Business Strategy Formulation - Policies and Decision Making

Formulating long-term organizational plans to assist in carrying out activities.

Top management which may include CEO, President, managing director, chairman, etc.

It describes the reason for the existence of the organization and specifies its culture and values.

<p>Organizational plans are usually long term and need long-term objectives.</p> Signup and view all the answers

<p>Mission and objectives of the organization.</p> Signup and view all the answers

<p>Profitability, competitive position, public image, ROI, productivity, employees' growth, etc.</p> Signup and view all the answers

<p>Integrate knowledge across different business fields to help students devise better ideas for addressing complex business problems.</p> Signup and view all the answers

<p>To oversee strategic planning and implementation across different functional areas.</p> Signup and view all the answers

<p>Strategy involves a series of action plans that are not contradictory and are based on a common theme.</p> Signup and view all the answers

<p>Strategy involves multiple functional areas like marketing, finance, human resources, and operations.</p> Signup and view all the answers

<p>Corporate strategies come first, followed by business unit strategies, and finally functional strategies.</p> Signup and view all the answers

<p>A strategy not only involves a good idea but also requires implementation to make that idea a reality.</p> Signup and view all the answers

<p>Policies refer to a set of instructions used for strategy formulation and implementation.</p> Signup and view all the answers

<p>Corporate level strategy focuses on outlining growth, stability, acquisition, or retrenchment goals.</p> Signup and view all the answers

<p>Functional level strategy concentrates on daily actions and resource allocation.</p> Signup and view all the answers

<p>Business level strategy answers how an organization will compete.</p> Signup and view all the answers

<p>The next step is to ensure effective implementation of the formulated strategies.</p> Signup and view all the answers

<p>Policies may focus on decisions like whether to enter international markets.</p> Signup and view all the answers

<p>Capturing growth opportunities and defending against external threats</p> Signup and view all the answers

<p>A skill or set of activities that an organization performs better than others</p> Signup and view all the answers

<p>Analytical thinking, conflict resolution, critical thinking</p> Signup and view all the answers

<p>Rare, difficult to imitate, valuable, accessible to different markets</p> Signup and view all the answers

<p>To have a competitive advantage as few competitors have similar competencies</p> Signup and view all the answers

<p>They are not easily copied by competitors</p> Signup and view all the answers

<p>Without successful implementation, a well-devised strategy is of no use.</p> Signup and view all the answers

<p>Strategic management should be a people process more than a paper process.</p> Signup and view all the answers

<p>The strategic management process should be kept as simple as possible.</p> Signup and view all the answers

<p>Strategic management should welcome bad news.</p> Signup and view all the answers

<p>Societal, political, regulatory, and citizenship factors play a vital role in shaping a company's strategy.</p> Signup and view all the answers

<p>A company's strategy should be tailored to fit industry and competitive conditions.</p> Signup and view all the answers