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MGTA01H3 (583)
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Chapter 6

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Management (MGT)
H Laurence

Chapter 6Business StrategyWork of all managers involves developing strategic and tactical plans analyze competitive environments plan organize direct and control day to day operationsGoals objectives that a business hopes and plans to achieveStarting point of an effective manager is setting goalsmanager must also make decisions about actions that will or will not achieve its goalsSetting Goalsgoals are performance targets a way for business to measure success or failure at every levelpurpose of goal settingoGoal setting provides direction guidance and motivation for all managersoGoal setting helps firms allocate resources areas that are expected to grow get first priority Allocates more resources to new projects with large sales potential oGoal setting helps to define corporate cultureoGoal setting helps managers assess performanceWill be rewarded If they reach the goal and get rid of ppl the failKinds of GoalsEach enterprise has a purposea reason for beingMission statement a statement of how it will achieve its purposeMission statement should also include some statement about companys core value and its commitment to ethical behaviorEvery enterprise needs long term intermediate and short term goalsoLong term goals five years or more into the futureoIntermediate goals 15 years in the future have intermediate goals in several sectorsoShort term goals less than one year developed for several different areasFormulating StrategyPlanning is setting goals choosing tactics and establishing schedulesStrategy have wider scope broad program that describes organizations intentionsBusiness strategy outlines how it intends to meet goal organizations responsiveness to new challenges and new
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