower prices than their competitors.

8. Social Responsibility: Businesses aim to contribute to the well-being of society by engaging in socially responsible practices, such as environmental sustainability, ethical business practices, and community involvement.

In conclusion, businesses have various economic objectives that they aim to achieve in order to survive and thrive in a competitive market. By maximizing profits, achieving growth, minimizing costs, increasing market share, and investing in innovation, businesses can achieve a competitive advantage and contribute to the well-being of society.