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MGTA01H3 (583)
Chapter 6

Chapter 6 notes (What I used to study for final)

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

CHAPTER 6 Goals: objectives that a business hopes and plans to achieve The purposes of Goal Setting: 1) Goal setting provides direction, guidance, and motivation for all managers 2) Goal setting helps firms to allocate resources 3) Goal setting helps to define corporate culture 4) Goal setting helps managers assess performance Mission statement: an organizations statement of how it will achieve its purpose in the environment in which it conducts its business - should also include some statement about the companys 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 organizations goals Step 1) set strategic goal
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