GCSE Business - Theme 2 - 2.1 Aims and Objectives

Objectives set by businesses need to be......

• Specific  Measurable  Attainable Realistic Time specific (SMART)
• Set Measured Adaptable Realistic Timed

What is meant by the 'objectives' of a business?

• The strategic goals of a business for the future; It's a statement of purpose e.g. we want to grow the business.
• Are more specific steps to achieve the aim; for example to increase market share by 5% over the next year.

What is meant by the 'aim' of a business?

• The strategic goals of a business for the future; It's a statement of purpose e.g. we want to grow the business.
• Are more specific steps to achieve the aim; for example to increase market share by 5% over the next year.

What aim might a new, small business have?

• Profit
• Market Share
• Survive
• Providing a service

New businesses might choose this aim to tempt potential customers to try the products/services they offer...

• Excellent customer service
• Grow the company into Europe

What is the danger of a business growing too quickly?

• It may lose sight of how its treating its customers, which can lead to losing customers if service is poor.
• It will face competition from other existing businesses.

What is the aim of a public limited company making car parts?

• Profit
• Survival
• Market Share
• Growth

What is meant by 'survival'?

• Share of the total market for a product or service and is shown as a percentage.
• Where a business makes sure the needs of the customer are being met.
• When a business just manages to keep going.

What aim might a well established international airline facing competition from low-cost airlines have?

• Growth
• Profit
• Market share
• Providing a service

What is meant by 'profit'?

• Difference between revenue and costs
• Its the income of a business