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Learning objective

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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Topic

Setting business aims and objectives

Subtopic

Aims and objectives

Aqa Gcse BusinessBusiness in the real world

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Quick explanation

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

  • This point belongs to Setting business aims and objectives, especially Aims and objectives.
  • You need to be able 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.
  • The key ideas to know are survival, shareholder value, and growth.
  • Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.

Key concepts

survivalshareholder valuegrowthprofit maximisationcustomer satisfactionmarket share

Why it matters

This objective helps connect Aims and objectives to exam-style questions, flashcards, and revision notes for Setting business aims and objectives.

Quick student answer

A small manufacturer records the following for the year: revenue £120,000, fixed costs £30,000 and variable costs £50,000. Calculate the profit and the profit margin. Show all working.

Direct answer

Profit = £40,000; Profit margin = 33.33%

How it works

Profit = revenue – (fixed costs + variable costs) = £120,000 – (£30,000 + £50,000) = £40,000. Profit margin = (profit ÷ revenue) × 100% = (£40,000 ÷ £120,000) × 100% = 33.33%. A margin of 33.33% indicates that for every £1 earned, 33p is retained as profit.

Key terms

  • Market share: The percentage of total sales in a market that a particular company achieves.

Common trap

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.

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