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Setting business aims and objectives

Study why businesses set objectives, how objectives vary and how business success can be measured.

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90 min

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AqaGcseBusinessBusiness in the real world

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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.

Market shareObjectiveCompetitionobjectiveReturn on Investment (ROI)

Link aims to stakeholder interests: When answering questions about business aims, first identify the key stakeholders (customers, employees, shareholders, suppliers, community) and then explain how each aim satisfies their interests.
Make objectives SMART: Always include a metric and a deadline when writing objectives.

Confusing market share with market size: Market size is the total sales volume of the market; market share is the proportion of that volume captured by a firm.
Confusing aims with objectives: Aims are broad statements of purpose, while objectives are detailed, measurable targets that can be tracked.

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