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Management

How might firm stakeholders’ goals conflict? How might such conflicting goals affect value maximization objectives?

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter9: The Strategic Management Process: Achieving And Sustaining Competitive Advantage

Section: Chapter Questions

Problem 6CRQ: Why are good goals important to the planning process?

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Concept explainers

Goal Setting

Goal setting is the first and most essential activity in a business organization. Without goals, an organization will wander with no focus or direction. A goal provides a target to aim for and helps to measure progress. There are different types of goals in business—short-term, long-term, operational, and strategic goals.

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4. How might firm stakeholders’ goals conflict? How might such conflicting goals affect value maximization objectives?

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Why are good goals important to the planning process?
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SHORT ANSWER If you were a business owner, which of these goals might you be able to accomplish using the framework of Theory Z or Theories X and Y? Could you use Theory Z to work on one goal and use Theories X and Y to work on another goal, thereby accomplishing two goals with these theories by using a different approach on each of the two goals? Goal 1: Improve quality of a product or service. Goal 2: Improve employee collaboration. Goal 3: Foster decision making skills in the workforce. Goal 4: Develop and maintain a successful workforce in a global environment. Goal 5: Develop strong leadership in the work place. Goal 6: Foster adherence to organizational values, ethics, and professional responsibility.
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