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Chapter 6

MGTA03 Chapter 6

4 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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Chapter 6 – Business Strategy
The starting point in effective management is setting goalsobjectives that a
business hopes and plans to achieve
Setting Goals
Goals are performance targets and organizations and their managers use them to
measure their successes and failures
The Purposes of Setting a Goal
An organization will commit its resources to achieving its goals, there are four
main purposes of setting a goal
1) Goal setting provides direction, guidance and motivation for managers – A
company needs to know where it is headed and what they want to achieve. If they
know that, there will be less error
2) Goal setting helps firms allocate their resourcesCompanies will allocate
their resources better to areas of their business that are expected to grow, they will
allocate more and start new projects there
3) Goal setting helps to define corporate cultureSetting goals help to determine
the environment of the corporation, for example if you want to be top in your
industry, it will define a competitive and stressful environment for your company
that is big on success and harsh on failure.
4) Goal setting helps managers assess their performanceIf a company is able to
meet the goals that it has set, then it is doing well and can reward themselves,
there will be compensations for failures.
Kinds of Goals
Companies have difference goals depending on their purpose and mission, every
enterprise has a purpose – a reason of being
Most enterprises have a mission statement – a statement of how it will achieve
it’s purpose in the environment in which it conducts its business
Mission statements include the company’s core values and a commitment to
ethical behaviour
Businesses can have same purpose but different mission
Every business has long term, intermediate and short term goals
Long Term Goals: Goals that relate to extended period of time – typically five
years or more into the future
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Description
Chapter 6 Business Strategy The starting point in effective management is setting goals objectives that a business hopes and plans to achieve Setting Goals Goals are performance targets and organizations and their managers use them to measure their successes and failures The Purposes of Setting a Goal An organization will commit its resources to achieving its goals, there are four main purposes of setting a goal 1) Goal setting provides direction, guidance and motivation for managers A company needs to know where it is headed and what they want to achieve. If they know that, there will be less error 2) Goal setting helps firms allocate their resources Companies will allocate their resources better to areas of their business that are expected to grow, they will allocate more and start new projects there 3) Goal setting helps to define corporate culture Setting goals help to determine the environment of the corporation, for example if you want to be top in your industry, it will define a competitive and stressful environment for your company that is big on success and harsh on failure. 4) Goal setting helps managers assess their performance If a company is able to meet the goals that it has set, then it is doing well and can reward themselves, there will be compensations for failures. Kinds of Goals Companies have difference goals depending on their purpose and mission, every enterprise has a purpose a reason of being Most enterprises have a mission statement a statement of how it will achieve its purpose in the environment in which it conducts its business Mission statements include the companys core values and a commitment to ethical behaviour Businesses can have same purpose but different mission Every business has long term, intermediate and short term goals Long Term Goals: Goals that relate to extended period of time typically five years or more into the future www.notesolution.com
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