Mgt 531 Wk 3 Essay
A critical factor for any business is planning. Without proper planning a business which hopes to succeed may be headed for disaster. At the very least the business will have difficulties growing or meeting its full potential. Part of the planning process is setting goals and how the company will go about achieving set goals. It is necessary for corporate leadership set these goals and clearly focus objectives for the organization.
Goal setting can be a challenging task. Corporate or company leadership needs to define what is the vision of the company. What are they trying to accomplish? From there they must begin to set the goals for the company. From our readings we know there are …show more content…
Other executives looked at the market and saw that the firm significantly lagged competitors in the race to enter the market. Concerned about position, these executives argued that the firm's objective should be to acquire necessary technology and launch an entry quickly.
Company strategy fragmented as one unit forged ahead with a technology acquisition, while another pursued the goal of internal development. With no unified market offering, the firm's OLS initiative floundered. As we can see in this example, although there was a strategic goal put in place, it was not clearly voiced. Confusion in different departments and a lack of coordination led to the initiative failing.
“Tactical goals: are set by and for middle managers and focus on the actions needed to achieve strategic goals.” (Kinicki & Williams, 2016 P.144) These goals are important as they focus the mission and how they are going to manage
“Operational goal: are set by and for first-line managers and are concerned with short-term matters associated with realizing tactical goals.” (Kinicki & Williams, 2016 P.144)
Explain why the 3 types of goals are important to the strategy of an organization.
Explain why the different types of planning are important to the strategy of an organization.
Examine the elements or factors involved in creating an effective strategy for an