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Chapter 6

MGTA03 Chapter 6.docx

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

MGTA03Summer2011 Chapter 6 Business Strategy Who Are Managers o Managers must develop strategic and tactical plans for their business o They must analyze their competitive environments and plan organize direct and control day to day operationsSetting Goals and Formulating Strategy o Goals objectives that a business hopes and plans to achieve o Goals are performance targets based on which organizations measure their success and failureo The purpose of goal settingogoal setting provides direction guidance and motivation for all managers less potential for error when managers know where the company is going ogoal setting helps firms allocate resources areas that are expected to grow get first priorityhigh potential means more resources and new projects ogoal setting helps define corporate culture become best in its industry ogoal setting helps managers assess performance managers in units that achieve goal can be awarded o Mission statement an organizations statement of how it will achieve its purpose in the environment in which it conducts business go along with the purpose of the business o Example two companies may have the same purpose to sell watches but different missions one to sell cheap and reliable the other to sell expansive and fashionable o Every firm needs long term intermediate and short term goals
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