Reproduced from Mrs Wilkinson's lesson slides, in the order taught.
1
Knowledge Retrieval
(Recap activity)
2
Knowledge Retrieval
(Recap activity, continued)
3
Starter Challenge
Where do you see yourself…? Write down on a post-it note where you see yourself in the next 10 years. E.g. with a degree in Biomedical Science? Living in a London apartment with 3 friends?
4Lesson Overview
Aims & Objectives
Unit 3.1 Marketing & Finance — 3.1.1: Intro to Business, Entrepreneurs & SMART Objs
Learning Objective: To understand the purpose and value of setting business aims/objectives.
To describe the characteristics of effective SMART objectives
To explain the purpose/value of setting objectives
5
What is a Mission Statement?
Video: youtu.be/PjEWM_t4PCw
6
What is a Mission Statement?
(Video continued)
7
Mission Statement Vs Vision Statement
A vision statement is more forward-looking, stating the long-term aspirations of the business.
8
Re-cap of Aims/Objs
AIM: What a business wants to achieve in the long term. E.g. to maximise profit.
OBJECTIVE: Steps businesses take that help them achieve their aims. E.g. to increase sales by 5% per month over the next 12 months.
Objectives must be SMART.
9
Re-cap of Aims/Objs
A Weak Objective: "We need to increase our profits."
A SMART Objective: "To increase net profit by 10% within the next 12 months. The UK Sales Director is accountable for achieving this target."
Let's check: Specific? Yes — "increase net profit by 10%". Measurable? Yes — "10%". Accountable? Yes — "UK Sales Director". Realistic? Assume this is challenging but achievable. Time specific? Yes — "within the next 12 months".
10
Cascading of Aims/Objectives
(Diagram slide)
11
Hierarchy of Aims/Objectives
Objectives exist at different levels of a business, passing down from the overall mission:
Mission Statement: The overall, long-term purpose of the business.
Corporate Objectives: The main goals for the business as a whole (e.g. "Increase market share to 20%").
Functional Objectives: The specific targets for each department (e.g. Marketing's objective to increase brand awareness by 15%).
Individual / Team Targets: The goals set for each team or employee (appraisal), contributing to the functional objectives.
12
An Example: Tesla
Mission: To accelerate the world's transition to sustainable energy.
Corporate Objective: Produce 2 million vehicles in 2025.
Functional Objective (Operations): Reduce the production cost of a battery cell by 10%.
Team Target: Safety Team to reduce assembly line accidents by 5% this year.
13
An Example: Greggs
This is a page from Greggs' Annual Report. Identify Greggs' mission and vision.
14
Knowledge Task: SMART Objs in Practice
Turn the weak objective into a SMART one!
15
Knowledge Task: SMART Objs in Practice
(Task continued)
16
Main Purpose of Setting Objectives
To provide clear direction
To motivate employees
To measure performance
To help make decisions
17
Value of Setting Objectives
Everyone working towards a common goal
Motivation
To monitor performance & take corrective action
To allocate resources
18Lesson Overview — Where Are We?
Aims & Objectives
(Recap — see slide 4)
19
Application Task: Specsavers
Specsavers business aims are: to offer a wide range of stylish, fashionable glasses at affordable prices to everyone; to be seen as a trustworthy optician with the buying power of a national company so savings can be passed on to customers; to grow the business and increase market share while retaining a market leader position; to maximise profits and invest in the business.
Task: Give one example of a SMART objective which could be used to meet the above specific aims of Specsavers. How can using SMART objectives help Specsavers achieve its overall aims? Mention the cascading of objectives throughout the organisation. How valuable are setting aims/objectives to a company like Specsavers?
20
Application Task
The Annual Reports of PLCs are where a business communicates its performance and future objectives to its shareholders. Find the most recent Annual Report for a major UK retailer like Tesco or M&S. In the 'Strategic Report' section, find and state one of their main corporate objectives for the year. Explain how this single corporate objective would likely influence the functional objectives of both the Marketing department and the HR department. Is it possible for a large business to successfully pursue both a profit maximisation objective and a strong ethical/environmental objective at the same time?
21Lesson Review
Aims & Objectives
(Final recap — see slide 4)
Companion Material — beyond the lesson
Real-World Case Studies
John Lewis Partnership — a mission built around people, not just profit
The John Lewis Partnership's constitution states its "ultimate purpose is the happiness of all its members, through their worthwhile and satisfying employment in a successful business." This mission, first set out in its 1929 constitution, cascades into a strategy built on three objectives: partners, customers, and profit — a clear example of a mission statement shaping the hierarchy of objectives taught in this lesson.
Source: verified via search, September 2026 — John Lewis Partnership constitution and official statements.
Patagonia's environmental mission is so central that in September 2022, founder Yvon Chouinard transferred the company's ownership so that, in his words, "Earth is now our only shareholder" — profits not reinvested in the business are used to fund environmental causes. This shows a mission statement doing more than sit on a website; it directly shaped a major corporate objective (who owns the company and what its profit is used for).
Source: verified via search, September 2026 — Patagonia ownership transfer coverage (CNN, AP, Patagonia press release).
Quick Quiz
Pick an answer for instant feedback. Your score is just for you — it isn't saved anywhere.
1. What does the "A" in SMART stand for, as taught in this lesson?
2. What is a mission statement?
3. In the lesson's Tesla example, which of these is the corporate objective?
4. According to the lesson, what makes an objective "SMART" rather than weak?
Score: 0 / 0
Exam-Style Practice
Define the term 'mission statement'. (2 marks)
Model answer
A mission statement is a statement of the overall, long-term purpose of a business — why it exists beyond simply making money.
Explain one benefit to a business of setting SMART objectives. (4 marks)
Model answer
One benefit is that SMART objectives allow performance to be measured — because an objective like "increase net profit by 10% within 12 months" is specific and time-bound, the business can clearly judge afterwards whether it succeeded, unlike a vague aim such as "increase profits".
Analyse how a corporate objective might cascade down through a large business, using an example. (9 marks)
Model answer structure
Point: A corporate objective sets the direction that functional departments must then translate into their own targets.
Application: Tesla's corporate objective to produce 2 million vehicles in 2025 cascades into a functional objective for Operations (reducing battery cell cost by 10%) and a team target for the Safety team (reducing assembly line accidents by 5%).
Analysis: This shows how a single top-level goal is broken down into smaller, department-specific and even team-specific targets, so that every level of the business is working towards the same overall direction rather than pulling in different directions.
A statement of the overall, long-term purpose of the business.
Corporate objective
A main goal for the business as a whole, e.g. increasing market share.
Functional objective
A specific target for one department, e.g. Marketing increasing brand awareness.
A*/A Stretch
Synoptic link
Connecting to stakeholders: A mission statement can create tension between stakeholder groups. Patagonia's ownership transfer served its environmental mission but meant shareholders in the traditional sense no longer exist — a strong response should be able to discuss who gains and who might feel they lose out when a business prioritises mission over conventional profit distribution.
Examiner's eye
Students often list all five SMART letters without ever applying them to the specific objective in the question. A Level 3 answer explicitly checks each letter against the given objective (as the lesson slides do with "Let's check: Specific? Yes...") rather than just defining SMART in the abstract.
Try This With AI
Before using this: AI tools can get facts or mark scheme details wrong, and quality varies by tool. Always check anything factual against your notes or ask your teacher.
Give me three weak, non-SMART business objectives. For each one, ask me to rewrite it as a SMART objective, then check my answer against all five SMART criteria one at a time.