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Chapter 6

Chapter 6 notes (What I used to study for final)

Management (MGT)
Course Code
Chris Bovaird

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Goals: objectives that a business hopes and plans to achieve
The purposes of Goal Setting:
1) Goal setting provides direction, guidance, and motivation for all managers
2) Goal setting helps firms to allocate resources
3) Goal 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
- should also include some statement about the companys core vaues and commitment to ethical
Long-term Goals: goals set for extended periods of time, typically five years or more into the
Intermediate Goals: goals set for a period of one to five years
Short-term Goals: Goals set out for the very near future, typically less than one year
Strategy Formulation: creation of a broad program for defining and meeting an organizations
Step 1) set strategic goals
Step 2) analyze the organization and environment
Step 3) math the organization and its environment
Strategic Goals: long-term goals derived directly from a firms mission statement
SWOT analysis: identification and analysis of organizational strengths and weaknesses and
environmental opportunities and threats as part of strategy formulation (Strength, Weakness,
Opportunities, Threats)
Environmental Analysis: the process of scanning the environment for threats and opportunities
- threats include changing consumer taste, hostile takeovers, new gov regulations
- opportunities include the areas in which the firm can potentially expand, grow, or take
advantage of existing strengths
Organizational Analysis: the process of analyzing a firms strengths and weaknesses
- Strengths could be surplus cash, dedicated workforce, ample supply of managerial talent,
technical expertise, or weak competition
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