GCSE Business Studies - Aims & Objectives

What is an aim?

• A business goal
• SMART
• Measured targets
• Ideas

Which of the following is an example of an aim?

• Downsize the business
• Employ more people
• Make a profit
• Sack people

Which of the following options is NOT a reason why aims are important?

• Helps the business have a vision
• Helps a business focus
• Helps a business
• Helps a business get more staff

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

• Long-term vision or goal of the business

• Are more specific steps to achieve the aim; they tend to be S.M.A.R.T

What aim might a new, small business have?

• Profit
• Market Share
• Survive
• Providing a service

Which of the following is not an example of a financial aim?

• To increase sales

• To increase profits

• To be more ethical

• To cut costs

Objectives should be SMART. What does this stand for?

• Specific, Measurable, Actual, Revenue, Timed

• Specific, Measurable, Achievable, Realistic Timed

• Sausage, Mash, Avocado, Raddish, Tomatoes

A new business is likely to have the following aim in its first year:

• survival

• maximise profit

• growth

The percentage of sales a single business has in relation to the whole market is...

• market size

• profit

• revenue

• market share

A business aim...

• is where the business wants to go in the future, it’s goals. It is a statement of purpose
• stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
• sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.