Setting Business Aims And Objectives
Specification:
1.2 Setting Business Aims and Objectives • types of business aims and objectives • purpose of setting objectives • using business objectives to measure success • influence of stakeholders on business objectives |
Candidates should be aware of the main types of business aims, including: survival, profit, growth, market share, customer satisfaction, ethical and sustainable.
Candidates should be familiar with the role of objectives in running a business and how they can be used to measure the success of a business. Candidates should have an understanding of the importance of stakeholders in influencing the objectives of a small business. |
Lesson 8:
Types Of Aims And Objectives
Lesson Objectives:
- To understand that businesses will have different types of objectives (D-E)
- To understand why different businesses will have different objectives (B-C)
- To understand the importance to a business of having the correct objectives (A*-A)
- To understand that businesses will have different types of objectives (D-E)
- To understand why different businesses will have different objectives (B-C)
- To understand the importance to a business of having the correct objectives (A*-A)
Aims And Objectives | |
File Size: | 1229 kb |
File Type: | ppt |
Starter: What are your aims and objectives in life?
Why will you have different aims and objectives from each other?
Why will you have different aims and objectives from each other?
An Aim: A large broad, unspecific target that a business has set for itself in the future
An Objective: Smaller tasks that will all contribute to the completion of the main aim
An Objective: Smaller tasks that will all contribute to the completion of the main aim
S+C: Which is more important; an aim or an objective?
year_10_gsce_as_and_os_table.docx | |
File Size: | 14 kb |
File Type: | docx |
Plenary: Imagine you started up a business selling fizzy drinks in the playground. How would your business aims and objectives change as time went on?
Lesson 9:
Purpose Of Setting Objectives
Lesson Objectives:
- To know at least TWO reasons as to why businesses set aims and objectives.
- To describe what makes a GOOD business aim (target) – SMART!
- To evaluate how well a business has been at achieving its aims/objectives by looking at their mission statements.
- To know at least TWO reasons as to why businesses set aims and objectives.
- To describe what makes a GOOD business aim (target) – SMART!
- To evaluate how well a business has been at achieving its aims/objectives by looking at their mission statements.
Purpose Of Aims And Objectives | |
File Size: | 269 kb |
File Type: | ppt |
Starter: Smart targets word jumble.
Why do entrepreneurs set objectives?
•It helps with decision making/establish priorities
•It helps investors
•It provides targets
•It can motivate everyone connected with the business
•It gives the entrepreneur and employees clear direction.
•It helps with decision making/establish priorities
•It helps investors
•It provides targets
•It can motivate everyone connected with the business
•It gives the entrepreneur and employees clear direction.
To be effective, an objective should clearly state:
- What the target is
- When it has to be achieved
- Who is to achieve it
- How to achieve it
Activity: Garden cane team work activity. How many attempts do you think your team can do it in? Set yourself a target.
If you can't do it, go away and make a plan as to how you will achieve it.
Why do you think businesses make objectives? What are the advantages and disadvantages of setting objectives?
S+C: Why is Man Utd setting the target of RVP scoring 20 goals a bad objective? How do you set an objective that can benefit everyone?
How do non-profit making making organisations measure whether they have achieved their objectives?
- What the target is
- When it has to be achieved
- Who is to achieve it
- How to achieve it
Activity: Garden cane team work activity. How many attempts do you think your team can do it in? Set yourself a target.
If you can't do it, go away and make a plan as to how you will achieve it.
Why do you think businesses make objectives? What are the advantages and disadvantages of setting objectives?
S+C: Why is Man Utd setting the target of RVP scoring 20 goals a bad objective? How do you set an objective that can benefit everyone?
How do non-profit making making organisations measure whether they have achieved their objectives?
Plenary: Are the businesses successful?
Lesson 10:
Using Objectives To Measure Success
Lesson Objectives:
- To identify at least FIVE ways of measuring business success.
- To analyse the usefulness of such methods.
- To evaluate the methods of measuring business success.
- To identify at least FIVE ways of measuring business success.
- To analyse the usefulness of such methods.
- To evaluate the methods of measuring business success.
Objectives And Measuring Success | |
File Size: | 811 kb |
File Type: | ppt |
Starter: Build your 'Jenga' towers.
You can only know whether someone is being successful if you know what they are trying to achieve. Business objectives provide a point of focus, helping entrepreneurs to make decisions and review how things are going.
How to measure success:
•Number of sales
•Amount of profit made
•Number of stores
•Number of employees
•Reputation with stakeholders
•Market share
How to measure success:
•Number of sales
•Amount of profit made
•Number of stores
•Number of employees
•Reputation with stakeholders
•Market share
Examiner's tip: Always look for the objectives of the people starting up a business - only then can you judge properly whether or not they have succeeded. You may not be happy with earnings of £20,000 a year, but someone else might be.
Activity:
measuring_success.docx | |
File Size: | 16 kb |
File Type: | docx |
Lesson 11:
Influence Of Stakeholders On Objectives
Lesson Objectives:
- To understand the different stakeholders of a business (D-E)
- To analyse why there might be stakeholder conflict (B-C)
- To evaluate the impact of stakeholders on business objectives (A*-A)
- To understand the different stakeholders of a business (D-E)
- To analyse why there might be stakeholder conflict (B-C)
- To evaluate the impact of stakeholders on business objectives (A*-A)
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Starter: The school day is going to start at 7.30am and finish at 4pm. Which different groups of people will this affect and why?
Stakeholders are individuals and organisations that are affected by and affect the activities of a business. All of these groups will have their own objectives and these may influence the targets set by businesses.
how_stakeholders_affect_objectives.pub | |
File Size: | 91 kb |
File Type: | pub |
Activity: Complete the worksheet explaining how the different stakeholders could affect business objectives.
Stakeholders can influence a business in many ways:
Negotiation: Employees for better pay, suppliers for beter terms and conditions
Direct action: Customers stop buying a product, employees go on strike
Refucal to cooperate: Councils refuse planning permission, employees work to rule
Voting: Shareholders can vote in and change directors
Negotiation: Employees for better pay, suppliers for beter terms and conditions
Direct action: Customers stop buying a product, employees go on strike
Refucal to cooperate: Councils refuse planning permission, employees work to rule
Voting: Shareholders can vote in and change directors
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Rising profits
Rising childhood obescity How healthy is the food? Is it right to sell toys with a happy meal? Salad with dressing has more calories than a Big Mac |
Activity: What conflicts of interest will there be within McDonald's stakeholders?
McDonald's shareholder
NHS shareholder
Parent of toddler
British Government
Local community
Customer
S+C - How do you keep all your stakeholders happy?
McDonald's shareholder
NHS shareholder
Parent of toddler
British Government
Local community
Customer
S+C - How do you keep all your stakeholders happy?