The business cannot afford to ignore its social responsibilities. It is business not only to do business only but it is required to serve the society as well. The business has to shoulder the social responsibilities in order to better the consumers’ service and self-improvement.
The management succeeds where it is managed by men of quality, integrity, purpose and honesty. The men managing the business affairs are supposed to the leader. They must lead with foresight, vision, vigor and above all with integrity and honesty.
A successful business requires in order to fulfill its obligations to itself, stakeholders and society. A business is required to render worthwhile service to the consuming public.
Henry Ford emphasized the philosophy of business lies in serving the society instead of serving own-self. The business is no longer expected to ignore public interest and thereby evade its social responsibilities.
Objectives of business refer to purpose for which business is established. Generally objective of business is to make profit and avoid loss. No doubt profit is driving force in undertaking any business activity but not the only objective of business
Human activity directed towards producing or acquiring wealth through buying and selling of goods is called business. Business thus is the sum of total activities which are connected with the production or purchase and sale of goods and services with the main objective to earn profit.
Line organization is also known as vertical organization or departmental organization. This is the oldest form of organization. Line organization assumes that direct authority is exercised by a superior over his subordinates. The flow of this authority is always downwards.
All the four business cycle phases are cyclical but there is no explicit period or intervals for these business cycle occurrences. Below are the four business cycle phases or trade cycle phase.