BMS 400 Business Policy and decisions Pdf notes

Number of Pages: 39 Pages
File size: 0.4 MB
Suitable for: Certificate, Diploma, University and Professional Courses
Topics Covered:
ACKNOWLEDGEMENTS

• 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

3. 3. Workers

• Suppliers
• Owners
• General
• THE ENVIRONMENTAL ANALYSIS
• Sources of information
• Reasons for environmental analysis
• Methods of assessing the environment
  • SWOT (Strengths, Weaknesses, Opportunities, Threats)

4.3.2 ETOP (Environmental Threats and Opportunities Profile)

4.3. 3QUEST (Quick, Environmental, Scanning Technique)

• Current trends in regard to environment

5.0 VISION, MISSION AND OBJECTIVES OF BUSINESS

• Vision
• Mission

5.5.  Business goals/ objectives
5.3.1. Levels of goals

• Types of goals/ objective setters
  • Progressive
  • Parochial goal setter

5.4.3 Adoptive goal setters

6.0 FORMULATION OF STRATEGIES

• Approaches based on time
  • Traditional approach

6.1.2 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

6.3.2 Growth strategy

• Retrenchment strategy
• Combination strategy.

• Analytical models used when choosing strategies

6.5.2 Stop- light model/ Business planning matrix
6.5.3. Budgetary process

• Implementation of strategies
• REVIEW AND EVALUATION OF STRATEGIES
• Criteria for evaluation
• The frequency of evaluation
• Challenges experienced when evaluating strategies