Significance/ Role of Business

Category: Bank
Posted on: Monday, September 18, 2017



The role or significance may be properly discussed under the following heads : –

(i) Significance for Business Persons : 

  • It helps in accomplishing their objectives.
  • It helps in acquiring the knowledge and letter skills.
  • Business persons may go for expansion and diversification of business.
  • Get knowledge and feed back information from the middleman & customers
  • They may by more emphasis on customer satisfaction.
  • Create and maintain better relation with wholesalers, dealers, retailers, and other merchantile intermediaries.
  • Easily innovate and develop new product.
  • More responsible to the society.
  • Optimum utilization of resources in the most effective and efficient way.
  • Enjoy a very high societal status.


(ii) Significance for Customers: 

  • Helps them to get right the product.
  • It ensures satisfaction of the needs of consumers
  • It ensures better facilities, better deal and after –sale services.
  • Customers also get benefits under loyal customer schemes.
  • Customer gets better products and services at lower costs.
  • Customer also gets the joy of larger choice.


(iii) Significance for the Society: 

  • Members of society get better products and services at reasonable rates.
  • Employment Opportunities.
  • Better standard of living and quality of life.
  • Security and welfare of their old age and raising days.
  • Eradicate poverty, disease, ignorance, social evils through social welfare programmes.


(iv) Significance for the Economy : 

  • Planned development in the economy.
  • Efficient and effective utilization of national resources.
  • Ensures regular process of production and distribution of goods and services.
  • Increasing national productivity.
  • Balanced Regional Development.
  • Increase and provide employment opportunities.
  • Foreign exchange reserves by way of exports of goods and services.