Key term
AQA GCSE Business 8132
Business in the Real World
Topic overviewWhat a business is and why people start oneGoods, services, needs, wants and factors of productionBusiness sectors, entrepreneurs and a changing business environmentSole traders, partnerships, limited companies and not-for-profit organisationsBusiness aims and objectivesWhy business objectives differ and changeStakeholders and their influence on businessesFactors affecting business locationBusiness planning and basic financial termsExpanding a business and economies of scale
Influences on Business
Business Operations
Human Resources
Marketing
Topic overviewIdentifying and satisfying customer needsMarket segmentationPurpose of market research and primary and secondary researchMarket research methods and interpreting findingsPricing methods and factors affecting priceNew products, USP, brand image and the Boston MatrixProduct life cycle and extension strategiesPromotional methods and the promotional mixChannels of distribution, e-commerce and m-commerceThe integrated marketing mix
Business in the Real World
Business aims and objectives
- 3 things to know
- Both papers
Overview
Aims against objectives, survival, profit maximisation, growth, market share and how it is calculated, customer satisfaction, ethical objectives, shareholder value, and measuring success beyond profit.
What you need to know
Answer each one before you reveal it.
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Key term
What is a business objective?
Key term
What is survival as a business objective?
Questions from this subtopic
Each one with the model answer underneath.
- 1
What is a business aim?
Model answer
A business aim is a general long-term goal the business wants to achieve. An example is to become the market leader.
- 2
What is a business objective?
Model answer
A business objective is a specific, measurable target that helps achieve an aim. An example is to increase sales by 10% within a year.
- 3
What is survival as a business objective?
Model answer
Survival means staying in business and covering costs. Survival is the main objective for most new businesses.
- 4
What is profit maximisation?
Model answer
Profit maximisation means making the largest possible profit. Many established businesses aim for it to reward their owners.
- 5
What is growth as a business objective?
Model answer
Growth means increasing the size of the business, such as its sales or number of outlets. Growth can be domestic or international.
- 6
What is market share?
Model answer
Market share is the percentage of all sales in a market made by one business. A business may aim to increase its share of the market.
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