Question

Two ambitious friends, Sana and Mihir, having passion for creating innovative software applications, established a tech startup named ‘Quick Solutions’. Their software was developed in such a way that it caters to the needs of all sections. Since its inception, ‘Quick Solutions’ was earning enough revenue to cover the costs. They faced countless challenges from competing with large and well-established companies. But they learned from their mistakes and continuously improved their product. Slowly, their software gained recognition for its quality and uniqueness and the company started making profits. It was a big incentive for Sana and Mihir for the continued successful operation of the enterprise. Within two years, the customer base increased manifold. Now, Sana and Mihir decided to make additional capital investment and hired more employees. They invested in research and development and expanded their product line to meet emerging market demands. ‘Quick Solutions’ ultimately became the industry leader because of the tireless efforts of Sana and Mihir.

Quoting lines, identify and state the objectives of management discussed in the above case which ‘Quick Solutions’ seeks to achieve.

Hint:

Great enterprises align economic growth with social good and individual success — fulfilling all three management objectives.

Answer 1

The story of ‘Quick Solutions’ demonstrates a real-world application of multiple objectives of management. Let’s analyze:
1. Economic Objective: “Their software gained recognition... and the company started making profits.” — This reflects the firm’s aim to earn revenue and maximize productivity. Profit generation and efficient resource use are the foundation of economic objectives. 
2. Social Objective: “Their software was developed in such a way that it caters to the needs of all sections.” and “They invested in R&D to meet emerging market demands.” — Here, the business is not only serving its clients efficiently but also contributing to societal development through inclusive products and innovation. 
3. Personal Objective: “It was a big incentive for Sana and Mihir... hired more employees.” — This part shows how the founders were motivated by growth and success. Their personal fulfillment, leadership, and career development signify the achievement of personal objectives. Thus, this single case reflects a balanced approach to all three major objectives of management. 
Final Answer: Economic, Social, and Personal Objectives