Importance of Business Policies and Strategies
BBA- 302 Business Policy & Strategy (I. P.University).
Unit – I:
Introduction – Nature, Scope & Importance of the course of Business Policy ; Evolution of the course – Forecasting , Long range planning, Strategic planning & Strategic management.
Strategic Management Process – Formulation phase – vision, mission, environmental scanning, Objectives & Strategy ; Implementation phase – Strategic activities, Evaluation & Control.
Business is an important requirement in society for : • Supply of goods & services. • Creation of employment opportunities. • Offer better quality of life & higher standard of living. • Contribution to economic growth of a country, etc.
As such society cannot do without business & business needs society as well.
Therefore, Business may be summarized as : • Business is an economic activity • Business firm is an economic unit • Business decision making is an economic process
Nature & Scope :
The business policy is based on the experience of corporate enterprises and the history of success & failure of business over time. Business policy is the outcome of top management decisions bearing on the future of the ongoing enterprise. A formal approach to such policy making requires conceptualization and systematic application of knowledge & skill. These include top management responsibilities of defining business mission & objectives, formulation of strategic alternatives, choice of strategy and its implementation.
Business policy study enables development of skills required to identify, analyze & solve all the problems of the organization in totality irrespective of the nature of problem like marketing, finance, production or maintenance. Knowledge of strategies & policies set at higher levels of management and the underlying reasons thereof enable lower-level managers to interpret the same more accurately ensuring more
Unit – I:
Introduction – Nature, Scope & Importance of the course of Business Policy ; Evolution of the course – Forecasting , Long range planning, Strategic planning & Strategic management.
Strategic Management Process – Formulation phase – vision, mission, environmental scanning, Objectives & Strategy ; Implementation phase – Strategic activities, Evaluation & Control.
Business is an important requirement in society for : • Supply of goods & services. • Creation of employment opportunities. • Offer better quality of life & higher standard of living. • Contribution to economic growth of a country, etc.
As such society cannot do without business & business needs society as well.
Therefore, Business may be summarized as : • Business is an economic activity • Business firm is an economic unit • Business decision making is an economic process
Nature & Scope :
The business policy is based on the experience of corporate enterprises and the history of success & failure of business over time. Business policy is the outcome of top management decisions bearing on the future of the ongoing enterprise. A formal approach to such policy making requires conceptualization and systematic application of knowledge & skill. These include top management responsibilities of defining business mission & objectives, formulation of strategic alternatives, choice of strategy and its implementation.
Business policy study enables development of skills required to identify, analyze & solve all the problems of the organization in totality irrespective of the nature of problem like marketing, finance, production or maintenance. Knowledge of strategies & policies set at higher levels of management and the underlying reasons thereof enable lower-level managers to interpret the same more accurately ensuring more