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BTEC BUSINESS UNIT 2

BTEC BUSINESS UNIT 2. Aims and Objectives. Lesson Objectives. define what is meant by the aims and objectives of businesses in different sectors . (unit 1 P1 ) Success criteria Create a full set of notes from which to create your report. . Task (in teams).

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BTEC BUSINESS UNIT 2

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  1. BTEC BUSINESS UNIT 2 Aims and Objectives

  2. Lesson Objectives • define what is meant by the aims and objectives of businesses in different sectors. (unit 1 P1) • Success criteria • Create a full set of notes from which to create your report.

  3. Task (in teams) • Research the Mission Statements and objectives of TESCO • Research Mission Statements of McDonald’s • Research Mission Statements and aims of a charity of your choice • Be prepared to share your research with your team

  4. Task (Individual) • Create a poster to illustrate SMART aims and objectives • On the poster include your own SMART objectives for a business of your choice e.g. Pizza Hut 1. Specific - Objectives should specify what they want to achieve. E.g. Become the largest Pizza fast food chain in the UK 2. Measurable - You should be able to measure whether you are meeting the objectives or not. How many is the largest? 3. Achievable - Are the objectives you set, achievable and attainable? Can you become the largest chain or is Pizza Express just too large to catch in one year? 4. Realistic - Can you realistically achieve the objectives with the resources you have? Do you have enough money to open more branches? 5. Time - When do you want to achieve the set objectives? Within a year or 5 years? S M A R T

  5. Task for P1 • P1, learners need to define what is meant by the aims and objectives of businesses in different sectors. • One charity (Childline), One Public sector (Local Police Force) and one Profit (McDonald’s) • Objectives are not a function of type of ownership or scale of activity. A sole trader and a multi-national public limited company could both be profit maximisers so the focus needs to be on aims and objectives.

  6. Task for P2 • P2 describe the purpose for a business in setting aims and objectives • For P2, learners should describe why a business sets aims and objectives. • A window cleaner may want to operate as a sole trader because it leaves control of the business and the choice of how much work to take on, solely with him. • A supermarket may want to increase its market share by one per cent in a year. • Judgements can be made about whether these objectives have been achieved, by using market share data, in the case of the supermarket, or the control and work choice in the case of the window cleaner. • Unless it has aims and objectives a business will lose focus. The failure of Woolworths in the UK is attributed in part to the fact that the business lacked objectives in the retail market and lost out to other more focused retailers.

  7. Task for P3 • P3 write aims and objectives for a selected business • For P3, learners will look at how business aims and objectives differ for organisations in different sectors, and select one particular business, setting aims and objectives for that business. In the private sector traditional aims such as profitability and growth are important but many such organisations also have welfare and environmental concerns, which have a cost. Similarly, public sector organisations have social responsibilities but also have to trade profitably. The Post Office may be important in rural communities because of the range of services it offers, but its foreign exchange business for travellers and holidaymakers has to be profitable.

  8. Task for M1 • M1 compare the aims and objectives of different businesses • For M1, a contrast needs to be made between different organisations with distinctly different aims and objectives. • McDonald’s and QMC • Compare – how are they the same? • Contrast – how are they different?

  9. Task for D1 • D1 assess whether a selected business meets its aims and objectives. • For D1, learners will need to have some information on which to make an assessment and a supported judgement about whether a selected organisation meets its goals. Some organisations have objectives that are SMART and for which there is quantifiable data on which to make a judgement. If a tour operator identifies that it wants to have a 5% share of the market then this can be verified by reference to information about the share of the market that the main travel companies have and that is published regularly.

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