IGCSE Business Studies

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Presentation transcript:

IGCSE Business Studies 1.5.1 Business Objectives

Learning Objectives The need for business objectives and the importance of them Different objectives that a business might have

Starter – Match up the key terms with their definitions Profit The firm or product with the highest market share in a given market Market Leader The amount of money a firm makes from selling it’s goods and services Revenue When a firm is neither making a profit or a loss. Total Costs Revenue – Total Costs Breakeven The percentage of sales in a market that are made by a particular product or firm Market Share The amount of money that a firm spends in order to produce goods and services.

What is an objective? An objective is a target or goal. This is a desired result that a person or group of people envisage, plan and commit to.

Objectives Should be SMART What does SMART stand for? Specific Measurable Agreed Realistic Timed

Personal Objectives Objectives are not restricted to businesses, many individuals set objectives too….. Examples of types of objectives: Weight loss Grades Saving money Can you think of any others?

Are these objectives SMART? To lose 15kg within 2 weeks To save $600 dollars within the next year To achieve at least 4 grade 7’s in the IB in June To get fitter by Christmas

Task – 2 minutes Write 2 SMART objectives for yourself

Hierarchy of Objectives….. Corporate Aims Strategic Objectives Tactical/Operational Objectives Individual Objectives Why do the arrows flow in this direction?

Importance of Objectives…. To Measure and Control To Motivate To Direct To Aid Decision making Why are Objectives so important?

Business Objectives The main motivation for setting a own business is to make a PROFIT However people who set up in business may want to achieve a number of objectives These can be Financial or Non-Financial Survival Profit Growth Market Share Financial Objectives Employees Customers Environmental Non-Financial Objectives

Question… Why do a businesses objectives change over time?