Analysis of Business Purpose, Objectives, and Customer Satisfaction

This report delves into the core purpose of businesses, emphasizing the significance of setting clear objectives and strategies. It highlights the importance of generating revenue, achieving competitive advantages, and delivering shareholder value. The report also explores the role of customer satisfaction, expanding customer bases, and providing excellent services. It further differentiates between traditional and contemporary business purposes and highlights the significance of aligning employee and customer goals to ensure business success. The report references key academic sources, providing a well-rounded analysis of the purpose of business.

Purpose of Business

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REFERENCES................................................................................................................................2

Business is referred to an activity where people collectively work together to make
money and sell products and services. Function of business is to produce final service and goods
in order to deliver in the market to its end use customers. The major purpose will give direction
to companies and team to pursue better service and products to its customers with strong
capabilities and abilities.
Main purpose of business is to make profit and revenue by gaining competitive advantage
into market (Basu, 2017). Businesses are generate higher return for shareholders which are also
one of its major aim. In addition to this businesses can get revenue by providing better services
to their customers. The companies have aim to expand their customer base on worldwide level.
In other words businesses are creating delighted customers. For this, they target customer base
which is less price sensitive, has higher purchasing rates. There are mainly 2 purpose of business
which is traditional and contemporary. The former include only earning profits and exchanging
goods while latter include earning increased number of customers and expanding in other parts
of world.
Some businesses have purpose to achieve trust of customers by providing them satisfied
goods and services. With that investor and customers contributing indirectly or directly to
economy of United Kingdom (Koris, Örtenblad and Ojala, 2017). Company's purpose is
connected with its aim, desires and needs, helping company to convey its vision in market.
Thus it could be concluded that it is very much essential that company is setting up aim
and objective so that they are working accordingly. It should be deeper than strategy. It is always
more important because it connects the employees to business and customer as well. If
employees and customers are not aligned to common purpose then business can get in risk.
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REFERENCES
Books and Journals
Basu, S., 2017. Corporate purpose: Why it matters more than strategy. Routledge.
Bell, E., Bryman, A. and Harley, B., 2018. Business research methods. Oxford university press.
Koris, R., Örtenblad, A. and Ojala, T., 2017. From maintaining the status quo to promoting free
thinking and inquiry: Business students’ perspective on the purpose of business school
teaching. Management Learning. 48(2). pp.174-186.
Online
Purpose of Business. 2018. [ONLINE] Available thought: <https://www.toppr.com/bytes/nature-
and-purpose-of-business/>.S
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