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MGTA01H3 (583)
H Laurence (25)
Chapter 6

Chapter 6 Study Guide

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Management (MGT)
H Laurence

Chapter 6: Business Strategy Goals: Objectives that a business hopes and plans to achieve. The Purposes of Goal Setting: An organization functions systematically because it sets goals and plans accordingly. 1) Goal setting provides direction, guidance, and motivation for all managers. If managers know precisely where the company is headed, there is less potential for error in the different nits of the company. 2) Goal setting helps firms allocate resources. Areas that are expected to grow will get first priority. 3) Goal setting helps to define corporate culture. Pushing each division of a company to number one or two in its industry results in a competitive, often stressful environment and a culture that rewards little success and has little tolerance for failure. 4) Goal setting helps managers assess performance. If a company sets a goal to increase sales in a given year, managers in units who attain or exceed the goal can be rewarded. Units failing to reach the goal will also be compensated accordingly. 1 www.notesolution.com
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