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3.1 What is business

5 dot points across 5 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

How does the external environment shape the decisions a business can make?

The external environment using PESTLE factors, how market conditions, competition, the economic climate and legislation affect a business, and why firms must monitor and respond to a changing environment.
A focused answer to AQA A-Level Business 3.1, covering the external environment using PESTLE factors, how market conditions, competition, the economic climate and legislation affect a business, and why firms must monitor and respond to a changing environment.
11 min answer →

What are businesses trying to achieve and how are mission and objectives linked?

The purpose of setting objectives, the difference between mission and objectives, common corporate objectives such as profit, growth, survival and ethical aims, and how objectives translate into functional targets.
A focused answer to AQA A-Level Business 3.1, covering the purpose of setting objectives, the difference between mission and objectives, common corporate objectives such as profit, growth, survival and ethical aims, and how objectives translate into functional targets.
9 min answer →

What are the different legal forms a business can take and how do they affect liability and control?

The main forms of business (sole trader, partnership, private limited company, public limited company), limited and unlimited liability, the difference between private and public sector, and the implications of becoming a plc.
A focused answer to AQA A-Level Business 3.1, covering the main forms of business, limited and unlimited liability, the difference between the private and public sector, and the implications of becoming a public limited company.
10 min answer →

Why do businesses exist and what do they actually do?

The reasons businesses exist, the meaning of adding value, the difference between needs and wants, and how businesses combine inputs to produce goods and services.
A focused answer to AQA A-Level Business 3.1, covering the reasons businesses exist, the meaning of adding value, the difference between needs and wants, and how businesses combine inputs to produce goods and services.
9 min answer →

Who has an interest in a business and how do their objectives differ?

The meaning of a stakeholder, the main internal and external stakeholder groups, their differing objectives, how stakeholder and shareholder views can conflict, and how businesses manage these relationships.
A focused answer to AQA A-Level Business 3.1, covering the meaning of a stakeholder, the main internal and external stakeholder groups, their differing objectives, how stakeholder and shareholder views can conflict, and how businesses manage these relationships.
9 min answer →