Textbook Notes (362,755)
Canada (158,052)
MGTA01H3 (583)
Chapter 6

Chapter 6

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 6 Goals objectives that a business hopes to plans to achieve Strategy the broad program that underlies those decisions Purpose of goal setting 1. Goal setting provides direction, guidance, and motivation for all managers 2. Goal settings helps firms allocate resources 3. Goals 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 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 for the very near future, typically less than one year Strategy formulation creation of a broad program for defining and meeting an organizations goals Strategic goals long term goals denied directly from a firms mission statement SWOT analysis identification and analysis of organization strengths and weaknesses and environmental opportunities and threats as part of strategy formulation Environmental analysis the process of scanning the environment for threats and opportunities www.notesolution.com
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