MGTA01H3 Chapter 6: Chapter 6
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MGTA01H3 Full Course Notes
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Document Summary
Goals objectives that a business hopes to plans to achieve. Strategy the broad program that underlies those decisions. Pu rpose of goal setting: goal setting provides direction, guidance, and motivation for all managers, goal settings helps fi rms allocate resources, goals setting helps to define corporate culture, goal setting helps managers assess performance. M ission statement an organization"s statement of how it will achieve its purpose in the environment in which it conducts its business. Long-term goals goals set for extended periods of time, typically five years or more into the future. I ntermediate goals goals set for a period of one to five years. Short-term goals goals set 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. Strategic goals long term goals denied directly from a firm"s mission statement.
