Business Policies And Strategies Essay

1517 words - 7 pages


POLICY: A contract of insurance, describing the term, coverage, premiums and deductibles also called insurance policy. Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions. Business policies are the guidelines developed by an organization to govern its actions. They define the limits within which ...view middle of the document...

It can be for the operation of the organization as a whole – corporate values - or for the use of a particular resource, such as technical IT standards or personnel policy.

Features of Business Policy
An effective business policy must have following features-
1. Specific- Policy should be specific/definite. If it is uncertain, then the implementation will become difficult.
2. Clear- Policy must be unambiguous. It should avoid use of jargons and connotations. There should be no misunderstandings in following the policy.
3. Reliable/Uniform- Policy must be uniform enough so that it can be efficiently followed by the subordinates.
4. Appropriate- Policy should be appropriate to the present organizational goal.
5. Simple- A policy should be simple and easily understood by all in the organization.
6. Inclusive/Comprehensive- In order to have a wide scope, a policy must be comprehensive.
7. Flexible- Policy should be flexible in operation/application. This does not imply that a policy should be altered always, but it should be wide in scope so as to ensure that the line managers use them in repetitive/routine scenarios.
8. Stable- Policy should be stable else it will lead to indecisiveness and uncertainty in minds of those who look into it for guidance.

Strategy is an organization’s overall plan of development, describing the effective use of resources in support of the organization in its future activities. It involves setting objectives and proposing initiatives for action. The draft Glossary for strategy adds that strategy is the choice of objectives for the organization as a whole. It defines what must be achieved in the future. The science and art of employing the political, economic, psychological, and military forces of a nation or group of nations to afford the maximum support to adopted policies in peace or war. It can be for the outcome of the organization as a whole - corporate strategy - or for the outcome of the use of a particular resource, such as IT strategy or Human Resource strategy. Ideally, all strategic planning should be carried out at once, as a whole. That is, there should not be an IT strategy separate from the corporate strategy. Both should be prepared by the same people, using the same process, and reported in the same document.
In game theory, a strategy refers to one of the options that a player can choose. That is, every player in a non-cooperative game has a set of possible strategies, and must choose one of the choices. A strategy must specify what action will happen in each contingent state of the game-e.g. if the opponent does A, then take action B, whereas if the opponent does C, take action D.
Strategies in game theory may be random (mixed) or deterministic (pure). That is, in some games, players choose mixed strategies. Pure strategies can be thought of as a special case of mixed strategies, in which only probabilities 0 or 1 are assigned to actions. Strategy...

Other Essays Like Business Policies and Strategies

Ertugrul Kose Essay

727 words - 3 pages STRATEGIC AUDIT PART II I. Current Strategic Posture: What are the company’s current mission, vision, objectives, strategies, and policies? 1. Mission: What business (es) is the company in? Why? 2. Objectives: What are the corporate, business, and functional objectives? 3. Strategies: What strategy or mix of strategies is the company following? 4. Do the current mission, objectives, strategies, and policies reflect the company’s national

Equity policies are important for human resource management because they affect the whole range of employment practices and policies in an organization. Why is this so? Explain your answer

254 words - 2 pages irrespective of race, colour, sex, age, family status or disability. This means that the application process is fair and equitable so that the appropriate qualifications of each candidate are only upon the criteria upon which a hiring or promotion decision is made. Companies should make sure that their business and people strategies are aligned and integrated. It is critical therefore, that managers are able to interpret equity policies. Equity is

Business Environment

862 words - 4 pages (iii) Financial Intermediaries (iv) Physical Intermediaries (4) Competitors: - Every move of the competitors affects the business. Business has to adjust itself according to the strategies of the Competitors. (5) Public: - Any group who has actual interest in business enterprise is termed as public e.g. media and local public. They may be the users or non-users of the product. Macro/General Environment: – It includes factors that create

Reflection of "A New Green Wave"

1821 words - 8 pages approach sustainable targets which make them to be pioneers in business field can be found. The efforts introduce new insights to public under ill-defined policy context. To make sure pioneers will not lose competition in the market, the essential parts are the supportive from government and their stakeholders. Policy makers can provide fund, experts and preferential policies which will be mentioned below. But stakeholders may hard to show positive

Unit 3 – Introduction to Marketing (P1) Describe How Marketing Techniques Are Used to Market Products in Two Organisations

