MGTA01H3 Lecture : MGTA03 CHAPTER 6.docx
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MGTA01H3 Full Course Notes
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Document Summary
The work of all managers involves developing strategic and tactical plans, analyzing their competitive environments, and planning, organizing, directing, and controlling day-to-day operations. An organization functions systematically because it sets goals, plans accordingly, and commits resources on all levels to achieving its goals. Goals: objectives that a business hopes and plans to achieve the starting point in effective management. Means by which organizations and their managers measure success or failure at every level. The purposes of goal setting: goal setting provides direction, guidance, and motivation for all managers. If the managers know where the company is headed, there is less potential for errors in the different units of the company: goal setting helps firms allocate resources. Areas that are expected to grow will get first priority (e. g. new projects with large sales potential: goal setting helps to define corporate culture. Each firm has a purpose: a reason for being: e. g. businesses seek profit, universities discover and transmit new knowledge.
