MGTA01H3 Chapter Notes - Chapter 6: Swot Analysis, Cost Leadership, Horizontal Integration
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MGTA01H3 Full Course Notes
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Document Summary
Effective management requires one to set goals, objectives that a business hopes and plans to achieve. Goals are performance targets, the means by which organizations and their managers measure success or failure at every level. Four main purposes of organizational goal setting: Provides direction, guidance and motivation for all managers. A mission statement is an organization"s statement of how it will achieve its purpose in the environment in which it conducts its business; two business firms can have the same purpose but have very different missions. Long-term goals are goals set for extended periods of time, typically five years or more into the future. Intermediate goals are goals set for a period of one to five years, in larger organizations companies have several intermediate goals within departments. Short-term goals are goals set for the very near future, typically less than one year, developed in several different areas.
