"To remain in the Industry, management must exploit fully the growth potential of the organisation" reflects one of objectives of Management.

Identify the objective of Management.

Organisational objective

The correct answer is Option (1)- Organisational objective.

The statement "To remain in the Industry, management must exploit fully the growth potential of the organization" reflects the objective of management to achieve organizational objectives.

Management is responsible for setting and achieving objectives for the organisation. It has to achieve a variety of objectives in all areas considering the interest of all stakeholders including, shareholders, employees, customers and the government. The main objective of any organisation should be to utilise human and material resources to the maximum possible advantage, i.e., to fulfill the economic objectives of a business. These are survival, profit and growth.

OTHER OPTIONS

• Social objectives involves the creation of benefit for society. As a part of society, every organisation whether it is business or non-business, has a social obligation to fulfill. This refers to consistently creating economic value for various constituents of society. This includes using environmental friendly methods of production, giving employment opportunities to the underprivileged sections of society and providing basic amenities like schools and healthcare, etc., for community.

• Personnel objective- Organisations are made up of people who have different personalities, backgrounds, experiences and objectives. They all become part of the organisation to satisfy their diverse needs. These vary from financial needs such as competitive salaries and perks, social needs such as peer recognition and higher level needs such as personal growth and development. Management has to reconcile personal goals with organisational objectives for harmony in the organisation.