MGTA01H3 Lecture Notes - Habitat, Goal Setting, Swot Analysis

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Published on 17 Apr 2013
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
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
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
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