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Setting business aims and objectives
Setting business aims and objectives in AQA GCSE Business 8132 focuses on how real firms make decisions in the business in the real world part of the course. Students should connect key terms to business context, use evidence from case studies, and explain the likely effect on costs, revenue, profit, cash flow, customers, employees, owners, and other stakeholders. Strong revision separates similar concepts, weighs advantages against disadvantages, and uses figures where calculations or financial evidence are relevant. Exam answers should move beyond definitions by applying the idea to a specific business objective and reaching a justified judgement.
5
Objectives
25
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25
Questions
90 min
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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
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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