Textbook Notes (363,041)
Canada (158,169)
MGTA02H3 (361)
Chapter 6

chapter 6 notes

4 Pages
Unlock Document

University of Toronto Scarborough
Management (MGT)
Chris Bovaird

CHAPTER 6 BUSINESS STRATEGY Setting Goals Purposes: 1) Goal setting provides direction, guidance and motivation for all managers 2) Goal setting helps firms allocate resources 3) Gaol setting helps define corporate culture 4) Helps managers assess performance KINDS OF GOALS mission statement: An organizations statement of how it will achieve its purpose in the environment which it conducts its business. long-term goals: Goals set for extended periods of time, typically 5 or more yrs into the future intermediate goals: Goals set for a period of 1-5 years. short-term goals: Goals set for the very near future, typically less than one year. FORMULATING STRATEGY strategy formulation: Creation of a broad program for defining and meeting an organizations goals. SETTING STRATEGIC GOALS strategic goals: Long-term goals derived directly from a firms mission statement. 1) SET STRATEGIC GOALS 2) ANALYZE THE ORGANIZATION, ANALYZE THE ENVIRONMENT 3) MATCH THE ORGANIZATION AND THE ENVIRONMENT 4) FORMULATE STRATEGY SWOT analysis: identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation. (STREGNTHS and WEAKNESSES, environmental OPPORTUNITIES, and THREATS) www.notesolution.com
More Less

Related notes for MGTA02H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.