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Textbook notes Ch.6-Managing the Business Enterprise

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

CHAPTER 6 Managing the Business Enterprise Who are managers: - work involve developing strategic and tactical plans - analyze their competitive environments and plan, organize, direct and control day-to-day operations - same kind of skills: the ability to make decisions and respond to a variety of challenges Setting goals and formulating strategy: - starting pnt of effective management is setting goals goals: objectives that a business hopes and plans to achieve 1) what it intends to do 2) make decisions about actions will and will not achieve its goals 3) strategy is the broad program that underlies those decisions Setting goals - goals are performance targets, by which organizations and their managers measure success or failure at every level Purpose of goal setting 1) goal setting provides direction, guidance and motivation for all managers: if managers knew precisely where the company is heard, there is less potential for error in the different units of the company 2) goal setting helps firms allocate resources: areas that are expected to grow will get first priority. The company allocates more resources to new projects with large sales potential than it allocates to mature products with established but stagnant sales potential 3) goal setting helps to define corporate culture 4) goal setting helps managers assess performance: if a company sets a goal to increase sales by 10% in a given year, managers in units who attain or exceed those goals can be rewarded Kinds of goals - goals differ depending on purpose and mission mission statement,347J,3L],9L43889,90203941K4ZL9ZLOO,.KL0;0L985:75480L39K0 environment in which it conducts its business L3.O:0842089,9020398,-4:99K0.425,38.470;,O:08,3L98.422L920399409KL.,O behaviour - 2 companies can have the same purpose but different mission statements long term goals: goals set for extended periods of time, typically five years or more into the future intermediate goals: goals set for a period of one to five years companies usually have intermediate goals in several areas. Ex. Marketing, production departments short-term goals: goals set for the very near future, typical less than one year developed for several different areas
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