Goals of the Firm

Similarly, the firm pursues a number of goals simultaneously, main among them being:

(a)     Production goal,

(b)     Sales goal,  

(c)     Market share goal,

(d)     Inventory goal, and

(e)     Profit goal.

The top management, in consultation with different groups, finally decides the goals of the firm. In case of non-fulfillment of goals, search activity is done after which a revision of goals is undertaken.

The 'aspiration levels' and 'goals' of the firm undergo changes over time depending on the past achievements of the firm, change in performance of the firm and changes in business environment.

The behavioural theory has- contributed to the development of the theory of the firm by explaining the process of goal formation and internal resource allocation and the systematic analysis of the stabilising role of [slack' on the activity of the firm. However, the theory does not deal with industry equilibrium nor does it explain the dynamic behaviour of the firm.

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