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CA (167,125)
UTSC (19,207)
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MGTA02H3 (363)
Chapter 6

chapter 6 notes

4 Pages
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Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

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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)
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Description
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
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