iGCSE Business Edexcel
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25 topics in 5 modules
☑️ Business Activity and Influences on Business 8 topics
- Business Objectives
- Types of Organisation
- Classification of Businesses
- Decisions on Location
- Business and the International Economy
- Government Objectives and Policies
- External Factors
- What makes a Business successful?
☑️ People in Business 5 topics
- Internal and External Communication
- Recruitment and Selection
- Training
- Motivation and Rewards
- Organisation Structure and Employees
☑️ Business Finance 5 topics
- Sources of Finance
- Cash Flow Forecasts
- Costs and Break-even Analysis
- Financial Documents
- Accounts Analysis
☑️ Marketing 3 topics
- Market Research
- The Market
- The Marketing Mix
☑️ Business Operations 4 topics
- Economies and Diseconomies of Scale
- Production
- Factors of Production
- Quality
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iGCSE Business Edexcel Revision Content
Take a look at the written content available for this course. Practice-question availability may vary.
iGCSE Business Edexcel - Business Activity and Influences on Business - Business Objectives Content Preview
Business Activity and Influences on Business
Business Objectives
Section 1: Understanding Business Objectives
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Businesses are established with a set of specific goals known as business objectives. These define what a business wants to achieve.
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Business objectives act as a guideline for the daily operations and decision-making processes within a business.
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Often, objectives are established on the basis of the SMART principle, that is the objectives should be Specific, Measurable, Achievable, Relevant, and Time-related.
Section 2: Common Types of Business Objectives
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Profit maximisation: Many businesses aim to increase their profits to the maximum level possible. Profit is the difference between revenues and costs.
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Survival: New businesses and those in extremely competitive markets might focus on survival as their key objective.
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Growth: Businesses often aim to expand their operations, which could mean increasing sales, number of employees, market share, etc.
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Increasing market share: This objective relates to gaining dominance over competitors within a specific market.
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Providing quality products or services: Maintaining high quality can improve reputation and boost sales.
Section 3: Importance of Business Objectives
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Business objectives aid in planning and decision-making, helping businesses navigate towards their goals.
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They assist in directing employees’ efforts and focus towards important areas of the operation.
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They motivate employees by giving them something tangible to strive for.
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They form the foundation for monitoring progress and assessing performance by providing clear and quantifiable goals.
Section 4: Modification of Business Objectives
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Adapting objectives is essential in response to changing internal and external factors.
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Internal changes could include new management, changes in size, technological advancements etc.
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External changes could be changes in market trends, laws, competitor activity, economic conditions, etc.
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Remaining flexible and able to adapt objectives is key to remaining successful in the ever-evolving business environment.
Question: Explain the importance of adaptability in maintaining successful business objectives, and give an example of an internal and an external change that may require a business to modify its objectives.
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