MGTA01H3 Chapter 6: Chapter 6 Notes
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MGTA01H3 Full Course Notes
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Document Summary
Chapter 6 business strategy notes goals objectives that a business hopes and plans to achieve. The purposes of goal setting: 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 units of the company: goal setting helps firms allocate resources. Areas that are expected to grow will get priority. Company allocates more resources to new projects with large sales potential than it allocates to mature products with established but stagnant sales potential: goal setting helps to define corporate culture, goal setting helps managers assess performance. If a company sets a goal to increase sales by 10% in a given year, managers in units who attain or exceed the goal can be rewarded. N mission statement organization"s statement of how it will achieve its purpose in environment in which it conducts its business.
