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Shreya, Shrui...

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Shreya, Shruit and Shabnam joined together and established a partnership firm. Their main product was a mobile phone. Besides, they also dealt in some other electronic instruments. Each one of the partners looked after one particular department. They had made it certain that every Monday they would hold a meeting and share the information on the activities of their respective departments. In one of their meetings, they decided that each member would tell something special on which they should focus their attention. The three special things told by all the three of them were as given below. (i) Shreya: In order to compete with rivals, we shall have to focus our mind on Marketing Research. (ii) Shruti: We should keep clear of the anti-social activities like Adulteration, Hoarding and Profitering. (iii) Shabnam: We have to establish our business in the society. The members of society are out customers from whom we earn our profit. Hence, we should contribute to the activities of public importance; namely ?Dispensaries Educational Institutions, etc. (a) To which aspect of business are concerned the three special things told by the three partners, given in the above paragraph? (b) State the context points given in the statements of the three partners.

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Solution

Dear Student,
Here is your answer,
a) The aspect of business are concerned the three special things told by the three partners, given in the above paragraph are: Objectives of Business.

b) 1.Economic Objectives
Business is an economic activity and therefore, its purpose is to show economic results.

2.Social Objectives

Business is an integral part of society. It makes use of resources of society. It earns profit by selling its products or services to members of society. So it becomes obligatory on the part of the businessman to do something for the society.

Regards.

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