WK3
MGT/521 Management
01-19-2016

WK3
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 three types’ goals. Each of these goals has an important role in the success of any given company.
“Strategic goals: are set by and for top management and focus on objectives for the organization as a whole.” (Kinicki & Williams, 2016 P.144) Setting strategic goals is a key element in a business. It is here that top organizational leadership puts down what the companies objectives will be. These objectives may be short term or long term. They may be in response to a change in market conditions, or world events. Whatever the case may be top management sets these goals to steer the organization in what they deem is the right decision. So why is setting strategic goals important? This redacted excerpt from Review of Marketing Research, Volume 7 illustrates its importance.
“Consider the case of a Fortune 100 communications firm that faced a very serious erosion of its core business. It was clear that the firm had to participate in new markets created by emerging technologies for consumer and business communication, especially in the area of online services (hereafter, OLS). A mandate for entering that market came down from top