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Business objectives and strategy

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

Why do businesses exist, and what goals do they set?

The reasons businesses exist and the aims, mission and objectives they set, including survival, profit, growth, market share and social objectives, the role of stakeholders and their conflicting interests, and corporate social responsibility.
A focused answer to the OCR A-Level Business theme on aims and objectives, covering why firms exist, the mission and the hierarchy of objectives from survival to social aims, the role and conflicting interests of stakeholders, and corporate social responsibility.
11 min answer →

How do businesses plan, and how do they cope with risk?

The purpose and content of a business plan, the distinction between risk and uncertainty, the use of opportunity cost in decision making, and the value and limitations of planning and contingency planning.
A focused answer to the OCR A-Level Business theme on planning, covering the purpose and content of a business plan, the difference between risk and uncertainty, opportunity cost in decisions, and the value and limits of planning and contingency planning.
10 min answer →

How do businesses choose how to compete and grow?

Strategies for competing and growing, including Porter's generic strategies of cost leadership, differentiation and focus, the Ansoff matrix of market penetration, market and product development and diversification, organic and inorganic growth, and the reasons firms grow or stay small.
A focused answer to the OCR A-Level Business theme on corporate strategy, covering Porter's generic strategies, the Ansoff matrix, organic versus inorganic growth, mergers and takeovers, economies and diseconomies of scale, and the reasons firms grow or stay small.
12 min answer →

How do businesses use quantitative techniques to make decisions?

Quantitative decision-making techniques, including decision trees and expected values, and critical path analysis to plan and schedule projects, together with the value and limitations of each technique.
A focused answer to the OCR A-Level Business theme on quantitative decision making, covering decision trees and expected monetary values, critical path analysis and the float, and the value and limitations of each technique with worked calculations.
12 min answer →

How do businesses analyse their position before choosing a strategy?

The use of analytical tools to assess a firm's strategic position, including SWOT analysis, PESTLE analysis of the external environment, and Porter's five forces model of industry attractiveness, and the value and limitations of each.
A focused answer to the OCR A-Level Business theme on strategic analysis, covering SWOT analysis of internal and external position, PESTLE analysis of the macro environment, Porter's five forces model of industry attractiveness, and the value and limitations of each tool.
11 min answer →