MGT 490 Lecture Notes - Lecture 5: S.M.A.R.T., Stakeholder Management, Triple Bottom Line
Document Summary
External control perspective: external forces determine the organization"s success, leader has limited influence, ex: economic downturns. Romantic view: leader is key force in org"s success or lack thereof, ex: steve jobs, mission statement: set of org goals that identifies purpose of org, basis of competition, & competitive advantage. Focuses on means by which firm will compete. Communicates why org is special & different. Can & should change when competitive conditions change: strategic objectives: set of org goals used to put into practice mission statement. Short-term objectives can become essential components of firm"s action plan : can also be critical in implementing firm"s chosen strategy. Channel all employees" efforts toward common goals. S. m. a. r. t (specific, measurable, appropriate, realistic & timely) Provide guidance on how to fulfill mission & vision. Should be challenging, yet help resolve conflicts. Too many objectives lack of focus: social responsibility & environmental sustainability:
