LSBM004 Study & Research Skills: Purpose of Business Report

This report delves into the multifaceted purpose of a business, extending beyond mere profit generation. It emphasizes the significance of adapting to organizational changes and exploring business opportunities to achieve goals and objectives. The report highlights that while profit is crucial, customer satisfaction, quality product provision, and societal welfare are equally vital for long-term success. It underscores the importance of innovation, effective resource utilization, and stakeholder satisfaction, including employees, consumers, and shareholders. Furthermore, the report examines the role of market share and competitive advantage in achieving business objectives. The conclusion reinforces the idea that a company's purpose encompasses technological advancement, resource efficiency, and societal contribution, all of which are essential for competing effectively and providing high-quality products and services.

Purpose of business

Table of Contents
Introduction .....................................................................................................................................3
Purpose beyond profit will make more money ...............................................................................3
Conclusion ......................................................................................................................................5
References .......................................................................................................................................6

Introduction
Purpose of business largely depends on their abilities to explore their business and adapt
changes in their organization that helps them to achieve goals and objectives of business. Report
shows profit is not just an aim of organization different other purposes like satisfaction of
customers and ability to explore their business.
Purpose of each and every organization is to earn profit but making profit is not able to make
business to develop in a long run.
Purpose beyond profit will make more money
If company is able to make more profit then they are to develop their business at a large
scale. Company purpose is to develop their business at a large scale they need to work according
to the requirement of their business and effective utilization of resources helps them to achieve
their goals(Koris, Örtenblad and Ojala, 2017.). Company needs to think about their customers
that helps them to satisfy their wants and desires and engage them with their products and
services.
Provide quality product
Company needs to provide quality products to their customers by analysing their needs
and wants that helps them to achieve objectives and goals of business. If company aim is to
provide quality products and services to their customers they are able to engage them effectively
with products and services of an organization.
Company purpose needs to provide good life to their customers that have ability to satisfy
wants and desires of business and have ability to develop business at a large scale.
Purpose helps business to manage and improve their performance to develop their
business at a large scale. Companies need to have abilities to explore and adapt situation.
Companies need to be visionary to develop new technologies with innovation and develop
creativity in their overall working.
If companies are able to expand and develop their business then they have ability to
explore new things. If they provide quality products to their customers then it helps them to
engage customers and increase profitability of their business. Companies are working to develop

their business at all over the globe that helps them in effectiveness and overall success of their
organization.
Welfare of society
Companies need to work for development and welfare of society that helps them to
achieve their goals and objectives. They need to provide services and products that helps normal
people to develop and increase effectiveness of their business. Company needs to develop
effective use of resources that also helps them to reduce wastage(Freeman and Parmar, 2017. ).
Companies need to develop policies and plans that help them to achieve goals and objectives of
business with welfare of society. If company works for welfare of society then it develop an
positive image in minds of their customers. Provide good life and make their customers happy
and satisfied helps them to engage large number of customers.
Meet stakeholders expectations
Companies overall aim is to increase profitability but for that stakeholders are one of the
most important factors. Companies need to make their stakeholders satisfied to develop their
business at a large scale in a long run. Stakeholders are employees, consumers, shareholders all
are important for development of a business. Business needs to explore and expand their services
to satisfy their stakeholders.
Innovation and utilization of resources
Companies to become innovative to develop their business. Innovation helps them to
increase their performance and overall development and achievement of their goals and
objectives. Innovation helps to develop new technologies to prepare new products and services.
Utilization of resources helps them to achieve goals and objectives of a business. Utilization of
resources make organization to develop at a large scale. Utilization of resources helps companies
to develop and explore at a large scale.
Market share and competitive advantage
Companies main aim to gain a market share that helps them to achieve goals and
objectives of business. Large scale helps business to achieve their goals and objectives and make
organization to develop their business and increase their abilities to cope up with new changes
and technologies and helps business to attract competitive advantage towards overall success of
their business. Develop an effective market share help companies to get an competitive
advantage over their competitors that helps them to achieve goals and objectives of business.

Conclusion
Report shows the purpose of company helps them to improve and develop new
technologies for business and make effective use of available resources and works for welfare of
the society that helps them to achieve goals and objectives of business. Purpose make
organizations to compete with competitors and provide quality products.

References
Books and Journal
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.
Freeman, R.E. and Parmar, B.L., 2017. Managing for Stakeholders and the Purpose of Business.
Murray, B., 2019. The Purpose of Business: Why Values, Meaning and Purpose Really, Really
Matter. Effective Executive. 22(1). pp.10-17.