'Marinating goodwill and reputation of ones’ business is paramount to succeed and prosper. It helps in forming a distinct identity in the market'.

Which objective of business is highlighted in the above statement?

Market standing

The correct answer is option 1- Market standing.

Market standing: Marinating goodwill and reputation of ones’ business is paramount to succeed and prosper. It helps in forming a distinct identity in the market and is referred to as market standing in relation to its competitors. A business enterprise must aim at standing on stronger footing in terms of offering competitive products at reasonable prices to its customers and serving them to their satisfaction.

OTHER OPTIONS-

• Innovation: Innovation is central to the growth of any business enterprise. It helps business to scale up and give competitive edge to the enterprise in the market. Innovation is defined as an introduction of new ideas or methods in the way something is done or made. However, it does not imply that a new product is to be manufactured. Any modification in the existing product to enhance its operation also denotes innovativeness.
• Productivity: Productivity is ascertained by comparing the value of output with the value of inputs. It is used as a measure of efficiency. In order to ensure continuous survival and progress, every enterprise must aim at greater productivity through the best use of available resources.
• Earning profits: One of the objectives of business is to earn profits on the capital employed. Profitability refers to profit in relation to capital investment. Every business must earn a reasonable profit which is so important for its survival and growth.