BUSINESS POLICY AND DECISIONS NOTES
Subject Content
NATURE AND SCOPE OF POLICY
- Types of policies
- The study of business policy
- Why business fail
- Characteristics of business policies
- Why study business policy
SOCIAL ASPECTS OF BUSINESS POLICY
- Dimensions of social responsibility
- Classical view
- Modern view
INTEREST GROUPS
- Customers
- Government
- Workers
- Suppliers
- Owners 11
- General society
THE ENVIRONMENTAL ANALYSIS
- Sources of information
- Reasons for environmental analysis
- Methods of assessing the environment
- SWOT (Strengths, Weaknesses, Opportunities, Threats)
- ETOP (Environmental Threats and Opportunities Profile)
- QUEST (Quick, Environmental, Scanning Technique)
- Current trends in regard to environment
VISION, MISSION AND OBJECTIVES OF BUSINESS
- Vision
- Mission
- Business goals/ objectives
- Levels of goals
- Types of goals/ objective setters
- Progressive
- Parochial goal setters
- Adoptive goal setters
FORMULATION OF STRATEGIES
- Approaches based on time
- Traditional approach
- The modern approach/ competitive approach developed in 1950s
- Approaches based on threats/ forces underlying the approach
- Entrepreneurial approach
- Intuition approach
- Muddling through method
- The key factor approach
- Intergraded approach
- Alternative strategies
- Stability strategy
- Growth strategy
- Retrenchment strategy
- Combination strategy
- Analytical models used when choosing strategies
- Stop- light model/ Business planning matrix
- Budgetary process
- Implementation of strategies
REVIEW AND EVALUATION OF STRATEGIES
- Criteria for evaluation
- The frequency of evaluation
- Challenges experienced when evaluating strategies