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MGTA03 CHAPTER 6.docx

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Department
Management (MGT)
Course
MGTA01H3
Professor
H Laurence
Semester
Fall

Description
MGTA03 CHAPTER 6 12112011 64900 PM The work of all managers involves developing strategic and tactical plans analyzing their competitive environments and planning organizing directing and controlling daytoday operations An organization functions systematically because it sets goals plans accordingly and commits resources on all levels to achieving its goalsGoals objectives that a business hopes and plans to achievethe starting point in effective managementMeans by which organizations and their managers measure success or failure at every levelThe Purposes of Goal Setting 1 Goal setting provides direction guidance and motivation for all managersIf the managers know where the company is headed there is less potential for errors in the different units of the company2 Goal setting helps firms allocate resourcesAreas that are expected to grow will get first priority eg new projects with large sales potential3 Goal setting helps to define corporate cultureGEs goal is to push each of its divisions to number one in its industry the result is a competitive often stressful environment and a culture that rewards success and has little tolerance for failure4 Goal setting helps managers assess performance Each firm has a purposea reason for being o Eg businesses seek profit universities discover and transmit new knowledgeMission statement an organizations statement of how it will achieve its purpose in the environment in which it conducts its businessShould also include some statement about the companys core values and its commitment to ethical behaviour
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