GCSE Business Revision — Business Location & Aims
Revise Business Location & Aims for GCSE Business with a topic explanation, worked example and common mistakes. Check the board notes for specification differences.
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What is Business Location & Aims?
Business location is the geographical site where a business operates, chosen based on factors like cost, customer proximity, and infrastructure. Business aims are the long-term goals a business wants to achieve, such as survival, profit maximisation, or growth, which influence its strategic decisions.
Board notes: Covered by all major boards (AQA, Edexcel, OCR). Students are often asked to recommend and justify a business location based on a case study. Understanding the hierarchy of aims and objectives is crucial.
Step-by-step explanationWorked examples
Worked example
A new restaurant aims for 'long-term survival'. It chooses a location on a busy high street (good customer proximity) but with high rent (£3,000/month). An alternative was a cheaper site (£1,500/month) on a quiet side street. It chose the high street because the higher potential number of customers was judged more important for survival than the lower rent.
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Common mistakes
- 1Only considering one factor for location. The best location is a compromise between multiple factors, including rent, access to labour, and competitor presence, not just the cheapest option.
- 2Confusing aims and objectives. Aims are general, long-term goals (e.g., 'to become the market leader'), while objectives are specific, measurable steps to achieve those aims (e.g., 'to increase market share by 10% in the next year').
- 3Thinking a business only has one aim. Businesses typically have multiple aims that can change over time depending on their circumstances, such as prioritising survival in a recession over profit maximisation.
Business Location & Aims exam questions
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Frequently asked questions
What are the main factors affecting business location?
Key factors include cost (rent and taxes), proximity to the market (customers), availability of raw materials and labour, transport links, and government incentives.
What is the difference between profit maximisation and growth as a business aim?
Profit maximisation focuses on making the most profit possible in the short term. Growth focuses on expanding the business in size, for example by opening new stores or increasing sales, which may involve sacrificing short-term profit.