1.

3 Setting Business Aims And Objectives

 1.3 Setting Business Aims And Objectives
Lesson objectives :
• We are learning to understand the importance of
Businesses setting aims and objectives
Success Criteria:
 I Understand that businesses can have several
objectives.
 I can analyze why businesses have different aims and
objectives, and why they are set .
 I can explore different objectives such as growth,
profitability, and market share.
The skill we will focus on today is
Competency Link research skills, including locating
Collaboration, Critical thinking and Communication and managing resources

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 Starter - TPS

What is the aims of these business?

 New Learning
Scenario
• David Beckham has retired and wants to keep himself busy, so he has decided
to set up a business selling replica sports shirts.
• He decides to hire a small stall in Camden market, and has decided to work 7
days a week.
• With every purchase- David said that he will sign the shirt to help boost early
sales
• In the future David wants to replace his stall with his own shop
• 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

Identify David’s main business Aim, then Identify is business

objectives. Be ready to share your answers with the class.
 THINK TANK
Business Objectives
• Objectives are ways of achieving your aim

For example:

• Aim: McDonald’s will offer healthier food to

its customers

• Objective: McDonald’s will introduce new

salad options, healthier subs and more fruit
and vegetables in all its UK restaurants by the
end of the year.
Objectives Should Be…
 Major Objectives

GROWTH

Businesses work towards a number of major

objectives.
MARKET
SHARE

PROFITABILITY
HOT POINT
Read pg: 20
• Objectives which relate to meeting the needs of the
society or the environment. They are also know as
NOT-FOR-PROFIT
 CRITICAL
THINKING
Why is it important to have clear objectives?

Employees need
something to work Objectives help to decide
where to take a business
towards. Objectives are a
and what steps are
good way of motivating necessary to get there. For
people. example, if a business.

Without objectives
owners might not have
the motivation needed
to keep the business
going. The business
might start to ‘drift’.
 AFL

Company, profit, Objectives, growth,

independent, SMART, market share, new market
1. Businesses work to broad aims (goals), which
may be broken in to _________.

2. Objectives should be______, ______, ______,

______ and ______.

3. Broad objectives usually relate to ____, ______

and ________.
AFL: SELF ASSESS
 Task

3. What might be suitable objectives for the following businesses? Give reasons for your
answers:
i. An 18-year-old school leaver just setting up a new business repairing computers
ii. Tesco
iii. A local fruit and vegetable shop which discovers a new hypermarket is to open 100 metres away.

4. Imagine you were starting your own business. Write down two possible business objectives.