Learn: Aims and Objectives, Balance Sheets, Quantitative and Qualitative Sales Forecasting Techniques, Non-Financial Measures, Porter SWOT, Growth & Decision Trees

Welcome!I've tailored this lesson to help you strengthen your understanding of aims and objectives, business planning tools, and decision-making strategies within the WJEC Eduqas GCE A LEVEL in BUSINESS specification.

What are Aims and Objectives?Aims are the long-term goals a business wants to achieve, such as increasing market share. Objectives are specific, measurable steps taken to accomplish those aims, like launching a new product.These are important because they give a business direction and allow performance to be evaluated.

Understanding Balance SheetsA balance sheet is a financial statement showing a business’s assets, liabilities, and equity at a specific point in time. It ensures that assets equal liabilities plus equity, and helps assess financial health.

Quantitative vs Qualitative Sales ForecastingQuantitative forecasting uses numerical data, such as past sales trends, to predict future outcomes. Qualitative forecasting relies on non-numerical data, such as expert opinions or market research, to make predictions.Both methods are useful depending on the availability of data and the nature of the forecast.

Non-Financial MeasuresNon-financial measures, such as customer satisfaction or employee engagement, evaluate performance without focusing solely on monetary data. They help assess broader aspects of business success.

Porter's SWOT AnalysisSWOT analysis identifies a business’s Strengths, Weaknesses, Opportunities, and Threats. It helps businesses understand their position and make strategic decisions.

Business GrowthGrowth refers to the expansion of a business through increased sales, market share, or production capacity. Growth can be organic (e.g., opening new stores) or external (e.g., mergers).

Decision TreesDecision trees are graphical tools that help businesses evaluate options by illustrating possible outcomes, probabilities, and pay-offs. They simplify decision-making processes.

Review Time!Great work! You've learned about aims and objectives, balance sheets, forecasting methods, non-financial measures, SWOT analysis, growth, and decision trees. Let's test your understanding.