Topic study hub
Setting business aims and objectives
Study why businesses set objectives, how objectives vary and how business success can be measured.
5
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaGcseBusinessBusiness in the real world
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Syllabus checklist
What you need to know
5 objective pages available
Aims and objectives2 objectives
- Explain the main business aims and objectives: survival, profit maximisation, domestic and international growth, market share, customer satisfaction, social and ethical objectives and shareholder value.
- Explain the role of objectives in running a business.
Changing objectives and success measures3 objectives
- Explain why objectives differ between businesses, including business size, competition and not-for-profit status.
- Explain why objectives may change as businesses evolve from start-up to larger established businesses.
- Explain why business success can be measured by more than profit.
Key terms
survivalprofit maximisationroleobjectivescompetitionExplainestablished businessstart-upbusinesssuccess
Exam tips
- Aims and objectives exam tip 1: Use precise subject-specific vocabulary when you explain how to explain the main business aims and objectives: survival, profit maximisation, domestic and international growth, market share, customer satisfaction, social and ethical objectives and shareholder value..
- Aims and objectives exam tip 1: Use precise subject-specific vocabulary when you explain how to explain the role of objectives in running a business..
Common mistakes
- Aims and objectives common mistake 1: Answer by clearly explaining how to explain the main business aims and objectives: survival, profit maximisation, domestic and international growth, market share, customer satisfaction, social and ethical objectives and shareholder value..
- Aims and objectives common mistake 1: Answer by clearly explaining how to explain the role of objectives in running a business..
Practice preview
- GreenGlow serves price-sensitive customers while using retained profit; the case evidence includes break-even output of ?10,796, sales of 971 units, and a 41% change in costs or demand. Which option best applies Explain the main business aims and objectives: survival, profit maximisation, domestic and international growth, market share, customer satisfaction, social and ethical objectives and shareholder value?
- SolarSprout serves price-sensitive customers while using retained profit; the case evidence includes break-even output of ?7,365, sales of 630 units, and a 10% change in costs or demand. Which option best applies Explain the main business aims and objectives: survival, profit maximisation, domestic and international growth, market share, customer satisfaction, social and ethical objectives and shareholder value?
- PeakPods serves tourists while improving quality control; the case evidence includes average order value of ?6,726, sales of 286 units, and a 23% change in costs or demand. Which option best applies Explain the main business aims and objectives: survival, profit maximisation, domestic and international growth, market share, customer satisfaction, social and ethical objectives and shareholder value?
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