Dimensions of Business Policy: Long-Term Impact

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What is the typical time frame for which policy decisions commit a firm?

5 months

5 days

5 weeks

5 years (correct)

Why are a firm's image and competitive advantages tied to its policy decisions?

To create consistency and recognition (correct)

To confuse competitors

To maintain secrecy

To increase employee turnover

Which level of business policy involves Product, geographic, and functional area managers?

Individual level

Business level

Corporate level

Functional level (correct)

What are the consequences of policy decisions on most areas of the firm?

Complex implications Signup and view all the answers

Which level of business policy involves the board of directors, CEO & administration?

Corporate level Signup and view all the answers

What does Dr. Obi Berko Damoah emphasize about firms shifting away from their policies?

It can jeopardize previous gains Signup and view all the answers

What is NOT a social factor that influences the remote environment of a firm?

Technological advancements Signup and view all the answers

Which of the following is considered a political constraint on firms?

Minimum Wage Legislation Signup and view all the answers

What is one of the economic factors that form part of the remote environment of a firm?

Prime interest rates Signup and view all the answers

Which social change is NOT mentioned as part of the remote environment of a firm?

Rapid technological advancements Signup and view all the answers

What is NOT a political factor influencing the remote environment of a firm?

Trends in the growth of the gross national product Signup and view all the answers

Which economic factor does NOT influence the remote environment of a firm?

Demographic makeup Signup and view all the answers

What is a characteristic of substitute products that deserve strategic attention?

Subject to trends improving their price-performance trade-off with the industry's product Signup and view all the answers

In what scenario does intense rivalry occur among competitors in an industry?

Exit barriers are low Signup and view all the answers

What key question should be asked to understand the boundaries of an industry in competitive analysis?

What is the structure of the industry? Signup and view all the answers

Why do substitute products limit profits and reduce industry bonanzas in boom times?

By improving their price-performance trade-off with industry products Signup and view all the answers

What factor creates a strong temptation to cut prices and intensify rivalry in an industry?

Perishable products or high fixed costs Signup and view all the answers

When does rivalry intensify due to competitors being diverse in policy, origin, and personality?

When firms have similar cost structures Signup and view all the answers

What is a key success factor in designing an effective plan?

Access to useful information Signup and view all the answers

What are the topics covered in the session according to Dr. Obi Berko Damoah's outline?

Importance of the value disciplines Signup and view all the answers

What is clarified during the session regarding human resource information systems?

Input, data maintenance, and output functions Signup and view all the answers

What will students be able to do by watching and listening to the video according to the learning objectives?

Discuss generic policies by reading a required chapter Signup and view all the answers

What are the grand policies that decision makers use in forming a firm's competitive plan according to Dr. Obi Berko Damoah?

15 grand policies Signup and view all the answers

What aspect is presented regarding the merits and demerits of having a business policy information system?

Ease in accessing information for planning purposes Signup and view all the answers

What is a characteristic of Fragmented Businesses?

They have low brand loyalty. Signup and view all the answers

What type of businesses are characterized by achieving differentiation through product design and branding expertise?

Specialization Businesses Signup and view all the answers

In what situations should companies diversify according to the text?

When opportunities to leverage core competencies arise. Signup and view all the answers

What defines the Synergy Approach mentioned in the text?

Leveraging core competencies for value creation. Signup and view all the answers

What sets Specialization Businesses apart from Fragmented Businesses?

They have high brand loyalty. Signup and view all the answers

Why is achieving cost management important for profitability according to the text?

To improve profitability. Signup and view all the answers