1.4 business aims & objectives |
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Task 1
Individual task
Answer the following questions to the best of your ability, you can have more than one response for each question:
Individual task
Answer the following questions to the best of your ability, you can have more than one response for each question:
Information
An aim is a general goal of a business, for example the owners may wish to grow the business of make it more profitable. An objective is a specific target that turns the aim into something that is easier to measure and assess progress. For example to increase sales by 25% over a three year period
An aim is a general goal of a business, for example the owners may wish to grow the business of make it more profitable. An objective is a specific target that turns the aim into something that is easier to measure and assess progress. For example to increase sales by 25% over a three year period
Task 2
Read the case study below and identify the businesses aims and objectives.
Stretch & challenge: In your opinion, to what extent are they meeting those aims?
Read the case study below and identify the businesses aims and objectives.
Stretch & challenge: In your opinion, to what extent are they meeting those aims?
![Picture](/uploads/3/1/2/9/31298463/published/smart-goal-examples-2951827-final-5b6887cc46e0fb0050aa0bc9.png?1570003981)
Information
By setting objectives, managers will be clearer about what they are trying to achieve. This is important for the following reasons:
> It helps with decision making and establishing priorities
> It helps investors understand the direction the business is taking
> provides a target everyone can strive to achieve
> Allows you to measure the success of the business
> It is motivational as everyone knows what they are trying to achieve.
By setting objectives, managers will be clearer about what they are trying to achieve. This is important for the following reasons:
> It helps with decision making and establishing priorities
> It helps investors understand the direction the business is taking
> provides a target everyone can strive to achieve
> Allows you to measure the success of the business
> It is motivational as everyone knows what they are trying to achieve.
Plenary
Class discussion
For one of the aims you have identified in Task 1, discuss some objectives that you can use as stepping stones to achieving that aim. E.g. If your aim was to get good GCSE grades your objectives could include: Have 100% attendance at school, spend one hour per week on extra revision per subject, etc.
Class discussion
For one of the aims you have identified in Task 1, discuss some objectives that you can use as stepping stones to achieving that aim. E.g. If your aim was to get good GCSE grades your objectives could include: Have 100% attendance at school, spend one hour per week on extra revision per subject, etc.