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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

 ch 6  Goals are objectives that a business hopes and plans to achieve o Purposes of goal setting: 1. Goal setting provides direction, guidance, and motivation for all managers 2. Goal setting helps firms allocate resources 3. Goal setting helps to define corporate culture 4. Goal setting helps managers assess performance  Mission statement is an organization's statement of how it will achieve its purpose in the environment in which it conducts its business  Long-term goals are goals set for extended periods of time, typically five years or more into the future  Intermediate goals are goals set for a period of one to five years  Short-term goals are goals set for the very near future, typically less than one year *************************************************************************** Strategy introduction o Businesses are formed for a purpose. Sometimes: hard to see what purpose is. Sometimes: hard to see how to accomplish that purpose  Strategy formulation is the creation of a broad program for defining and meeting an organizations goals —strategy: determining the organization's long term goals, and taking the actions necessary to achieve those goals —strategy: A pattern of decisions and actions that managers take to achieve an organization's goals o Strategic management boils down to three questions: 1. Where are we going? 2. Where are we now? 3. How do we get there? o Strategic management model (cycle): 1. Establish mission goals 2. Analyze macro environment 3. Analyze industry environment 4. Analyze internal environment 5. Choose means of competition 6. Choose scope of competition 7. Implement and control o Strategy involves leadership. A leader is a person who guides or inspires others. Its showing people how they should act and how they can contribute ************************************************************************ o Formulating a strategy: 1. Setting strategic goals 2. SWOT analysis 3. Analyzing the organization and its environment 4. Matching the organization and its environment 5. A hierarchy of plans  1. Strategic goals are long-term goals derived directly from a firm's mission statement  2. SWOT analysis is the identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as a part of strategy formulation  3. Environmental analysis is the process of scanning the environment for threats and opportunities  Organizational analysis is the process of analyzing a firm's strengths and weaknesses o 4. The f
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