Welcome Welcome Welcome

Welcome Welcome Aims and Objectives

Just a quick recap before plodding on

Welcome Welcome Definition

Business objectives are the stated, measurable targets of how to achieve business aims.

For example: “we want to achieve sales of €10 million in European markets in 2004”.

Welcome Welcome Easy stuff I know

• Business Objectives can be divided into 2 categories

• Do you know what they are? You should do!!

Welcome Welcome Financial

• To survive in the market• - To break even (cover costs)• - To improve its image • - To have high motivation amongst employees• - To maximise profits• - To increase market share• - To grow in size (e.g. sales, customers, employees)• - To Sell abroad• - To diversify and sell different products• - To make returns to shareholders if a limited company

(dividends)

Welcome Welcome Non-Financial

• Personal satisfaction• Challenge• Independence• Control• Helping others• Using your skills• Being your own boss• Something to be proud of• Ethical stance

Welcome Welcome Non-Financial

Welcome Welcome Business Objectives

• Objectives give the business a clearly defined target.

• Plans can then be made to achieve these targets. This can motivate the employees. It also enables the business to measure the progress towards to its stated aims.

Welcome Welcome Smart Objectives

Welcome Welcome Smart Objectives

Welcome Welcome Right time to move on…

Mr Ahern we are moving too quick

through stuffDon’t care!! Just get on

with it

Welcome Welcome Lets track what we have done...

1.1.1: Characteristics Of Entrepreneurs

1.1.2: What Motivates Entrepreneurs?

1.1.3: Leadership Styles

Welcome Welcome So what do you think we will be doing next?

Welcome Welcome What makes a market?

Week commencing

Subject area

Activity Resources

What makes a market? What should firms supply?

Students could explore the changes in the market, and charges, for mobile phones — from when mobile phones were first available to now. What do they conclude about the interaction between price, supply and demand? (See Activity sheet 2, Task 1 and 2.)

Activity sheet 2, Task 1 and 2Interaction activity and tasks on supply and demand at: www.bized.co.uk/educators/16-19/economics/markets/activity/demandsupply.htm

What consumers want or need

Students should identify a market need for a business idea of their own. Students could gain new business ideas from, eg www.start-ups.co.uk/. Why do they think that there is a potential demand for the business? This could be set as homework.

Activity sheet 2, Task 3

Additional reading:Zhang L — Identifying a Market Opportunity, Business Review, Volume 7, Issue 4, April 2001, pages 2-4

Welcome Welcome What makes a market?

Welcome Welcome What is a market

Welcome Welcome Creating a market

Welcome Welcome What should firms supply?

How do they

decide?

What price and where?

Welcome Welcome Supply

Welcome Welcome Why supply increases if price increases

Welcome Welcome The Supply curve

Welcome Welcome The factors of supply

Welcome Welcome Shifting the supply curve

Welcome Welcome Recap

Welcome Welcome Tick box timeWeek commencing

Subject area

Activity Resources

What makes a market? What should firms supply?

Students could explore the changes in the market, and charges, for mobile phones — from when mobile phones were first available to now. What do they conclude about the interaction between price, supply and demand? (See Activity sheet 2, Task 1 and 2.)

Activity sheet 2, Task 1 and 2Interaction activity and tasks on supply and demand at: www.bized.co.uk/educators/16-19/economics/markets/activity/demandsupply.htm

What consumers want or need

Students should identify a market need for a business idea of their own. Students could gain new business ideas from, eg www.start-ups.co.uk/. Why do they think that there is a potential demand for the business? This could be set as homework.

Activity sheet 2, Task 3

Additional reading:Zhang L — Identifying a Market Opportunity, Business Review, Volume 7, Issue 4, April 2001, pages 2-4

Next Lesson

Welcome Welcome Identify what customers want or need

What is a want?

What is a need?

Welcome Welcome Demand

Welcome Welcome

Welcome Welcome Why demand decreases if demand increases

Welcome Welcome The Demand Curve

Welcome Welcome The Factors of Demand

Welcome Welcome Shifting the demand curve

Welcome Welcome Move and shift

• A move a along the demand or supply curve is when a change in price point results in a change in demand or supply

• A shift of the demand curve is when the entire curve shifts due to external factors, such as population change, or the weather

Welcome Welcome Market equilibrium – determinning price

Welcome Welcome Market orientated

Welcome Welcome Tick box timeWeek commencing

Subject area

Activity Resources

What makes a market? What should firms supply?

Students could explore the changes in the market, and charges, for mobile phones — from when mobile phones were first available to now. What do they conclude about the interaction between price, supply and demand? (See Activity sheet 2, Task 1 and 2.)

Activity sheet 2, Task 1 and 2Interaction activity and tasks on supply and demand at: www.bized.co.uk/educators/16-19/economics/markets/activity/demandsupply.htm

What consumers want or need

Students should identify a market need for a business idea of their own. Students could gain new business ideas from, eg www.start-ups.co.uk/. Why do they think that there is a potential demand for the business? This could be set as homework.

Activity sheet 2, Task 3

Additional reading:Zhang L — Identifying a Market Opportunity, Business Review, Volume 7, Issue 4, April 2001, pages 2-4

Welcome Welcome 5 examples for each please

• In your book write

• factors that would result in a shift in the supply curve

• Factors that would result in a shift in the demand curve

Welcome Welcome Question time

• What questions do you have based on today’s lesson?

Welcome Welcome OK Worksheet time