Business Objectives And Stakeholder Objectives: Businesses Can Have Several Objectives And The Importance Of Them Can Change (Copy)
Cheat Sheet: 1.5.1 Business & Stakeholder Objectives
| Concept | Explanation | Example | Quick Note |
|---|---|---|---|
| Business Objectives | Goals a business sets to achieve | Survival, growth, profit | Give direction + measure success |
| Why Needed | Provide motivation, focus, decision-making, performance measure | Start-up aims survival in 1st year | Objectives can change over time |
Written and Compiled By Sir Hunain Zia, World Record Holder With 154 Total A Grades, 7 Distinctions and 11 World Records For Educate A Change O Level And IGCSE Business Studies Full Scale Course
Types of Business Objectives
| Objective | Definition | Example | Notes |
|---|---|---|---|
| Survival | Stay in business, avoid closure | New café surviving 1st year | Key for start-ups or recessions |
| Profit | Revenue – Costs = financial gain | Apple earns billions annually | Long-term main aim for private sector |
| Growth | Expansion in size, output, sales | Amazon global expansion | Brings economies of scale |
| Market Share | % of industry sales a firm has | Coca-Cola dominates soft drinks | Indicates competitiveness |
| Customer Satisfaction | Meeting customer expectations | Zappos focuses on service | Builds loyalty, repeat sales |
| Social/Ethical | Aims beyond profit | Fair trade company | Growing trend today |
Written and Compiled By Sir Hunain Zia, World Record Holder With 154 Total A Grades, 7 Distinctions and 11 World Records For Educate A Change O Level And IGCSE Business Studies Full Scale Course
Social Enterprises
| Feature | Explanation | Example |
|---|---|---|
| Definition | Businesses with social objectives that reinvest profits for community/environment | Grameen Bank (microfinance) |
| Objectives | Reduce poverty, protect environment, support communities | Solar panel firms in rural areas |
| Difference from traditional businesses | Not solely profit-focused | Local NGO café reinvesting in community |
Quick Revision Bullets
- Objectives = direction + focus
- Can change: start-up → survival, established → profit/growth
- Main aims = survival, profit, growth, market share
- Social enterprises = profit + social good
Written and Compiled By Sir Hunain Zia, World Record Holder With 154 Total A Grades, 7 Distinctions and 11 World Records For Educate A Change O Level And IGCSE Business Studies Full Scale Course