Business Policy and Decisions notes – University notes

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

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