MGTA01H3 Chapter 6: Chapter 6 Study Guide
14
MGTA01H3 Full Course Notes
Verified Note
14 documents
Document Summary
Goals: objectives that a business hopes and plans to achieve. The purposes of goal setting: an organization functions systematically because it sets goals and plans accordingly: goal setting provides direction, guidance, and motivation for all managers. If managers know precisely where the company is headed, there is less potential for error in the different nits of the company: goal setting helps firms allocate resources. Areas that are expected to grow will get first priority: goal setting helps to define corporate culture. If a company sets a goal to increase sales in a given year, managers in units who attain or exceed the goal can be rewarded. Units failing to reach the goal will also be compensated accordingly. Mission statement: an organization"s statement of how it will achieve its purpose in the environment in which it conducts its business. Short term goals: goals set for the very near future, typically less than one year.
