Understand the primary aims and objectives of businesses, including survival, profit maximisation, domestic and international growth, market share, customer satisfaction, social and ethical goals, and increasing shareholder value.
Explain the role and importance of setting clear objectives in running a successful business.
Analyse how and why objectives differ between individual businesses, considering factors such as business size, the level of competition faced, and the type of business (e.g., not-for-profit organisations).
Evaluate how business objectives may change as a business evolves over time, comparing the goals of small start-ups with larger, established businesses (e.g., shifting focus toward market dominance, international expansion, shareholder value, or environmental considerations).
Assess how a business's success can be measured using alternative metrics beyond just profit.