1316 words - 6 pages Fusajiro Yamauchi and the name of the business used to be known as Nintendo Koppai until they adopted the name Nintendo. He started his business 23rd September 1889 in Kyoto, Japan with playing cards as their first product and the playing cards were handmade. Nintendo’s playing cards soon gain popularity and they had to hire assistants to keep in the demand of the customers. Nintendo’s Marketing Strategies Nintendo is a successful business over many

Business Environment

3673 words - 15 pages establish effective strategies to deal with the economic challenges that might arise in the business. Additionally, the business must evaluate its economic environment and identify the threats and opportunities. This paper aims at evaluating the impacts of the economic factors in the business operations. Additionally, the paper will also evaluate the significance of the government’s policies in the business operations. Introduction Most of the

Profile of a Small Business

977 words - 4 pages room air to replace the oxygen tank” (Scarborough, Wilson, & Zimmerer, 2009, “Entrepreneurial Profile: Byron Myers, Ali Perry, and Brenton Taylor and Inogen”). The entrepreneur team’s next step was to devise a business plan, which is “a written summary of an entrepreneur’s proposed business venture that describes its operational and financial details, its marketing opportunities and strategies, and its manager’s skills and abilities


483 words - 2 pages by our business. Each individual are inspires to grow, develop, share ideas and learn to meet future demands. Be the best at what they do.One Team: Vision, innovative ideas and passion to deliver results. Develop and inspire others and achieve one goal: to refresh the world.One Passion: Love for company and people. Fair work environment and inclusive workplaces, The Coca Cola Operating Requirements (KORE) shows Coca Cola emphasis of the policies

Economic Analysis Exercise

678 words - 3 pages develop relationships with Chinese governmental authorities and had to consider how local customs and preferences affected it menu offerings. Wal-Mart faced similar challenges in Mexico, particularly in terms of lifestyle differences and the adaptation of its distribution strategies to the Mexican economy. Both companies faced competition from other multinational corporations and from local firms. III. What role did the policies of various

Commonalities Between Sustainability Companies and Business Leadership

1459 words - 6 pages together with the fundamental aim of coming up with a specific solution to sustainability, and promoting the development of public policies that are more progressive. Majority of these platforms of leadership are still young and their impact is yet to be felt. Leading business corporations have developed and implemented sustainability strategies based on their sustainability opportunities and risks. However, despite differences in risks and

Hrm530 Assignment #1 Ethical Issues in Hrm Strategies

1434 words - 6 pages identify threats and opportunities and promotes improvement of busniess stategies in the global market. Costomization enables the company to inmplement reward programs and motivational incentives for employees, and improve hiring and training policies. The HRM strategy aligns with business strategy to provide direction for effective managemnt of the organisaction. The importance of establishing HRM strategies to improve a competitive advantage

Related Papers

Business Policies And Strategies Essay

1504 words - 7 pages Running Head: BUSINESS POLICIES 1. Business policies and Strategies Industry: McDonald’s Fast-food Leonora McClelland-Sandridge Colorado University Online MGMT455-1304A-04 Professor: Dominika Falsey Date: 10/26/2013 BUSINESS POLICIES AND STRATEGIES: 2

Competitive Strategies And Government Policies Essay

1780 words - 8 pages Competitive Strategies and Government Policies The shipping industry is an industry consisting in the delivery of objects from one place to another and trace back to the old days when no technology was available, but is able to evolve immensely because of the newer technology and innovations to update its services. Back in the days it would take weeks to deliver an object, now where objects reach their destination in one day because of the

Business Level And Corporate Level Strategies

1797 words - 8 pages BUSINESS-LEVEL AND CORPORATE-LEVEL STRATEGIES Construction Law Institutional Name Course Date This research paper aims at analyzing various business-level strategies as well as corporate level strategies for a corporation within the soft drink industry. It shall analyze whether these strategies are significant for the long-term success of the firm chosen and also look at whether the chosen decisions are good or bad for the

In Other Countries, What Business Strategies And Methods Allow Small Business Owner To Succeed?

2360 words - 10 pages , we are able to collaboratively understand the general idea of what factors contribute to the success of a business, thus providing future entrepreneurs with smart business advice.   What business strategies and methods allow small business owner to succeed in both the United States and in other countries? In the world of business whether big or small, we are often mesmerized at how companies are assembled and how they maintain success