GCSE Business studies Unit 1 Task 1 Essay

Task 1: Business Aims
The definition of business aims is an achievable and realistic1 attempt made in order to achieve a goal.2 All successful businesses have previously set aims, which were what they wanted to achieve. Private firms’ regular aims are to make a profit. For sole traders it is common for their first aim to endure for the first year as this is crucial for a new business. Other recurrent aims are to increase market share, to provide a service or to improve the quality of the product provided. There are many examples of businesses setting their aims. An illustration of a business setting a general statement of what they want to achieve is Virgin wanting to be the most recognised brand in Britain, rather than the third most recognised brand. So their aim is to expand and provide better services not only locally but to a wider audience, in order to be a recognised brand. Another well-known company that has set a business aim is Tesco. They’ve set aims such as; maximise sales, to grow and to maintain the status of being the number one retail company in the UK similar to Virgin. Tesco also want to outshine and be better than their competitors (e.g. Asda) and to remain in the position of being the market leader, to maximise their profits and to also provide goods and services that are cheap and affordable to the public as well as their customers. What I’ve mentioned above can be seen below on a print screen taken directly from the Tesco plc website.

I will be describing different businesses with aims such as these;
A business objective is a specific result that a person or system aims to achieve within a time frame and with available resources. In general, objectives are more specific and easier to measure than goals. Objectives are basic tools that underlie all planning and strategic activities. They serve as the basis for creating policy and evaluating performance. Some examples of business objectives include minimizing expenses, expanding internationally, or making a profit.3
Business like Tesco may create objectives in order to provide the basis for the measures to determine whether a goal is achievable or not. When setting objectives Tesco need to make sure that they differ from goals, in that objectives should always be time-targeted and measurable. Compared to a goal, an objective tends to be short term, quantitative, specific rather than general and not continuing beyond its timeframe (which might be repeated). Business owners must communicate their objectives to the entire company so everyone can work together in being able to achieve them.
There are many types of goals and objectives. Small companies usually have certain sales and profit goals; for instance, Extensions by Sinem a small business in Waltham Cross, might aim to increase customer counts in stores. Objectives might also refer to employees in its first year. Some businesses might also have specific training objectives for these employees. Bigger companies such as Tesco may set a department like marketing managers’, objectives to introduce five new products in the current year, for example. Smaller objectives serve as stepping stones for greater accomplishments. Companies that are successful in meeting goals and objectives can attract more investors or shareholders. Statistics also help companies gauge their success against competitors.
A number of businesses use the SMART acronym to focus on a specific aim over a certain period of time and they also find that it’s an effective way to set objectives. Below I’m going to give examples and talk about business objectives and how businesses use the SMART method to make an objective.
What does the SMART acronym mean?
SPECIFIC –
Goal objectives should address the five W’s. Who, what, when, where and why? Businesses need to make sure that the objective specifies what needs to be done with a timeframe for completion. With that said, a specific objective that addresses the five W’s has a much

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