MGTA01H3 Chapter 6: Chapter 6 notes (What I used to study for final)
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MGTA01H3 Full Course Notes
Verified Note
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Document Summary
Goals: objectives that a business hopes and plans to achieve. The purposes of goal setting: goal setting provides direction, guidance, and motivation for all managers, goal setting helps firms to allocate resources, goal setting helps to define corporate culture, goal setting helps managers assess performance. Mission statement: an organization"s statement of how it will achieve its purpose in the environment in which it conducts its business. Should also include some statement about the company"s core vaues and commitment to ethical behaviour. 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. Short-term goals: goals set out for the very near future, typically less than one year. Strategy formulation: creation of a broad program for defining and meeting an organization"s goals. Step 3) math the organization and its environment. Strategic goals: long-term goals derived directly from a firm"s mission statement.
