Business objectives

Learning objectives

Compare the objectives of private sector businesses, public sector organisations and social enterprises, such as survival, profit, growth, market share and service to the public.

Explain how a mission statement, aims, objectives, strategy and tactics fit together and why objectives should be SMART.

Explain corporate social responsibility and how the triple bottom line judges a business on profit, people and planet.

Analyse the role of objectives at each stage of business decision-making and how they are turned into targets and budgets.

Explain why a business revises its objectives as it grows or its environment changes, and why objectives must be communicated to employees.

Evaluate the influence of ethics on business objectives and behaviour, such as fair treatment of suppliers or refusing to cut corners on safety.